Nearly 6,000 owners of high-growth businesses left the UK over the past two years, following changes to the UK’s tax regime and growing concerns over economic competitiveness.
According to research from wealth manager Rathbones, who analysed Companies House filings from between January 2024 and 2026, of the business owners who have left the UK, the greatest number work in the technology sector.
First reported in the Financial Times, the United Arab Emirates was found to be the most attractive location, followed by Spain and the US.
Sweeping tax changes
The wave of founders fleeing the UK comes after sweeping tax changes that have impacted wealthy individuals and business owners.
This includes a new inheritance tax regime for business owners, higher rates of capital gains tax and the abolition of non-dom status.
As of April 2025, the abolition replaced the previous system with a residence-based regime, making long term UK residents liable for taxes on worldwide income and gains.
Notable names who have left the UK include Goldman Sachs vice president Richard Gnodde and Nassef Sawiris, co-owner of Aston Villa.
While Chancellor Rachel Reeves restricted the amount of inheritance tax relief businesses can receive when passed down, she also made it easier for Brits to avoid inheritance tax if they leave the UK for at least 10 years.
Michelle White, head of private offices at Rathbones, said to the Financial Times: “International mobility among business owners and wealth creators continues to accelerate and these findings show a clear shift in where UK entrepreneurs choose to base themselves.”
White noted it was particularly young business owners who were looking to relocate “in search for better opportunities, more favourable tax environments and more optimism about long term growth prospects”.
She also warned that the trend underscored the importance of the economy, tax system and talent pathways remaining internationally competitive.
Net outflows
Over the last two years, 3,182 business owners came to the UK, resulting in a net exodus from the country of 2,758, affording to Rathbones.
The UK also saw a net outflow of 16,500 millionaires last year, equating to $91.8bn (£68.1bn) in investable wealth.
In contrast, jurisdictions such as the US and UAE experienced corresponding inflows.
Industry figures credited the shift away from the UK to a lack of focus on entrepreneurs compared to other countries where regualtory clarity allows substantial business growth.
