Approximately 6,000 business owners left the United Kingdom over the past two years, as concerns over tax changes and weakening economic competitiveness accelerate entrepreneurs' overseas relocations.
The Financial Times reported on January 21 that analysis by asset management firm Rathbones, based on corporate disclosure data from January 2024 to January 2025, showed 5,940 business owners departed the UK while 3,182 moved in, resulting in a net outflow of 2,758.
Technology sector workers comprised the largest group among departing entrepreneurs. The United Arab Emirates was their top destination, followed by Spain and the United States.
During this period, the UK implemented tax reforms burdening the wealthy, including increases to inheritance and capital gains tax rates and the abolition of the remittance basis for non-domiciled residents.
"International mobility has accelerated among business owners and wealthy entrepreneurs," said Michelle Sherwood-White, head of private clients at Rathbones. "We are seeing a particular increase in younger entrepreneurs considering relocation in search of better opportunities, favorable tax environments, and brighter long-term growth prospects."
She added: "It is important that the UK economy, talent pipeline, and tax regime remain internationally competitive."
Rathbones noted the UK saw a net decrease of 16,500 millionaires last year, with their combined investable assets estimated at $91.8 billion.
Ali Janoudi, head of emerging markets at Swiss wealth manager Lombard Odier, said Dubai is rapidly catching up to the UK as a key hub for entrepreneurs. "Entrepreneurs are thinking increasingly globally and becoming more mobile," he said. "They are turning their eyes to more efficient and beneficial locations."