UK’s Rich Are Keeping Family Offices in London Despite Tax Worry

Concerns around wealth taxes are prompting worries that the UK’s ultra rich are moving abroad, but the business of managing their fortunes is still largely staying in London, new data show.

Out of the UK’s 259 single-family offices, which manage total funds of about $344 billion for the rich, 52 are owned by non-domiciled individuals, according to figures from analytics firm With Intelligence. While 19% of these non-dom owners are leaving the country, With Intelligence found that just one family office has relocated with its principal.