Rachel Reeves is facing fresh criticism after hedge fund billionaire Alan Howard became the latest high-profile wealthy individual to relocate to Switzerland. Mr Howard, co-founder of Brevan Howard Asset Management, has established residency in the mountainous European country after leaving the UK since early June 2025, according to UK registry filings analysed by Bloomberg on December 23.
The 62-year-old, a major Conservative Party donor with contributions exceeding £1.5 million since 2020, previously resided in Geneva from 2010 until returning to the UK in 2017 for personal reasons. Mr Howard’s move coincides with Labour‘s tax reforms, including the abolition of the non-domiciled regime in April 2025, increases to capital gains tax, and changes to inheritance tax.
Wealth advisers claim such measures have heightened unease among high-net-worth individuals, contributing to relocations to lower-tax jurisdictions, reports The Times.
Similar departures in recent times include property investors Ian and Richard Livingstone to Monaco, private equity figure Jeremy Coller to Switzerland, Revolut co-founder Nik Storonsky to Dubai, and steel tycoon Lakshmi Mittal, estimated at £15.4 billion, who has shifted tax residency while spending more time in Switzerland and Dubai.
The UK is forecast to lose a net 16,500 millionaires in 2025, the highest globally, with an estimated £68 billion in investable wealth departing, per provisional figures from the Henley Private Wealth Migration Report 2025
Destinations including the UAE, Switzerland, Monaco, Italy, and the US benefit from more favourable rates on income, capital gains, and inheritance.
Business Secretary Peter Kyle conceded in November that some policies are factors in departures.
He told Sky News: “I accept because of some of the decisions that we have made, like closing those non-dom tax loopholes, some people feel the need to leave.”
Mr Howard oversees Brevan Howard, which manages billions of dollars in assets across global markets, including a significant expansion in Abu Dhabi. A spokesperson for the firm declined to comment.
The trend has fuelled debate over the UK’s appeal to wealth creators, with critics linking it to Labour’s fiscal approach.
Ms Reeves has separately been nicknamed “Red Tape Rachel” by pub landlords and others over regulatory burdens in sectors like hospitality.
