Nearly a third of Britain’s 350 richest no longer live on the British mainland

Nearly a third of British citizens on this year’s Sunday Times Rich List no longer live on the British mainland.

The Sunday Times has dropped a further 15 foreign nationals from this year’s rankings after they relocated to lower-tax destinations including Monaco, Dubai and Switzerland.

Only one overseas billionaire moved in the opposite direction over the past year: Warren Stephens, the Arkansas-born investor who now serves as the United States ambassador in London.

Tax changes unveiled by Chancellor Rachel Reeves, including the end of the non-dom regime that for decades allowed wealthy foreign residents to shelter overseas income from UK tax, are believed to have driven the exodus.

This year’s list of Britain’s 350 wealthiest individuals and families records a combined wealth of £784 billion, up 1.4% on last year and equivalent to roughly a quarter of UK GDP.

The number of billionaires rose by one to 157, although that remains 20 below the peak four years ago. The entry threshold onto the list fell by £10 million to £340 million.

Sanjay and Dheeraj Hinduja and family top the rankings with £38 billion following the death of their father Gopi in November 2025. David and Simon Reuben and family hold second place with £27.97 billion, and Leonard Blavatnik third with £26.85 billion.

Two of the largest gains over the past year came from individuals born in Moscow. Revolut co-founder Nik Storonsky rose 20 places to seventh with £16.411 billion, average daily gains of £25.8 million since last year’s list.

XTX Markets founder Alex Gerko climbed 12 places to eighth with £16.006 billion, average daily gains of £19.9 million.

Both renounced their Russian citizenship after Vladimir Putin’s invasion of Ukraine and have since taken British nationality.

The highest new entry is Christopher Harborne at No. 6 with £18.177 billion. The Thailand-based donor has given at least £12 million to Nigel Farage and the Reform Party.

Forbes and The Sunday Times value Harborne’s most valuable asset, a 12% stake in the cryptocurrency firm Tether, at £200 billion.

Other debutants in the main list include David and Victoria Beckham at £1.18 billion, making Beckham the first British billionaire sportsman, Labour donor Gary Lubner at £1.3 billion, and Suffolk-based software entrepreneur Paul Hamilton at £1.08 billion.

Noel and Liam Gallagher enter the rankings on the back of the Oasis comeback tour, which took close to £400 million across 41 shows.

“Britain remains very attractive to wealthy investors. London is the capital of capitals. The chancellor talks regularly to wealthy people who are committed to staying in Britain,” said a Treasury spokesman.

The official added that the government has made modifications to the tax changes to address some concerns, and remains committed to ensuring the wealthiest contribute most to the public finances.

Now read: Burberry opened 200 ‘scarf bars’ inside its stores this year – and it actually worked