Chris Oddleifsson, said to be Iceland's first billionaire after building his fortune through investments including UK convenience store chains, has left Britain to relocate to Italy, citing tax pressures and warning of a wider "exodus" of wealthy individuals from the UK. He argues that changes to the UK's tax regime, particularly around non-domiciled status and inheritance rules, have made Britain less attractive to high-net-worth individuals, prompting many to consider or complete moves abroad.

He points to Italy's more favourable flat-tax regime for wealthy new residents as a key draw, joining a growing number of millionaires and billionaires reportedly relocating there and to other jurisdictions such as Switzerland, Monaco and the UAE. His comments add to ongoing debate about the impact of the UK government's tax reforms on the retention of wealthy residents and investors.