The Great British Exodus: Why The Tycoons Are Fleeing to Dubai

A Chelsea Manor and a Mayfair Retreat

A crisp autumn evening in Chelsea, where the golden glow of a 300-year-old Georgian manor spills onto a two-acre garden, its private ballroom whispering of grand galas past. This is The Old Rectory, valued at £250 million, home to shipping magnate John Fredriksen, until now. With a curt “Britain has gone to hell,” he’s flogging this historic pile and decamping to Dubai. Meanwhile, in Mayfair, the billionaire Livingstone brothers, Ian and Richard, have quietly shuttered their London operations, swapping their palatial townhouses for Monaco’s sun-drenched shores. Across town, Nassef Sawiris, Egypt’s richest man and Aston Villa’s co-owner, is eyeing the Middle East, his bags half-packed. These aren’t just personal moves; they’re part of a seismic shift shaking Britain’s elite. For the British and European readers of TheBrink, this is more than a story of wealth, it’s a wake-up call about the nation you call home.

The UK is bleeding billionaires, and the wound is deep.

From tax hikes to Brexit’s lingering scars, cultural shifts to rising crime, the reasons are complex and the consequences dire.

A Nation Losing Its Shine

This story unfolds across several interconnected threads, each revealing a fracture in Britain’s appeal:

1. The Billionaire Exodus: High-profile cases like Fredriksen, the Livingstone brothers, and Sawiris signal a broader trend.

2. Tax Policy Overhaul: The abolition of non-dom status and other fiscal changes driving wealth away.

3. Brexit’s Lasting Impact: Economic uncertainty and restricted mobility post-2016.

4. Cultural and Social Discontent: Perceptions of decline, from crime to work culture.

5. Global Wealth Migration: Why Dubai, Monaco, and others are luring the elite.

6. The Human Toll: The impact on local economies and staff left behind.

7. Future Risks: Britain’s fading status as a global financial hub.

The Faces of the Exodus

John Fredriksen – The Shipping Titan’s Farewell

John Fredriksen, Norway-born but long a Londoner, is the UK’s ninth-richest man, with a £13.7 billion fortune built on oil tankers and offshore drilling. His Chelsea manor, The Old Rectory, is a symbol of his success, a 30,000-square-foot masterpiece with ten bedrooms and a sprawling garden. But in July 2025, he announced his departure to Dubai, slamming Britain’s tax policies and cultural shifts. He declared, “People should get up and work even more, and go to the office instead of having a home office.” His exit cost over a dozen domestic staff their jobs and closed the London HQ of Seatankers Management, a blow to Chelsea’s economy.

The Livingstone Brothers – Property Moguls to Monaco

Ian and Richard Livingstone, property tycoons worth £6 billion, have long been pillars of London’s real estate scene. Their portfolio includes swanky hotels and Mayfair landmarks. But in 2025, they shifted their tax residency to Monaco, citing the UK’s punitive tax regime. The Adam Smith Institute notes their departure could cost the Treasury billions, as their investments, once a boon to local businesses, are redirected abroad. Their move reflects a growing sentiment among British-born wealth creators that the UK no longer rewards ambition.

Nassef Sawiris – Football and Fortune

Nassef Sawiris, Egypt’s richest man and co-owner of Aston Villa, is another high-profile exit. With a fortune of £7 billion, he’s mulling a permanent move to the Middle East, drawn by Dubai’s tax-free allure. His departure threatens Birmingham’s economy, where Aston Villa’s operations support hundreds of jobs. Sawiris’s frustration echoes Fredriksen’s, pointing to tax hikes and a sense that Britain’s entrepreneurial spirit is waning.

Christian Angermayer – Tech Titan to Switzerland

German-born tech entrepreneur Christian Angermayer, a UK resident for years, relocated to Switzerland in 2024, citing the non-dom abolition and rising crime in London. His move to Geneva, a hub for tech innovation, underscores how even non-British HNWIs are finding the UK less hospitable. His departure weakens London’s tech ecosystem, already struggling to compete with Paris and Amsterdam.

Tax Policy: The Fiscal Fuse

The spark for this exodus is Chancellor Rachel Reeves’s 2025 tax reforms. The abolition of non-dom status, a 200-year-old perk allowing wealthy foreigners to avoid tax on overseas income, has been a game-changer. From April 2025, anyone residing in the UK for over 10 years faces inheritance tax on global assets at 40%. Capital gains tax has jumped from 10% to 18% for basic rate payers and 20% to 24% for higher rates, while a 15% VAT on private school fees has hit families hard. National Insurance hikes further squeeze businesses.

