The United Kingdom has experienced its largest drop in the number of registered billionaires, following a campaign led by Rachel Reeves, the Chancellor, against the non-resident tax regime, according to the Sunday Times Rich List.
The Hinduja family, whose wealth exceeds £35 billion ($46.6 billion), has maintained its position at the top of the annual list of the richest individuals in Britain, as reported by the Press Association.
Notable figures on the list of the wealthiest 350 individuals and families in Britain include Elton John, Andrew Lloyd Webber, Lewis Hamilton, and David and Victoria Beckham, as well as the King; however, the latest figures reveal a third consecutive decline in the number of billionaires residing in the UK.
The number of billionaires in Britain has decreased to 156 this year from 165 in 2024, marking a sharp decline in the 37-year history of the Sunday Times Rich List.
Robert Watts, who compiles the rich list, stated, “We are witnessing a decline in the number of wealthy individuals coming to live in the UK.”
Watts added, “We anticipated that the cancellation of non-resident status would anger wealthy migrants.”
The Labour government abolished the non-resident tax status in the UK last April; this status applies to UK residents whose permanent home or tax residence is outside the UK.
Akshata Murthy, the wife of former Prime Minister Rishi Sunak, is among the well-known non-residents.
The couple has reappeared on the rich list, although their fortune has decreased to £640 million from £651 million last year.
Other prominent figures on the list include the King, who also has a wealth of £640 million.
