As global tax landscapes tighten and once-stable jurisdictions shift policies, the world’s wealthy are moving swiftly to secure their legacies—and their balance sheets.
The United Kingdom, long considered a magnet for global capital, is now facing the consequences of dismantling its centuries-old non-domiciled (“non-dom”) regime. The result? A growing exodus of ultra-high-net-worth individuals (UHNWIs) seeking more predictable, favourable jurisdictions.
Among the most prominent recent departures are Ian and Richard Livingstone, billionaire brothers who control a £9 billion property empire.
Their relocation to Monaco earlier this spring was timed almost precisely with the UK Chancellor Rachel Reeves’ sweeping reforms, which now require UK residents to pay tax on their global income and gains—an overhaul that ends the very foundation upon which the UK’s non-dom appeal was built.
Shortly after, Richard Gnodde, vice chairman of Goldman Sachs, confirmed his relocation to Milan, citing not only the tax changes but also increasing scrutiny of foreign-held trusts. Gnodde’s departure was a watershed moment for the City of London—a signal that even its financial elite are unwilling to weather the UK’s shifting fiscal winds.
According to New World Wealth and Henley & Partners, more than 10,500 millionaires left Britain in 2024, marking a 157% year-on-year surge.
Many, like the Livingstones, chose Monaco, which continues to thrive on its zero income and capital gains tax policy.
Others, like Gnodde, have been drawn to Italy’s €100,000 flat tax regime for foreign income, first introduced in 2017.
Enter the UAE: The New Frontier for Global Wealth
But a third destination has now emerged as the most powerful gravitational force in the global wealth equation: the United Arab Emirates.
“The UAE is no longer an alternative—it’s the new standard,” says Dr. Alexander Kern, Head of Middle East at TrustQore.
“We’re seeing a wave of relocations not just from the UK, but from Switzerland, France, and even parts of Asia. Clients are prioritising mobility, privacy, and long-term certainty—and the UAE delivers all three.”
Recent high-profile moves to the UAE include:
- Hedge fund billionaire Alan Howard, co-founder of Brevan Howard, who has set up a base in Dubai.
- Adar Poonawalla, CEO of the Serum Institute of India, who has established family office operations in the UAE.
- Members of the Gupta and Hinduja families, both with deep European roots, who have expanded or relocated parts of their private wealth structures to Abu Dhabi and Dubai.
These moves reflect a broader shift in strategic thinking. In Dubai and Abu Dhabi, clients are not just residents—they are active participants in a thriving business ecosystem.
In 2024 alone, Dubai saw a 75% increase in Single Family Office registrations, and ADGM (Abu Dhabi Global Market) recorded record demand for trust and holding structures.
At TrustQore, Dr. Kern and his team are at the heart of this transformation. “We’re working with founders, private equity principals, and legacy families to restructure their holdings, establish residency, and future-proof their cross-border wealth,” he says. “One of our clients, a London-based fintech founder, faced a multi-million UK tax exposure due to trust reforms.
Within six weeks, we migrated his holding structure to ADGM, secured a UAE Golden Visa, and realigned his global banking—all under the TrustQore umbrella.”
Repercussions in the UK and the Road Ahead
Back in Britain, critics of the non-dom overhaul argue that the UK is trading long-term competitiveness for short-term revenue. With a projected £22 billion public finance shortfall, the government is under pressure to deliver—but at what cost?
“The UK risks losing the very investors it once courted,” warns Dr. Kern. “This isn’t just about tax. It’s about confidence, stability, and long-term planning. When UK-born billionaires start leaving, you’re no longer just losing foreign capital—you’re losing domestic legacy.”
Indeed, the trend is clear: the combination of regulatory uncertainty in the UK and strategic incentives abroad is reshaping the global wealth map. Monaco and Milan remain havens for lifestyle and tax in Europe, but the UAE offers something unique: tax neutrality combined with active economic participation, investment access, and geopolitical balance.
“In a world where wealth moves faster than policy, jurisdictions that offer transparency, predictability, and opportunity will win,” says Dr. Kern. “At TrustQore, we ensure our clients are not just reacting—they’re leading the change.”
As 2025 unfolds, the great wealth migration is no longer a ripple—it’s a global redirection.