For nearly four decades, The Sunday Times Rich List has been the closest thing Britain has to a national league table of money. This year’s edition reads less like a celebration of enterprise and more like a departures board.

Revolut chief executive Nik Storonsky and the publicity-shy quant trader Alex Gerko have broken into the top 10 for the first time. But the headline story, according to the list’s compiler Robert Watts, is not who has arrived, it is who has gone.

As many as one in six of the individuals and families who appeared on the 2024 ranking are missing from this year’s edition, with the compiler warning that the figures lay bare the scale of Britain’s wealth exodus.

“Many foreign billionaires who have been living in the UK have… dropped out because they have moved away,” Mr Watts said.

The top of the table holds, but the cracks are widening

Sanjay and Dheeraj Hinduja, the British-Indian brothers behind the Mumbai-headquartered Hinduja Group, kept top spot with a combined fortune of £38bn. The rest of the podium was likewise unchanged, with the famously secretive property magnates David and Simon Reuben and Ukrainian-born industrialist Sir Leonard Blavatnik both still sitting on fortunes north of £25bn.

The most dramatic faller was Sir James Dyson. The inventor’s eponymous engineering empire was hit hard by Donald Trump’s swingeing tariff regime, and his estimated net worth nearly halved over the year from £20bn to £12bn, enough to send him tumbling from fourth to 13th. It is not the first time Sir James has tangled with policy: he has been one of the most vocal critics of Rachel Reeves’s inheritance tax changes, branding them “spiteful” and warning of the consequences for British family businesses.

City money muscles into the top 10

If old money is having a wobble, the new money minted in the City of London is flexing. Mr Storonsky cracked the top 10 in the same year his fintech juggernaut was finally granted a UK banking licence and clinched a $75bn valuation in a November funding round.

A place behind him in eighth sat Mr Gerko, the cerebral force behind XTX Markets, the quantitative trading shop that has quietly become one of the City’s biggest tax payers. His estimated fortune sits north of £16bn.

Both men were born in Russia, and both have renounced their citizenship in protest at Vladimir Putin’s illegal invasion of Ukraine — a reminder that the City’s talent pool is global, and mobile.

A tale of two exoduses

The list’s real story, however, is in the gaps.

For the first two decades of this century, Britain’s super-rich enjoyed a near-uninterrupted bull run. Rich List wealth grew by close to 600 per cent between 2000 and 2022, according to The Sunday Times. That run is now over. The number of sterling billionaires in the UK peaked at 177 in 2022; this year’s tally of 157 was barely up on 2025.

Under the survey’s rules, foreign-born residents who leave automatically fall out of the rankings, while British citizens who emigrate remain. Both groups are now visibly thinning. Mr Watts said he had seen a “sharp rise in the number of British nationals now resident in Dubai, Switzerland and Monaco”, warning the “twin exoduses” represented a worrying development for the British economy and the public finances.

His unease is echoed by international data. The Henley Private Wealth Migration Report has the United Kingdom haemorrhaging high-net-worth residents at a faster clip than any other major economy, with the UAE, Italy and Switzerland the biggest beneficiaries.

“Will more of the wealthy now set up or grow their ventures overseas and in doing so create fewer jobs here?” Mr Watts asked. “How much tax – if any – will Rachel Reeves’ Treasury be able to extract from those affluent Brits who have now left the country?”

The Reeves effect

Critics increasingly point the finger at Whitehall. The Chancellor has been accused of accelerating departures with a string of measures aimed at ultra-high-net-worth residents and their assets.

In her first Budget in October 2024, Ms Reeves pressed ahead with the abolition of the non-domicile tax regime, slapped VAT on private school fees, raised capital gains tax and tightened several inheritance tax carve-outs. Her 2025 intervention added a so-called mansion tax on properties worth more than £2m and further narrowed the inheritance tax net.

Advisers say the cumulative effect has been a stampede. Research from consultancy Chamberlain Walker, cited by Business Matters, suggests around 1,800 non-doms left Britain in the months after April’s tax changes — 50 per cent more than the Treasury had pencilled in.

