The mass exodus of ultra-wealthy people from Britain has put around $160 billion of wealth on the move, as wealthy residents and foreign elites increasingly shift their fortunes and financial ties overseas. The main reasons are the new fiscal reforms introduced by the Labour government and the abolition of long-standing tax privileges, combined with persistent fears of further tax increases and tighter financial rules. As a result, London is gradually losing some of its appeal as a leading global financial centre, dealing a significant blow not only to tax revenues but also to the luxury property, hospitality and consumer economy that depends so heavily on wealthy residents.