These changes have spooked the ultra-rich. The Office for Budget Responsibility warns that the non-dom abolition could cost £1 billion annually if HNWIs leave en masse. Yet, a Patriotic Millionaires UK poll shows 81% of UK millionaires support paying a fair share, and 80% back a 2% wealth tax on assets over £10 million, suggesting the narrative of universal discontent may be overblown. Still, for tycoons like Fredriksen, the numbers don’t add up, Dubai’s zero-income-tax model is simply too tempting.

Brexit: A Wound That Won’t Heal

Brexit remains a festering sore. Since 2016, the UK has lost 16,500 millionaires between 2017 and 2023, with 10,800 departing in 2024 alone, a 157% spike. The weaker pound, visa hurdles for EU travel, and the London Stock Exchange’s decline against Paris and Amsterdam have dimmed Britain’s shine. Henley & Partners notes that 68% of departing millionaires are heading to Europe, Italy, Malta, Switzerland, but Dubai’s pull is undeniable. The UK’s exit from Euroclear activities has shifted capital elsewhere, eroding London’s financial clout.

Cultural and Social Discontent: A Nation Adrift

Fredriksen’s “Britain has gone to hell” isn’t just about taxes. He’s voiced frustration with remote working and a perceived erosion of work ethic. Others, like Stuart Wakeling of Henley & Partners, point to rising crime, phone and watch thefts in London, and political instability as dealbreakers. Christian Angermayer cited safety concerns, while social media lament a “deeply sick” nation where wealth creators feel alienated. This resonates with Britons who see boarded-up high streets and read about knife crime in the Daily Mail. Yet, it’s not universal, many millionaires stay, proud to contribute, as the Patriotic Millionaires poll suggests.

The Dubai Magnet

Dubai is the gilded siren calling Britain’s elite. In 2024, the UAE welcomed 6,500 millionaires, with 6,700 more expected in 2025. Its zero-income-tax policy, top-tier schools, and luxury lifestyle, think Burj Al Arab and private islands, are irresistible. The fine wine market in Dubai has nearly doubled since the pandemic, driven by Western expats like Fredriksen. Meanwhile, the UK lost $387 billion in wealth, while Dubai gained $304 billion. For Britons, this feels like a betrayal, our tycoons are taking their wealth and wine cellars to the desert.

Beyond the Headlines

When Fredriksen left, over a dozen staff, gardeners, cooks, cleaners, lost their jobs at The Old Rectory. The Livingstone brothers’ exit hit Mayfair’s local economy, from cafes to tailors. Sawiris’s potential departure threatens Birmingham, where Aston Villa’s economic footprint supports pubs, shops, and suppliers. These aren’t just billionaire sob stories; they’re about the barista in Chelsea, the groundskeeper in Mayfair, the Villa fan running a chippy. The Adam Smith Institute estimates the exodus could cost £10 billion annually, starving communities of investment and jobs.

The Shocking Truths

The warnings are grim. Henley & Partners predicts 16,500 millionaires will leave in 2025, taking £66 billion in assets. This could shave 0.2% off GDP growth yearly, a slow death for an economy already limping. The brain drain is equally alarming, entrepreneurs like Revolut’s founder, who moved to Dubai, could cost £1 billion in taxes if their businesses sell abroad. London risks losing its crown as Europe’s financial hub to Paris soon. Geopolitically, wealth migration to Dubai strengthens the UAE’s influence, potentially reshaping global finance. For Britons, the fear is real: a diminished UK, less vibrant, less competitive.

For TheBrink Readers: Your Stake in This

Dear reader, whether you’re in a London flat or a Cotswolds cottage, this is your story. The tycoons’ exodus isn’t just about mansions and millions, it’s about the high street struggling, the jobs vanishing, the Britain you're handing to your kids. Can you balance fairness with ambition? Can you keep your global edge without losing your soul? You feel it, the pride in your nation, the worry for its future.

What’s the biggest driver of Britain’s billionaire exodus?

A) Brexit’s economic fallout

B) Tax policy changes

C) Rising crime and social issues

D) Dubai’s tax-free allure

Reward: Email your answer to thebrink2028@gmail.com with “Great British Exodus Quiz.” The first 50 correct responses get an exclusive digital report, “Britain’s Wealth Crisis: What’s Next?” (worth £50), packed with insights to navigate this shift.

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-Chetan Desai for the Brink2028