The Great British Billionaire Take Off Leaves $160 Billion Hole

The nation is enjoying the latest series of one of its most popular TV shows: The Great British Bake Off (let’s leave The Celebrity Traitors for another day). GBBO is preternatural culinary skill and loveliness wrapped in a Union Jack bow. And yet, while the nation’s eyes are trained on the pristine white tent, some of the country’s richest residents are tip-toeing towards the exit door. Analysis of the Bloomberg Billionaires Index shows us that ultra-wealthy individuals worth more than $160 billion left the UK in the last two years. Call it The Great British Billionaire Take Off.

A number of the rich and rudderless are heading to Athens, which today our reporters show is recording a budget surplus. For those of us who remember the Greek euro crisis of the 2010s, we really have come a long way. Bloomberg Opinion’s Lionel Laurent makes the point that it’s France that is now the heart of the Eurozone’s debt crisis, not the PIGS, and gives us the new acronym FROGS*. Read his column here to find out why.

But back to the billionaires. This development will have implications for the UK’s tax take and therefore how the nation finances itself. As our reporter Benjamin Stupples puts it, more billionaire wealth has left the UK than billionaire wealth now remains. Check out this departure lounge doomsday book:

It’s a staggering state of affairs for a country that has long made much of its appeal to international capital. Here’s Benjamin again: “Tax changes targeting the wealthy since Labour came to office in 2024 are taking a growing toll on London’s status as a global financial powerhouse.”

It is not just the actual tax changes, most notably the abolition of non-dom status, but the fact that every Budget is accompanied by speculation about what more might be coming.

Those leaving are heading to a variety of destinations like the UAE, Switzerland and yes, Greece. This is a reminder of Paul Davies’ point that few places can replicate in one single city what London offers in terms of culture and education. The knock-on effects of these departures can be seen in prime London property prices being down by almost half in real terms in the last 12 years.

It also hinders the UK’s attempt to attract much-needed investment. Just today, senior MPs are warning about the UK’s dependence on US cloud providers and calling on the UK to fund its own domestic alternatives. But there’s no hope of that without substantial investment.

As Lionel’s FROGS acronym makes clear (*oh, ok, it means “French Oversized Government and Social Security”), French government bonds are facing similar pressure to UK ones as northern European nations struggle to convince investors they have the answers to balance their books. Greece, while a smaller economy and still in debt, is nonetheless attracting billionaires rather than exporting them. It shows things can be turned around. Especially after tea and a slice of cake.

Want this in your inbox each weekday? You can sign up here.

Stories you need to know

UK Job Slump Longer Than During Financial Crisis, PMI SaysBT Buys TalkTalk to Avert Collapse of UK Broadband ProviderPrime London Homes Are Increasingly on Frontlines of Extreme WeatherOur Oil Columnist Got an EV. A Bad Omen for Big Petroleum?

Markets Today: New company for gilts

Hi, it’s Dave from the MT blog. It’s been a funny day for markets, with yields in the UK and other parts of Europe swinging up and down with no real rhyme or reason.

But what’s interesting is how bonds have been divided up. France, the centre of the attention right now, has been moving with Italy, while gilts have been trading more in line with Treasuries and, to a lesser degree, German bunds. Both groups have seen decent gains and losses at various points throughout a choppy day.

You can read too much into one day of trading of course, but we also saw a similar pattern last week. I wouldn’t go as far as saying gilts are a safe haven play just yet (especially given 30-year year yields are close to 6% still), but moving in a group with traditionally strong credits is something we haven’t seen for UK bonds in some time.

Read the Markets Today live blog for rolling news and up-to-the-minute analysis during UK market hours.

The big number

$845 billionHow much roughly 100 technology bosses made in the first nine months of 2026, according to the Bloomberg Billionaires Index.

One big story

London Takes a Hit as Super Rich Worth $160 Billion Exit UKThe Bloomberg Billionaires Index reveals how much money is at stake as the ultra-wealthy leave.

More from Bloomberg

Enjoying The Readout? Check out these newsletters:

Markets Daily for what’s moving in stocks, bonds, FX and commoditiesOdd Lots for exploring the most interesting topics in finance, markets and economicsMoney Distilled for John Stepek’s daily newsletter on what market moves mean for your moneyThe London Rush for getting briefed ahead of your morning callsMerryn Talks Money for micro to macro thoughts on your money and investments

You have exclusive access to other subscriber-only newsletters. Explore all newsletters here to get most out of your Bloomberg subscription.

Allegra Stratton worked for former Prime Minister Rishi Sunak when he was chancellor and runs an environmental consultancy, Zeroism.

Please send thoughts, tips and feedback to readout@bloomberg.net. You can follow Bloomberg UK on X.