With millionaires fleeing Britain, prices of London’s top properties have declined by around 11% over the past 10 years, according to data compiled by Savills, one of Britain’s largest real estate companies.
PHOTO: BLOOMBERG

From haven to exit: The great wealth flight from Britain

by · The Straits Times
  • Many of Britain's millionaires are leaving the country due to higher taxes and reduced privileges.
  • Both the British government and its critics lack accurate figures about the scale of the exodus.
  • Countries including Greece, Italy and Switzerland are new havens for those who have left Britain.

LONDON – Is Britain’s centre-left government, with its fondness for higher taxes, scaring off the super-rich? A spate of high-profile departures certainly points in this direction.

Christopher Rokos, a British billionaire hedge fund manager and philanthropist, recently announced that he was switching his tax residence from Britain to Greece. Alan Howard, another hedge fund billionaire, has already decamped to Switzerland.