The casualties include some of the City’s biggest names: former Goldman Sachs International chief Richard Gnodde and steel magnate Lakshmi Mittal, both long-standing Rich List fixtures, have moved on. Only one billionaire is recorded as having moved the other way in the past year — the new US ambassador to the Court of St James’s, Warren Stephens.

What it means for SME Britain

For the small and medium-sized businesses that read this magazine, the implications run deeper than schadenfreude over a few moving vans full of Old Master paintings.

Wealthy entrepreneurs are typically the angel investors, family-office backers and growth-stage cheque writers that smaller firms rely on when banks turn cautious. If they decamp to Dubai or Lugano, that capital tends to follow them. The same goes for the philanthropic giving, board memberships and mentoring that often anchor a city’s business community.

The harder question for the Chancellor, and for the firms that depend on a healthy ecosystem of British-based capital, is whether the additional tax raised from those who stay can outweigh the receipts and investment lost from those who leave. On the evidence of this year’s Rich List, that calculation is starting to look uncomfortable.

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Dublin-based budget airline upbeat despite Strait of Hormuz uncertainty

Ryanair has insisted it is better placed to handle the looming jet fuel crisis than its European rivals, with the airline anticipating it will “widen the cost advantage” over competitors.

The Dublin-based carrier posted surging pre-tax profit, climbing 35 per cent, while maintaining a confident outlook despite the threat of fuel shortages.

The blockage of the Strait of Hormuz amid the Iran conflict has pushed global jet fuel shipments to their lowest level on record, potentially forcing the cancellation of thousands of summer flights.

However, Ryanair said fixed-term contracts covering the bulk of its fuel needs, combined with its “effectively debt free” status, leave it best equipped to ride out the turbulence, as reported by City AM.

“This financial strength further widens the cost gap between Ryanair and our competitors, many of whom are exposed to expensive (long-term) finance, rising aircraft lease costs and unhedged jet-fuel,” the company stated in its accounts.

Ryanair revealed that 80 per cent of its jet fuel requirements for the year ahead are locked in at $67 per barrel, while current market prices have rocketed beyond $150 per barrel.

While other airline chiefs have cautioned that this surge in jet fuel costs is proving more damaging than the Covid-19 pandemic, the Irish carrier maintained that Europe “remains well supplied” via routes through West Africa, the Americas and Norway. Yet the conflict leaves the industry in a state of uncertainty, with Ryanair chief executive Michael O’Leary stating: “The conflict in the Middle East has created economic uncertainty and we still don’t know when the Strait of Hormuz will reopen.”

The Irish carrier, which is listed on the Euronext Dublin, recorded an 11 per cent rise in revenue in the year to March, reaching €14.5bn (£12.6bn).

Passenger numbers climbed by four per cent to 208m, while pre-tax profit surged by 36 per cent to €2.4bn.

Ryanair anticipates passenger numbers will rise again in the coming year – by four per cent to 216m – however, the airline noted that holidaymakers are increasingly booking last-minute due to disruption caused by the Iran conflict on travel routes.

In December, the airline was handed a €256m fine by Italy’s competition watchdog over its allegedly “abusive” use of its dominant market position to restrict sales through online travel agents.

On Monday, Ryanair confirmed its lawyers are “confident” that they will overturn the “baseless” charge on appeal.

Nevertheless, the firm included an €85m charge on its balance sheet as a provision against the fine, accounting for roughly a third of its total value.

The airline also warned that EU environmental taxes are expected to surge by €300m this year to €1.4bn in total. The levies render air travel within the bloc “even less competitive,” Ryanair said.

Mr O’Leary has recently found himself at loggerheads with the boss of JD Wetherspoon over whether airports should serve early morning pre-flight pints. Ryanair’s chief executive accused airports of “profiteering” from enabling drunken behaviour, but pub chief Tim Martin came to the defence of his pubs, which have a large presence at airports.

The Indian market may be grappling with rising global uncertainty, elevated crude oil prices, and currency weakness, but market expert Sandip Sabharwal believes domestic corporate fundamentals are still providing a degree of stability beneath the volatility.

Speaking to ET Now, Sabharwal said that while global headlines are creating discomfort for investors, the underlying performance of Indian companies continues to remain relatively resilient.

