# What Happens When the Billionaires Brexit

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 8 Oct 2026, 18 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/0ccbdaa0-4469-4aeb-8807-b4dd01482c6b/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

Ultra-wealthy individuals in the UK have been fleeing the country, after sweeping Labour Party tax reforms led to a crackdown on overseas wealth. For the first time, new data from the Bloomberg Billionaires Index reveals just how much money is at stake with the exodus. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s Benjamin Stupples about the UK’s $160 billion problem and the impact it could have on Britain’s economy. Read more: • London Takes a Hit as Super Rich Worth $160 Billion Exit UK • “Taxation and Migration by the Super-Rich” (2025 CESifo Working Paper) • Bloomberg Billionaires Index We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Benjamin Stupples; Produced by Julia Press, Julia Weaver; Edited by Paddy Hirsch, Aaron Edwards; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 1: Radio. News. I've been doing this job for 10 years,
[0:10] Speaker 1: covering the ultra-wealthy. This is the biggest population shift I've covered.
[0:15] Speaker 2: For generations, the UK offered a special tax deal to
[0:19] Speaker 2: a certain group of ultra-wealthy residents, people who lived in
[0:22] Speaker 2: Britain but who held their wealth overseas.
[0:26] Speaker 1: Let's say I'm an Indian billionaire living in Knightsbridge in
[0:29] Speaker 1: London and my main source of wealth is in Mumbai.
[0:32] Speaker 1: I am not paying UK tax on the dividend that
[0:35] Speaker 1: I'm drawing out of that multinational business overseas.
[0:38] Speaker 2: But in 2024, the UK decided to do away with
[0:41] Speaker 2: the system. No more special tax breaks. And now, two
[0:46] Speaker 2: years later, Bloomberg has found that some of the UK's
[0:49] Speaker 2: wealthiest are leaving.
[0:51] Speaker 1: Tax isn't the only driver. But I would say it's
[0:53] Speaker 1: the final nail in the coffin that made a lot
[0:55] Speaker 1: of ultra-high net worth go, you know what, let's go
[0:57] Speaker 1: live in Monaco, let's go live in Switzerland, let's go
[0:58] Speaker 1: live in Milan.
[1:00] Speaker 2: Ben Stupples covers the ultra-wealthy for Bloomberg. And he's used
[1:03] Speaker 2: the Bloomberg Billionaires Index to identify the biggest billionaires who
[1:07] Speaker 2: are cutting or loosening ties with the UK, where they're going,
[1:12] Speaker 2: and how much money they're taking with them.
[1:14] Speaker 1: Every single shade, every color of billionaire wealth you can
[1:18] Speaker 1: imagine is captured in that list. And that's what's so interesting.
[1:21] Speaker 1: We've basically got this continued train of tax changes that's
[1:24] Speaker 1: making the top billionaire elite often think about is it
[1:28] Speaker 1: best to be living here or not.
[1:34] Speaker 2: I'm Sarah Holder, and this is The Big Take from
[1:36] Speaker 2: Bloomberg News. Today on the show, how could billionaire flight
[1:40] Speaker 2: actually impact the U.K. 's economy? And what does it
[1:43] Speaker 2: mean for efforts around the world to attract wealth and
[1:46] Speaker 2: tax it? Ben, you used data from the Bloomberg Billionaires
[1:55] Speaker 2: Index to assess how wealthy U.K. residents have been reacting
[1:59] Speaker 2: to recent tax changes in the U.K., One of the
[2:03] Speaker 2: big changes was an end to a system that left
[2:05] Speaker 2: the overseas wealth of so-called non-domiciled residents or non-doms largely untaxed.
[2:13] Speaker 2: Top level, what did you find about the impact of
[2:16] Speaker 2: that shift?
[2:17] Speaker 1: Top level, we found a significant amount of wealth and
[2:21] Speaker 1: ultra high net worth individuals curbing their ties to the UK.
[2:24] Speaker 1: More than a dozen in total over the past two
[2:27] Speaker 1: years as these tax changes, as you say, have been
[2:29] Speaker 1: coming in. And they represent collective wealth of $ 160 billion.
[2:34] Speaker 1: And it's hard to put those numbers into context. What
[2:37] Speaker 1: we found that might help our listeners here understand the
[2:41] Speaker 1: size and scope of that is out of the UK
[2:43] Speaker 1: billionaires who are still on the index and still call
[2:45] Speaker 1: the UK home, that $ 160 billion is bigger than that total.
