Thor Björgólfsson, widely described as Iceland’s first billionaire, has left Britain for Italy and changed his tax residency over the past year. The move adds to a wider debate about whether high-net-worth individuals are reconsidering their future in the UK.
Alongside his personal relocation, Björgólfsson has also moved his investment firm, Novator, from London to Zurich. The shift suggests the change is not only about where he lives, but also about where he now wants to base part of his business activity.
Björgólfsson has warned that Britain could face an exodus of millionaires after Labour came to power. His comments highlight growing concern among some wealthy investors and entrepreneurs over the UK’s direction and its appeal as a home for international capital.
While his decision is a high-profile example, it is likely to feed a broader conversation about tax residency, investment hubs and competition between European financial centres such as London, Zurich and cities in Italy. For Britain, the departure of prominent business figures may intensify scrutiny over how policy changes influence where the wealthy choose to live and invest.