Bharti-Prudential Deal Seen as Positive for the Group
Commenting on the recent developments involving Bharti Enterprises and Prudential plc, Sabharwal viewed the transaction positively, especially from the perspective of foreign capital inflows.“It is a positive deal because of the fact that any FDI coming in in a big way is always positive,” he said.

He added that insurance businesses require continuous capital support to sustain growth and expansion, making such investments beneficial from a long-term strategic standpoint.
Discussing the implications for ICICI Prudential Life Insurance and the asset management business, Sabharwal said the businesses are already operating smoothly and are unlikely to face disruption.
“Yes, so those businesses as such are on autopilot now and ICICI is a large group. So, from their perspective putting in capital is not so difficult,” he said.
According to him, continuity in operations is unlikely to be affected because both the life insurance and asset management businesses are performing reasonably well.

Oil Spike and Iran Conflict Remain Key Market Risks
Turning to the broader market environment, Sabharwal acknowledged that macroeconomic concerns are beginning to overshadow otherwise healthy corporate commentary.

“Yes, so that is what we have been discussing over the last few days that micro-wise from what the companies are saying how they are performing, etc, things look okay,” he said.

However, he cautioned that the ongoing Iran conflict and the resulting spike in crude oil prices are becoming major concerns for global markets.

“With the macro perspective, top-down this kind of stalemate in the Iran war where now oil inventories are at levels where every day’s disruption potentially leads to a further spike is becoming something of a concern,” Sabharwal noted.

Brent crude hovering around the $111 mark and persistent geopolitical uncertainty are weighing heavily on investor sentiment. Still, he suggested that the strong operational performance of Indian corporates could offer some downside protection to domestic equities.

India Still Among the Weakest Major Markets This Year
Addressing concerns that Indian markets may have rebounded too quickly from March lows, Sabharwal argued that the rally should be viewed in context.

“But you need to realise that first the Indian markets fell and then they rose, so effectively YTD if you see India is still the worst large size market,” he said.

He pointed out that several global and emerging markets have delivered significantly better returns this year, meaning India has underperformed in relative terms despite the recent rebound.

Sabharwal also indicated that some global capital could rotate out of expensive technology stocks into markets like India. However, he cautioned that elevated crude oil prices remain India’s biggest macro vulnerability.

“The fact of the matter today is that if crude oil persists at these levels or even spikes higher, on a macro basis India is significantly hurt more than many other economies,” he said.

IT Sector May See Tactical Recovery
On the information technology sector, Sabharwal said the recent fall in the rupee and a global shift away from richly valued AI stocks could trigger a short-term rebound in beaten-down IT counters.

“Not longer term, but as a reversal, like sort of mean reversal trade it is possible IT performs,” he said.

According to him, investors globally are beginning to rotate into cheaper software stocks for tactical opportunities rather than long-term strategic bets.

“So, there is a reasonable possibility that we could have some upside in the beaten down IT sector, which would depending on how the overall market does range between 10% to 15% also,” he added.

Vodafone Idea Still Faces Structural Challenges
Despite some recent optimism surrounding Vodafone Idea, Sabharwal remained unconvinced about its long-term competitive position against rivals like Bharti Airtel and Reliance Jio.

“Subscriber lost are not going to come back to them and their debt even after all this relief and equity infusion remains at levels where they are unlikely to report net profits anytime in the next five years,” he said.

He described the stock’s movement as largely speculative and argued that the company’s effective equity value remains negligible.

On the other hand, Sabharwal maintained a constructive long-term outlook on Bharti Airtel, citing restructuring efforts, merger activity, and capital inflows into the group’s insurance business as positives.

“Longer term it should continue to do well,” he said.

Private Banks Likely to Retain Leadership Over PSU Banks
Discussing the banking sector, Sabharwal said the outperformance phase for public sector banks may have largely played out after disappointing earnings from State Bank of India.

“Yes, I think so because the biggest challenge for PSU banks is garnering deposits at a time where most of the younger generation is actually moving towards private sector banks,” he said.

He explained that deposit mobilisation remains critical for long-term banking performance, and this shift in customer preference is putting pressure on the net interest margins of PSU banks.

While valuations remain reasonable and asset quality has improved, Sabharwal believes private banks are better positioned once the sector emerges from the current weak patch.