One of the City of London’s most prominent financiers has become the latest billionaire to relocate 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 understood to have taken up residency in Switzerland, according to UK registry filings cited by Bloomberg. Howard, 62, was previously reported to be exploring a move out of 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, building it into one of Europe’s most successful hedge fund firms, managing roughly $34 billion in assets across bonds, currencies, commodities and cryptocurrencies.
His relocation follows a series of high-profile departures by wealthy business figures in recent years. Property investors Ian and Richard Livingstone have moved to Monaco, private equity founder Jeremy Coller relocated to Switzerland last year, and Nik Storonsky, the co-founder of Revolut, has shifted his residency to the United Arab Emirates. Steel magnate Lakshmi Mittal is also understood to be dividing his time between Switzerland and Dubai after decades in the UK.
According to analysis by Henley & Partners, Britain is now 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, with that figure expected to rise to 16,500 this year.
Wealth advisers say the trend has been fuelled by growing unease over the UK’s tax environment. Recent reforms to inheritance tax, capital gains tax and the dismantling of the non-domicile regime have all contributed to perceptions that the UK is becoming less attractive for internationally mobile wealth. The introduction of a new mansion tax on properties valued above £2 million has also weighed on sentiment.
Destinations such as Switzerland, Monaco, Milan, Dubai and Abu Dhabi are emerging as beneficiaries, offering lower or zero income and inheritance taxes, alongside regulatory stability and lifestyle advantages.
Business secretary Peter Kyle acknowledged last month that government policy had played a role in some departures, saying that decisions taken since Labour entered office had caused “some people [to] feel the need to leave”. Ministers have defended the approach, arguing that those “with the broadest shoulders” should contribute more to public finances.
Howard remains the majority owner of Brevan Howard, which employs more than 1,000 people across nine jurisdictions. While he stepped back from day-to-day management, he continues to be involved in high-level strategy, with Aron Landy serving as chief executive since 2019.
A long-standing donor to the Conservative Party, Howard has given more than £1.5 million since 2020, according to Electoral Commission data. A spokesperson for Brevan Howard declined to comment on his change of residency.
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City financier Alan Howard joins exodus of UK billionaires to Switzerland