[2:51] Speaker 2: You didn't just track how many billionaires were leaving, how
[2:54] Speaker 2: much they were worth, but you actually looked at who
[2:57] Speaker 2: these billionaires Ultra wealthy individuals are. Who were these people
[3:02] Speaker 2: that are leaving the UK?
[3:03] Speaker 1: So we're talking dynastic wealth. We're talking fortunes from pharmaceuticals,
[3:07] Speaker 1: from tech, from industrials. We're talking individuals from India, Switzerland,
[3:12] Speaker 1: and we're talking British individuals as well. Mm-hmm. The latest
[3:15] Speaker 1: addition to that list is a UK hedge fund founder
[3:20] Speaker 1: known as Chris Rockos. That's a significant name because only
[3:23] Speaker 1: a few months ago, he was donating almost 200 million
[3:25] Speaker 1: pounds to one of our top universities that we have here.
[3:29] Speaker 1: So the fact that homegrown talent is now joining billionaires
[3:32] Speaker 1: who came from, let's say, Switzerland or India, these are
[3:34] Speaker 1: real case examples, they were among the first waves to go. Now,
[3:39] Speaker 1: the pendulum is shifting to potentially more homegrown billionaires.
[3:43] Speaker 2: And why are they leaving?
[3:44] Speaker 1: If I'm a billionaire tax advisor, the first thing I
[3:46] Speaker 1: would tell you is billionaires don't just move because of tax,
[3:49] Speaker 1: and that by and large is true. Tax was a
[3:52] Speaker 1: major factor here. There were other things as well. We've
[3:55] Speaker 1: had a few different political leaders, chop and change of Brexit.
[3:58] Speaker 1: I think that's phase one. Folks were left a little
[4:00] Speaker 1: bit unstable here. And actually, to go back to your
[4:03] Speaker 1: original question, why is this happening? Labour came in in
[4:07] Speaker 1: 2024 and expanded the reforms to expose a non-dom in
[4:10] Speaker 1: London to their overseas wealth to the UK's inheritance tax,
[4:14] Speaker 1: which is as high as 40%. That's one of the
[4:17] Speaker 1: highest in developed nations. And we're not like in the US,
[4:20] Speaker 1: you've got a decent inheritance tax rate, but quite high,
[4:24] Speaker 1: but it only kicks in at a certain level where
[4:26] Speaker 1: you're really among the ultra wealthy elite. Ours kicks in
[4:29] Speaker 1: from about a million pounds between a married couple. So
[4:32] Speaker 1: that means, you know, any billionaire or ultra high net
[4:34] Speaker 1: worth was suddenly exposed almost overnight to a 40% rate
[4:39] Speaker 1: on something that had nothing to do with the UK.
[4:41] Speaker 2: So people were very concerned after these tax reforms went
[4:45] Speaker 2: in place that people would leave. There were threats. There
[4:47] Speaker 2: were real estate agents coming out saying, oh, people want
[4:49] Speaker 2: to list their homes. Now you've done this analysis. You've
[4:52] Speaker 2: seen that some of these ultra high net worth individuals
[4:55] Speaker 2: have left. not only non-doms, but people like Chris Rockos.
[4:59] Speaker 2: I want to ask a little bit more about him.
[5:01] Speaker 2: What justification has he given for leaving?
[5:03] Speaker 1: It's a very good question. So he hasn't officially commented
[5:05] Speaker 1: on the record. Trust me, we've tried our best, Sarah.
[5:09] Speaker 1: We actually broke the story. But the Times of London
[5:12] Speaker 1: has reported that Mr. Rockos was terrified of an exit tax.
[5:15] Speaker 1: And the UK is one of the few developed nations
[5:17] Speaker 1: that doesn't have a tax. If I was to relocate
[5:20] Speaker 1: from A to B outside the UK, we don't impose
[5:23] Speaker 1: a tax on your assets at that time. We are
[5:26] Speaker 1: an exception there. And I think the reason is because
[5:28] Speaker 1: if you look at the UK historically, you know, our
[5:31] Speaker 1: population of ultra high net worth individuals has always been
[5:33] Speaker 1: in flux, including our domestic population.
[5:36] Speaker 2: So there was fear of future crackdowns on wealthy individuals
[5:40] Speaker 2: in the tax space.
