The Sunday Times Rich List reports a significant fall in UK billionaires, dropping from 165 in 2024 to 156 this year, marking the largest decrease in its history. The richest are still led by the Hinduja family, worth over £35 billion, alongside celebrities like Sir Elton John and David Beckham. The decline is attributed to the abolition of non-dom tax status enacted by Chancellor Rachel Reeves, which has drawn criticism from both international and local wealthy individuals, highlighting concerns about the UK's attractiveness for the affluent.
Our billionaire count is down and the combined wealth of those who feature in our research is falling... fewer of the world's super rich are coming to live in the UK.
We expected the abolition of non-dom status would anger affluent people from overseas... young tech entrepreneurs and those running centuries-old family firms are also warning of serious consequences.
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