Introduction: British billionaires fall significantly after market turbulence and non-dom tax crackdown
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The number of billionaires in the UK has notably decreased, as the wealthiest individuals face challenges from stock market fluctuations and the end of tax breaks for non-doms.
The latest compilation of the UK’s richest, published in the Rich List, reveals a drop from 165 to 156 billionaires this year, marking the steepest decline in its 37-year history.
Many individuals have exited the list due to diminishing fortunes, while others have left Britain following the Labour Party’s crackdown on non-dom status.
Robert Watts, who compiles the Rich List, comments:
“The count of billionaires is decreasing, and the total wealth among those we track is also on the decline. We’re finding fewer of the world’s super-rich electing to reside in the UK.”
In March 2024, former chancellor Jeremy Hunt announced the removal of tax allowances for non-doms, impacting foreign residents’ ability to escape UK taxes on overseas income. It was reported that one London-based billionaire left the country on the very day of Hunt’s announcement.
Rachel Reeves, in her first budget, made moves to tighten this policy before softening it in an appeal to the affluent.
The total wealth of those on the Rich List has dropped by 3% to £772.8 billion for the third consecutive year. The entry level remains steady at £350 million.
For the fourth year running, the top position is held by Gopi Hinduja and his family, whose fortune of £35.3 billion fell from £37.1 billion, a consequence of decreasing stock values in their companies operating across various sectors, including automotive and finance.
David and Simon Reuben have climbed to second place with £26.8 billion, overtaking Sir Leonard Blavatnik, whose net worth has decreased to £25.725 billion from £29.2 billion.
Notable falls include Sir Jim Ratcliffe, whose wealth dropped from £23.5 billion to £17 billion, moving down from 4th to 7th place.
It’s been observed that British billionaires have seen growth in their wealth recently as global markets have rebounded from a sharp drop earlier this year amid trade tensions sparked by Donald Trump.
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