Hedge fund billionaire Chris Rokos is relocating his firm, Rokos Capital Management, to Athens, a move that highlights a broader trend of wealthy individuals leaving the United Kingdom due to the country's tax policies. Rokos, who recently donated £190 million to Cambridge University and paid £330 million in income tax, cited Greece's flat tax rate of 100,000 euros on foreign-earned income as a more attractive environment compared to the UK's approximately 40% tax on earnings for high earners.
This departure is not isolated. Other notable figures, including German-born investor Christian Angermayer, Norwegian shipping magnate John Fredriksen, and former Mrs. Bernie Ecclestone, Slavica Malic, have also relocated to countries like Switzerland, the United Arab Emirates, and Monaco, respectively. These individuals have expressed dissatisfaction with the UK's tax regime, with some calling it a "death blow" to London's financial appeal or declaring that Britain has "gone to hell."
The article argues that these departures, while not a critique of the individuals themselves, signal a significant fiscal challenge for the UK. Wealthy individuals play a disproportionate role in the economy, contributing a substantial portion of the country's tax revenue. The top 1% of earners, with salaries of £207,000 or more, pay nearly 13% of all income tax. The wealthiest 11,000 individuals, earning over £2 million annually, collectively paid as much in income tax as the bottom 10 million earners combined.
The potential loss of revenue from just a handful of very wealthy residents moving abroad could create substantial holes in the national budget. To compensate for the loss of tax revenue from individuals like Rokos, the UK would need to find approximately 26,000 new workers earning around £30,000 annually. This has led to concerns that the UK's fiscal regime is causing economic harm, potentially forcing the government to increase taxes on the broader population to balance the books.
Business leaders have also voiced these concerns. Mark Goddard, UK chief executive of Swiss bank Lombard Odier, warned in a letter to the former chancellor that the UK was becoming an "excruciating" place to invest, with entrepreneurs considering leaving. He noted that departing individuals take not only their wealth but also their expertise, future tax contributions, and willingness to mentor emerging businesses.
Recent policy changes, such as the abolition of the 'non-domicile' tax status, have also been cited as a reason for departures. This change, which affects how certain foreign residents are taxed on their worldwide income and gains, has been described as making Britain expensive to live in and even to die in. Tax advisers report that all their UK-based clients with net worths over £370 million have relocated following this policy shift.
The trend is not limited to billionaires. Henley & Partners estimates that 16,500 millionaires left the UK in 2025, taking an estimated $91.8 billion with them. Popular destinations include Portugal and Thailand, with European countries like Italy and Greece offering attractive flat-tax schemes for foreigners. Greece, in particular, has seen a influx of wealthy individuals and hedge funds drawn by its 100,000-euro flat tax for foreigners, coupled with its cultural appeal and a business-minded prime minister.
Advisers suggest that once high-earning individuals leave the UK and establish themselves elsewhere, it becomes difficult to entice them back, especially when other countries offer significantly lower or zero tax rates. The ease with which people now make such transitions, compared to the past, makes the prospect of relocating increasingly tempting for those seeking a more favorable financial environment.