[5:41] Speaker 1: There was a fear. And the irony is now that,
[5:43] Speaker 1: of course, Mr. Rokos could be, so Greece has introduced
[5:46] Speaker 1: in the past decade, a similar system to what we
[5:48] Speaker 1: had under the non-dom regime. So he could now be
[5:51] Speaker 1: a non-dom in Greece. And that is the sort of
[5:53] Speaker 1: the irony of all of this is It's not only
[5:55] Speaker 1: the fact that the UK has been doing this. A
[5:57] Speaker 1: growing number of quite often close by countries to Britain
[6:01] Speaker 1: have been cherry picking what we did by accident or
[6:05] Speaker 1: by design to attract the global elite and have brought
[6:08] Speaker 1: in systems that in many ways, you know, really take
[6:10] Speaker 1: the best of what we had. And Greece has done that.
[6:12] Speaker 1: Italy's done it too. And it's having success as is
[6:16] Speaker 1: being proven.
[6:17] Speaker 2: Mm hmm. Well, I want to talk a little bit
[6:19] Speaker 2: more about what this all means for the UK, because
[6:21] Speaker 2: you talk in your story about this $ 160 billion hole.
[6:25] Speaker 2: But that represents the total wealth held by these former
[6:29] Speaker 2: UK residents, including their assets. It's not actual revenue that
[6:32] Speaker 2: the UK government has lost. So what has Britain really
[6:36] Speaker 2: lost in these departures other than the individuals themselves?
[6:41] Speaker 1: There is a ripple effect of this. These individuals aren't
[6:43] Speaker 1: just relocating and then leaving life as it was in
[6:45] Speaker 1: the UK. They are selling their homes. They are closing
[6:48] Speaker 1: investment firms here. We call them family offices. These firms
[6:52] Speaker 1: have often top-notch financial professionals working for them. They are
[6:56] Speaker 1: relocating some of their key staff with them. It's slowing
[6:59] Speaker 1: down the pace of deal-making for these individuals who are
[7:02] Speaker 1: left behind in London, who work for the billionaires still.
[7:05] Speaker 1: And I would say there's going to be a continued
[7:08] Speaker 1: trickle-down effect going down all the way to local schools.
[7:11] Speaker 1: And maybe this is sort of still coming out and
[7:13] Speaker 1: the devil will be in the detail there. But I've
[7:15] Speaker 1: spoken to one old China worth individual who was a
[7:18] Speaker 1: sponsor of a major cultural institution and they are planning
[7:22] Speaker 1: to leave. And they said, well, I'm not going to
[7:23] Speaker 1: sponsor that going forward. But there is a definite spillover.
[7:27] Speaker 2: Can that loss be offset by the increased tax revenue
[7:31] Speaker 2: the UK government is collecting from the former non-doms who
[7:34] Speaker 2: have stayed?
[7:35] Speaker 1: We will not know for another year. And this is
[7:38] Speaker 1: the problem. One of the big drivers for us doing
[7:40] Speaker 1: this piece now is because it's a real vacuum of
[7:43] Speaker 1: an official way to assess the impact of these changes
[7:47] Speaker 1: because of the nature of just the way that these
[7:50] Speaker 1: filings and sort of made to the government means that
[7:52] Speaker 1: they come out even later than normal tax data. And
[7:55] Speaker 1: in fairness... In past times when they've reformed, there hasn't
[7:58] Speaker 1: been such a huge behavioural response.
[8:00] Speaker 2: Right.
[8:00] Speaker 1: So that we can, if you look to the past,
[8:02] Speaker 1: you can understand why the Treasury and the UK tax
[8:04] Speaker 1: authorities were there thinking, well, we probably will be okay.
[8:07] Speaker 2: Because we looked at this working paper that analysed how
[8:10] Speaker 2: wealthy people in the UK reacted to the 2017 non-dom
[8:12] Speaker 2: tax reform. which essentially closed the non-dom tax loophole for
[8:17] Speaker 2: non-doms who'd lived in the UK long-term and for UK-born non-doms,
[8:21] Speaker 2: brought them under the standard tax system. So it was
[8:24] Speaker 2: like a less intense version of what happened a couple
[8:26] Speaker 2: of years ago. And the researchers did their analysis. They
[8:29] Speaker 2: found that while around 5% of affected non-doms did leave
[8:33] Speaker 2: in response to the tax increase, the migration effects were
[8:36] Speaker 2: actually relatively small compared to the additional revenue collected from
[8:40] Speaker 2: the people who stayed. So that is an interesting historical
[8:44] Speaker 2: corollary to look at here.
