One of the City of London’s most prominent financiers has become the latest billionaire to move abroad, adding momentum to the growing exodus of wealthy individuals from the UK.
Alan Howard, the co-founder of hedge fund group Brevan Howard Asset Management, is said to have settled in Switzerland, according to British registry entries cited by Bloomberg. Howard, 62, was reportedly previously exploring a move from the UK and is said to have returned to Geneva, where he lived for seven years until 2017.
Howard is ranked 71st on the latest Sunday Times Rich List with an estimated fortune of £2.5 billion, while the Bloomberg Billionaires Index puts his net worth at around $4.3 billion. He founded Brevan Howard in London in 2002 and grew it into one of Europe’s most successful hedge fund firms, managing around $34 billion in assets in bonds, currencies, commodities and cryptocurrencies.
His move follows a series of high-profile departures of wealthy businessmen in recent years. Real estate investors Ian and Richard Livingstone moved to Monaco, private equity founder Jeremy Coller moved to Switzerland last year and Revolut co-founder Nik Storonsky moved to the United Arab Emirates. The steel magnate Lakshmi Mittal is also said to divide his time between Switzerland and Dubai after decades in Great Britain.
According to analysis by Henley & Partners, Britain is currently losing millionaires and billionaires faster than any other country in the world. The consultancy estimates that a net 10,800 millionaires left the UK last year and that number is expected to rise to 16,500 this year.
Wealth advisers say the trend has been fueled by growing unrest over the UK tax environment. Recent reforms to inheritance tax, capital gains tax and the abolition of the non-domicile system have all led to the perception that the UK is becoming less attractive for internationally mobile wealth. The introduction of a new property tax on properties worth more than £2 million also weighed on sentiment.
Destinations such as Switzerland, Monaco, Milan, Dubai and Abu Dhabi are proving to be beneficiaries, offering regulatory stability and lifestyle benefits as well as lower or no income and inheritance taxes.
Business Secretary Peter Kyle acknowledged last month that government policy had played a role in some departures, saying decisions made since Labor took office had resulted in “some people feeling the need to leave”. Ministers have defended the approach, arguing that those with “the broadest shoulders” should contribute more to public finances.
Howard remains majority owner of Brevan Howard, which employs more than 1,000 people in nine jurisdictions. Although he retired from day-to-day operations, he remains involved in high-level strategy, with Aron Landy serving as CEO since 2019.
Howard, a long-time Conservative Party donor, has donated more than £1.5 million since 2020, according to the Electoral Commission. A spokesman for Brevan Howard declined to comment on his change of residence.
