More than $160 billion, or £120 billion, in individual and family wealth has left Britain or become less connected to the country over the past two years, according to the Bloomberg Billionaires Index, as wealthy taxpayers respond to Labour’s tax policies. Lakshmi Mittal represents the largest departure, with more than $40 billion of wealth, after moving his tax residence to Switzerland and planning to spend most of his time in Dubai. Shravin Bharti Mittal accounts for a further $23.3 billion of family wealth; Bharti Enterprises is BT’s largest shareholder, with a stake of just under 25%. Property tycoon David Reuben, reportedly worth £9.9 billion, moved to Monaco during the summer, while hedge fund manager Christopher Rokos, whose fortune is estimated at $4 billion, is switching his tax residence to Greece. The departures follow the abolition of Britain’s non-dom regime in April last year, which made overseas income taxable in the UK. Monaco imposes no tax on residents’ income, capital gains or inheritances, while Greece offers a €100,000 annual flat tax on foreign income for up to 15 years. Business leaders Tony Dalwood and John Caudwell have warned that higher taxes risk discouraging investment, entrepreneurship and job creation. Reuben follows other wealthy Britons who have relocated, including Chris Rokos, Nassef Sawiris, Guillaume Pousaz, Christian Angermayer, John Fredriksen and Lakshmi Mittal. The Reuben brothers’ property and philanthropic activities, proposed investor-visa alternatives and wider concerns about wealth, capital-gains, mansion and exit taxes remain part of the debate over Britain’s competitiveness.