[8:45] Speaker 1: Yeah, you've done your research. That's really good. The crucial
[8:48] Speaker 1: difference here is that the 2017 reforms protected the overseas
[8:52] Speaker 1: wealth from the UK's top rate of inheritance tax. And
[8:56] Speaker 1: the 2025 reforms announced in 2024 They did not. And
[9:01] Speaker 1: that is, you sort of say, yeah, you know, non-doms
[9:04] Speaker 1: actually were fine to pay a little bit more tax
[9:06] Speaker 1: here or there.
[9:07] Speaker 2: Absolutely.
[9:07] Speaker 1: I've spoken to, and this was a status that only
[9:09] Speaker 1: cost you up to 90,000 pounds a year. You have
[9:11] Speaker 1: to pay now 300,000 euros to have that in Italy,
[9:14] Speaker 1: for example. So non-doms were saying, I pay a million
[9:16] Speaker 1: pounds to be here. The problem is you're exposing my, okay,
[9:19] Speaker 1: let's just take a random figure, at least a billion
[9:22] Speaker 1: dollars offshore trust to 40%, right? So let's just do
[9:26] Speaker 1: the math. I'm exposed to a 400 million tax bill
[9:28] Speaker 1: for something that's never entered or touched the UK. Only
[9:31] Speaker 1: my feet have touched the UK. These assets have nothing
[9:33] Speaker 1: to do here. But suddenly, I've got to have that risk.
[9:35] Speaker 1: It wasn't capital gains. It wasn't income. It wasn't something
[9:38] Speaker 1: that the non-doms were sort of saying, I'd be happy
[9:40] Speaker 1: to pay that. They were often saying, this is for
[9:41] Speaker 1: my grandkids. People say non-dom billionaires don't care about tax, whatever.
[9:45] Speaker 1: I think that's fair to some extent. But when you
[9:47] Speaker 1: go after inheritance tax, at least from the conversations I've
[9:50] Speaker 1: been having, they really care about inheritance tax. And therein
[9:54] Speaker 1: lies maybe the difference between 2017, and 2025.
[10:00] Speaker 2: Why do countries care so much about billionaires anyway? That's next.
[10:15] Speaker 2: Let's talk about emotion a little bit more because, you know,
[10:18] Speaker 2: we've done some reporting on potential tax increases in New York.
[10:22] Speaker 2: People say, you know, maybe we don't like taxes, but
[10:24] Speaker 2: we love living in New York. It's the center of
[10:28] Speaker 2: culture and finance in the U.S. London holds that ranking
[10:32] Speaker 2: in the U.K. and there's a lot to love about
[10:36] Speaker 2: living in London. What does London have going for it
[10:40] Speaker 2: that could keep people? Yeah. in this wealthier tax bracket?
[10:45] Speaker 1: I think if William Shakespeare was still alive, he'd be
[10:47] Speaker 1: writing a great sort of tragicomedy about the way Britain's
[10:51] Speaker 1: been with itself because Britain still has so much going
[10:53] Speaker 1: for it. It really does. A lot of my sources
[10:56] Speaker 1: are still coming through London. They're maybe not living here.
[10:58] Speaker 1: They still come here for business because there's still stuff
[11:00] Speaker 1: to do here. The healthcare system here for private is
[11:04] Speaker 1: internationally renowned. The schooling system is still wonderful.
[11:07] Speaker 2: And after Brexit, there was a fear that oxygen would
[11:10] Speaker 2: be sucked out of London, but that doesn't seem to
[11:12] Speaker 2: have been the case.
[11:12] Speaker 1: Yeah, exactly. We've proven to be quite resilient. And I
[11:15] Speaker 1: think that is actually the irony of this all is
[11:18] Speaker 1: that London has proven over centuries to be resilient. In
[11:21] Speaker 1: the long run, I actually think London, the UK will
[11:23] Speaker 1: be fine. But you talk to any tax advisor who's
[11:25] Speaker 1: tearing their hair out. This is the thing. It's like,
[11:28] Speaker 1: London just needs to compete. All we've done is curtail
[11:31] Speaker 1: policies to attract the global elite. We've just removed them.
