UHNW exodus ‘hysteria’ downplaying talent and expertise in the UK – HPC

The ‘hysteria’ over an exodus of billionaires from the UK unfairly dispels and downplays the talent and expertise already existing in the country, the High Pay Centre (HPC) has argued.

The think tank said that while the concerns were unsurprising, this narrative implied that only a ‘miniscule elite’ were capable of running major firms.

Responding to the Sunday Times Rich List, which showed that one in six people who appeared on the list two years ago were no longer on it in 2026, the HPC called for focus to be shifted towards rewarding those committed to the UK, rather than accepting the downbeat narrative.

“Focus must be placed on rewarding those committed to investing in the UK, paying their fair share of tax and ensuring they are equipped with the necessary skills to manage businesses successfully,” the think tank stated.

It argued that it was hard to ascertain with any certainty the exact reasons for the widespread departures, and that attributing it solely to the government’s tax changes remained ‘challenging’.

“A lack of economic productivity in the UK and other global financial fluctuations are also likely to have played a role,” the HPC said.

The think tank described the fact that low-tax jurisdictions, such as Monaco and Switzerland, were the most common destinations for ultra high net worth individuals (UHNWI) as ‘unsurprising’.

“Just four of the top 20 richest individuals appear in the top 20 of the UK’s biggest taxpayers,” it highlighted.

“None of the top six richest are in the second list, while the first individual who appears on both is Nik Storonsky as the sixth wealthiest but only the 20th largest tax contributor.”

Furthermore, with nine of the top 20 reflecting wealthy families, the HPC said there was an argument to be made that the UK’s tax regime did not extend far enough in preventing high-level inherited wealth accumulation from acting against investment, growth, and productivity.

“Polling shows that the public reject the idea that all wealth is equal, instead indicating that people support the notion that wealth creation through innovation is distinct from wealth extraction based on the private ownership of scarce resources or inheritance,” the think tank stated.

“Given the tough time that small business owners have faced following tax changes over the previous year, this distinction has important implications for how government policy should approach rewarding innovation while addressing the concentration of inherited wealth.”

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