UK Records Largest Billionaire Drop After Non-Dom Tax Crackdown

The UK has experienced the largest decline in its billionaire population in the 37-year history of the Sunday Times Rich List, with the number falling from 165 to 156 amid Labour's abolition of the non-dom tax status. The Hinduja family remains the wealthiest, despite a decrease in their fortune to £35.3 billion, while King Charles' personal wealth rose to £640 million, matching that of Prime Minister Rishi Sunak and his wife Akshata Murty. The tax crackdown has not only affected affluent overseas residents but also homegrown entrepreneurs and century-old family firms, who have voiced concerns over the broader tax changes introduced in the last budget. Robert Watts, compiler of the Rich List, noted a significant decline in the number and combined wealth of billionaires and highlighted the strong criticism directed at Chancellor Rachel Reeves' Treasury. Additionally, the list reflects a shift with fewer super-rich individuals choosing to reside in the UK and the emergence of new wealth creators in tech and other industries. Prominent figures such as Sir Elton John, Andrew Lloyd-Webber, and Sir Lewis Hamilton continue to feature among the UK’s wealthiest individuals.