[11:35] Speaker 1: We don't even have an investor visa right now. If
[11:37] Speaker 1: you've got in the United States, you've got Mr. Trump
[11:40] Speaker 1: having more than one. The most common gripe of a
[11:43] Speaker 1: private wealth advisor here in the UK is just it's
[11:46] Speaker 1: so difficult to get them here. Once they're here, they
[11:48] Speaker 1: love it. We are exploring a new visa. We are
[11:52] Speaker 1: exploring how to make ourselves more competitive. The problem is
[11:55] Speaker 1: we're moving quite slowly when other countries are moving a
[11:57] Speaker 1: lot faster.
[11:59] Speaker 2: Where are these disaffected billionaires going? And what are the
[12:02] Speaker 2: sort of incentives in place to bring them in?
[12:05] Speaker 1: Yeah, I'd sort of divide it into sort of, you've
[12:08] Speaker 1: got the longstanding traditional wealth hubs. That's the Monaco's, that's
[12:11] Speaker 1: the Switzerland. The new arrivals are particularly, I would say, Italy,
[12:16] Speaker 1: specifically Milan. You've got Greece, where Mr. Rokos is actually
[12:19] Speaker 1: setting up an office in Athens. And then you've got
[12:22] Speaker 1: the United Arab Emirates that has really, before the Iran war,
[12:24] Speaker 1: it was doing a very good job of being on
[12:28] Speaker 1: the ground in London in strategic ways, courting individuals here,
[12:32] Speaker 1: promising a higher standard of living, lower taxes, and often
[12:35] Speaker 1: better security.
[12:36] Speaker 2: I guess it is a balancing act, right, that all
[12:39] Speaker 2: countries have to go through in terms of attracting top talent,
[12:42] Speaker 2: attracting these wealthy individuals who will perhaps donate to cultural institutions,
[12:46] Speaker 2: start businesses, and then also, you know, making sure they
[12:49] Speaker 2: pay their fair share in taxes. So how do you
[12:51] Speaker 2: see these other countries kind of balancing those two impulses?
[12:54] Speaker 1: That's a very good question because there's already been some
[12:56] Speaker 1: tension in Milan about the increase in housing prices right
[13:00] Speaker 1: in the centre where they've had a sudden influx of
[13:03] Speaker 1: ultra high net worth individuals pushing up prices. I would
[13:05] Speaker 1: say that was a common criticism of the non-dom regime.
[13:08] Speaker 1: I'm not sure if it's entirely fair because I often
[13:10] Speaker 1: think about the fact that around the top homes in
[13:14] Speaker 1: the centre of London, not many normal people would buy that.
[13:18] Speaker 1: The non-doms effectively replaced our aristocratic elite who then moved
[13:22] Speaker 1: to their sort of country piles. But this is a
[13:25] Speaker 1: genuine challenge that any smart politician will be thinking exactly that.
[13:30] Speaker 1: How are we going to balance this influx of, you know,
[13:34] Speaker 1: top name talent, top billionaires with local politics? I think
[13:38] Speaker 1: the UK managed to do it for longer than most.
[13:40] Speaker 1: And the crucial thing is making clear, I would say,
[13:43] Speaker 1: where that revenue is going. That's maybe where the UK,
[13:46] Speaker 1: you know, got it wrong, is making clear that these
[13:48] Speaker 1: individuals overall contribute to society. They are net contributors to
[13:52] Speaker 1: They're creating jobs as well. So they're creating income tax
[13:54] Speaker 1: paying jobs for local people too. I think there's a
[13:56] Speaker 1: real disconnect at the end with what Britain had and
[13:59] Speaker 1: how it was sort of going about, I don't know,
[14:01] Speaker 1: not even marketing their regime, but even just thinking about it.
[14:04] Speaker 2: But it is the perennial tension, right? It's how will
[14:08] Speaker 2: these billionaires contribute to society? Is it through tax revenue as,
[14:12] Speaker 2: you know, a lot of other folks have to do?
[14:14] Speaker 2: Or is it through all these other sort of positive externalities?
[14:18] Speaker 2: I think that's a question that countries are asking, right? Yes.
