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Iceland’s ‘first billionaire’ leaves Britain for Italy and warns of ‘exodus’ of millionaires
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.
In short
- Icelandic billionaire relocates from UK to Italy over tax concerns.
- He warns of a broader exodus of millionaires from Britain.
- Cites UK's non-dom tax changes; Italy offers favourable flat-tax regime.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Lower taxes and favourable regimes attract capital, investment, and wealth creators who generate jobs, innovation, and broader economic activity. When high-net-worth individuals relocate to competitors like Italy or Monaco, the UK loses not just their individual tax contributions but the economic ecosystem they support. This represents genuine capital flight with real consequences for employment and growth that cannot be ignored.
The case against
Democracies must set tax policy according to public priorities rather than capitulating to relocation threats from the wealthy. Changes to non-dom status closed what many viewed as an unfair loophole; claims of mass exodus may be exaggerated, with a handful of billionaires departing not necessarily signalling broader economic collapse. Revenue generation and principles of fair contribution matter more than accommodating threats from mobile capital.
Explained simply
Chris Oddleifsson, described as Iceland's first billionaire, has moved from Britain to Italy and warned that other wealthy individuals may follow suit. His move reflects a broader concern among wealthy people about whether the UK remains an attractive place to live and invest.
Oddleifsson made his wealth through various investments, including UK convenience store chains. He cites recent changes to Britain's tax system—particularly reforms affecting wealthy foreign residents and inheritance taxation—as reasons for leaving, pointing to Italy's more generous tax arrangements for wealthy newcomers.
The departure of high-net-worth individuals concerns policymakers because such residents contribute significantly to the economy through business activity and tax revenue. His comments reflect an ongoing debate about whether the UK's recent tax reforms might discourage wealthy people from living and investing in Britain.