One of the UK’s biggest investors is worried about the number of wealthy people leaving the country
Jon Gray, president of Blackstone Inc., one of the world’s largest alternative asset managers with deep ties to the UK economy, has raised concerns that the Labour government’s tax policies are driving “job creators” out of the country.
In an interview for Bloomberg’s upcoming podcast series Leaders with Francine Lacqua, set to launch on 16 March, Gray highlighted the risks posed by efforts to address fiscal challenges through higher taxes.
“In an effort to solve some of the fiscal challenges, some of the policies are leading to some of the job creators leaving the country,” Gray said. “That’s probably the thing that we’re most concerned about now when it comes to the UK.”
The comments come amid a broader debate over the impact of Labour’s tax reforms, particularly the scrapping of the long-standing non-domiciled (non-dom) tax regime in April 2025.
The change, which built on earlier Conservative proposals but went further under Chancellor Rachel Reeves, ended preferential treatment for wealthy residents on overseas earnings and brought foreign assets into the UK’s inheritance tax net.
Projections from sources like the Henley Private Wealth Migration Report have suggested the UK could see a record net loss of around 16,500 millionaires in 2025 alone, with destinations like Dubai attracting thousands due to zero personal income tax and other incentives.
While some analyses, including HMRC data reported in 2025, indicated that the scale of the non-dom exodus may have been overstated or in line with prior forecasts, the perception of a “wealth flight” has persisted among business leaders and investors.
For Gray, whose firm has committed significant capital to the UK, including a pledge to invest $100 billion over the next decade, the issue represents a near-term headwind.
Blackstone has built a substantial presence in Britain, with investments spanning real estate, infrastructure, and private equity that support tens of thousands of jobs.
Despite these concerns, Gray remains optimistic about the UK’s long-term prospects.
He pointed to enduring strengths such as the country’s robust legal system, deep pool of talent, and world-class education sector as reasons for continued bullishness.