[14:22] Speaker 1: Well, I think you can sense that tension where I
[14:25] Speaker 1: understand that a part of the relocation for Chris Rokos
[14:29] Speaker 1: to Greece, a key part of it was the requirement
[14:32] Speaker 1: for him to actually create an entity for his hedge fund,
[14:35] Speaker 1: Rokos Capital Management. He had to create an entity in Greece. Now, there,
[14:39] Speaker 1: I think, is a proactive managing of being able to say, yes,
[14:44] Speaker 1: we've got the billionaire, but we've also got his business.
[14:47] Speaker 1: And I think in the past, where countries have got
[14:48] Speaker 1: it wrong, it's getting the billionaire, but not their business.
[14:51] Speaker 2: Here in the US, California is mulling a wealth tax
[14:56] Speaker 2: on its ballot. New York's Mayor Mamdani is advancing a
[14:59] Speaker 2: pied-à-terre tax. What do you see as the learnings from
[15:03] Speaker 2: the UK's experience that California and New York should be
[15:07] Speaker 2: taking as they consider upping taxes on wealthier residents?
[15:12] Speaker 1: I think the UK has a great case study of
[15:14] Speaker 1: the fact that billionaires do move because of tax. And
[15:17] Speaker 1: I would say there's more to it than that about
[15:19] Speaker 1: The whole culture around that, we sort of talked about
[15:22] Speaker 1: emotion and psychology. If you are basically saying we're going
[15:24] Speaker 1: to tax you to the hilt, the message that comes
[15:27] Speaker 1: with that, at least it's interpreted this way, is I
[15:30] Speaker 1: don't feel welcome to be here. I think in the
[15:32] Speaker 1: US you're seeing a very good case domestically, where within
[15:35] Speaker 1: the US, because of your state by state system, you're
[15:37] Speaker 1: seeing that sort of state arbitrage of, okay, well, fine,
[15:40] Speaker 1: don't go to California, but hey, you can be in Florida.
[15:42] Speaker 2: But you're also seeing a lot of wealthy individuals who said, oh,
[15:45] Speaker 2: I'm going to leave if Mamdani wins, who have not left.
[15:49] Speaker 1: I mean, and this is the irony, is that if
[15:52] Speaker 1: you are an ultra-high net worth, and let's say you've
[15:54] Speaker 1: built your business over 20 to 30 years, you often
[15:58] Speaker 1: are taking a long-term view. So how long is a
[16:01] Speaker 1: political cycle? Certainly in the UK, there are individuals who
[16:03] Speaker 1: are thinking, okay, Maybe I'll go live in Switzerland for
[16:07] Speaker 1: five years. There is a small sort of, I would say,
[16:09] Speaker 1: I don't know whether to call them patriotic or just
[16:11] Speaker 1: more resilient than others who are thinking, I'm going to
[16:14] Speaker 1: ride this out. And some actually are thinking, yeah, okay,
[16:16] Speaker 1: I'll be overseas for a certain amount of time, but
[16:18] Speaker 1: I'm not selling my place in Mayfair in central London.
[16:21] Speaker 1: I'm not going to sell that. It's my family home.
[16:24] Speaker 1: So maybe I'm going to rent in Milan and I'm
[16:26] Speaker 1: going to come back.
[16:27] Speaker 2: Right, because that's the other thing about billionaires is that
[16:29] Speaker 2: they're highly mobile. Yes, yes.
[16:31] Speaker 1: And I think tax isn't the only thing at play
[16:33] Speaker 1: globally here. What really has muddied the waters in 2026
[16:36] Speaker 1: is the rise of the geopolitical conflict. You know, imagine
[16:41] Speaker 1: if you were thinking in January 2026, I'm relocating to Dubai.
[16:44] Speaker 1: Dubai's done a great job, I think, of changing the
[16:46] Speaker 1: situation now. But in February, if you were there the
[16:49] Speaker 1: following month, I had sources who were out there suddenly thinking,
[16:53] Speaker 1: oh my gosh, what's that noise above me? And it
[16:55] Speaker 1: was the sound of drones being shot down. So I
[16:57] Speaker 1: think there's certainly other factors at play here that weren't
[17:01] Speaker 1: there when the UK took the sweeping reforms through. Tax
[17:04] Speaker 1: was the big driver. Now geopolitics, physical safety is part
[17:09] Speaker 1: of the debate, I would say. And London actually has
[17:12] Speaker 1: a strong offering there.
[17:20] Speaker 2: This is The Big Take from Bloomberg News. I'm Sarah Holder.
[17:23] Speaker 2: To get more from The Big Take and unlimited access
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