London is losing super rich residents - but holding on to their billions
Briefly

London is losing super rich residents - but holding on to their billions
"Fresh data from With Intelligence, which tracks family offices and global capital flows, shows London remains one of the world's top family office hubs, even as ultra-rich residents decamp for friendlier tax regimes. The UK government's April overhaul, which now subjects non-domiciled residents to a 40% inheritance tax on worldwide assets, has already triggered a wave of billionaire relocations to Monaco, Switzerland, the UAE, and beyond. But their money managers aren't budging."
"Lakshmi Mittal, the steel magnate behind ArcelorMittal, is heading to the UAE, while Richard and Ian Livingstone, the real-estate brothers, are off to Monaco. John Fredriksen, the Norwegian shipping tycoon, is eyeing a move to Dubai. Yet, in each case, their respective family offices - LK Advisers, London & Regional Group Properties, and Seatankers Management - remain anchored in London."
The UK implemented an April tax overhaul imposing a 40% inheritance tax on worldwide assets for non-domiciled residents, prompting many ultra-wealthy individuals to relocate to Monaco, Switzerland, the UAE, and elsewhere. Despite residential departures, London remains a top family office hub: 259 single-family offices in the UK control more than $344 billion, and nearly four in five are staying. Several high-profile billionaires are moving residence while their family offices continue operating from London. Only one known family office tied to non-doms, NNS Advisers with an estimated $2.5–5 billion, is relocating to Abu Dhabi.
Read at Business Insider
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