A mass exodus from London: Why have billionaires abandoned their mansions, and who are the new owners?

Britain abolished the over 200-year-old ‘Non-Dom’ tax rule this April. Since then, London’s real estate landscape has been rapidly changing. Many super-rich individuals of foreign origin are now leaving Britain. To avoid taxes, these wealthy individuals are selling their multi-million dollar mansions and moving to tax-friendly cities like Dubai, Abu Dhabi, Milan, Monaco, and Geneva.

On the other hand, wealthy individuals of Indian and Pakistani origin top the list of new buyers for the increasingly vacant expensive mansions and luxury bungalows in London. Besides the newly rich from India and Pakistan, millionaires from Arab countries, the US, China, Yemen, and Lebanon are also coming forward to buy these properties. These individuals are making significant investments in London real estate. Many of them have amassed their wealth in the technology sector, while some are directly connected to royal families.

According to a report, in 2025, 65 percent of the bungalows priced at approximately ₹181 crore or more were sold by these same Non-Doms who are leaving Britain to avoid taxes after the changes in tax regulations.

What about Indian businessmen in London?
Indian-origin billionaire Amarveer Singh Pannu has bought a mansion in London’s posh Hampstead area for £16.4 million (approximately ₹172 crore). Pannu plans to convert this mansion into 50 luxury apartments.

These wealthy individuals have left Britain:

Lakshmi Mittal
Following the changes in tax laws, Indian-origin steel magnate Lakshmi Mittal shifted his tax residency from Britain to Switzerland last month. Several other Indian businessmen are also preparing to leave Britain.

It is worth noting that Lakshmi Mittal owns ArcelorMittal, the world’s second-largest steel company, and has been among Britain’s top billionaires. According to a report in The Sunday Times, Mittal made this decision because the new Labour government is preparing to increase taxes on the wealthy. Indian-origin Mittal’s net worth is estimated at approximately 1.8 trillion rupees. He was the eighth richest person in Britain.

Rio Ferdinand
Former London footballer Rio Ferdinand has moved to Dubai, citing taxes as one of the reasons for leaving Britain.

Nassef Sawiris
Aston Villa football club co-owner and billionaire Nassef Sawiris has left Italy and moved to the UAE. He said that people in his circle are also considering making the same move.

Herman Narula
Indian-origin Herman Narula, founder of the tech company Improbable, also moved to Dubai as part of a plan to reduce his tax burden before the new tax proposals.

Nik Storonsky
Revolut co-founder Nik Storonsky has moved to the UAE to avoid a hefty capital gains tax bill.

Luxury Property Prices in Britain Jumped by 20%
In 2025, 41 properties were sold, with a total value of approximately 120 billion rupees.
In 2024, this figure was approximately 100 billion rupees.
The report suggests that new buyers will not be living in these homes for most of the year. This could increase the risk of homes remaining vacant in expensive areas like Belgravia, Knightsbridge, and Mayfair. Experts believe this could also impact London’s global competitiveness and economic health.

Will this harm the British economy?
The British government’s decision now appears to be backfiring. Industrialists like Mittal not only pay substantial taxes but also bring employment opportunities and significant investment. The Labour Party’s policy has increased the risk of wealthy individuals leaving the country. As a result, many international businesspeople are now considering relocating from Britain. The government argues that this will reduce the debt burden and strengthen welfare programs, but critics warn that if capital and investment leave the country, it could have a direct negative impact on the UK economy.

What was the non-dom rule?
The UK’s non-domicile rule was an old tax provision that had been in place for over 200 years. It benefited individuals whose roots were in another country but who were living in the UK.

Under this rule, if a person’s income or profits were earned abroad, they were not taxed in the UK unless the money was brought into the country. In other words, as long as the money remained outside the UK, it was exempt from tax; this was known as the ‘remittance basis’.

Moreover, this rule also acted as a kind of tax shield for wealthy foreigners, as it largely protected their foreign assets from inheritance tax.