Goldman Sachs' Richard Gnodde Joins UK Non-Dom Exodus to Milan

A growing number of ultra-wealthy individuals, including Goldman Sachs vice chairman Richard Gnodde and billionaire property investors Ian and Richard Livingstone, are leaving the UK in response to recent government tax reforms targeting non-domiciled residents. The UK has abolished the long-standing non-dom status, now requiring residents to pay tax on their global income, and has implemented additional measures such as higher capital gains taxes and the removal of inheritance tax breaks for overseas trusts. Gnodde’s move to Milan, where Italy offers a flat-rate 'golden visa' tax regime for wealthy foreigners, marks the first instance of a serving senior banker relocating due to these changes and has heightened concerns about a broader exodus from London's financial sector. Other high-profile figures, such as steel tycoon Lakshmi Mittal and Aston Villa co-owner Nassef Sawiris, have also recently departed for more tax-friendly jurisdictions. Industry representatives warn that the UK risks losing top global talent and investment unless it adopts more internationally competitive policies to attract and retain the super-rich. The full impact on UK public finances remains uncertain as officials have not fully modeled the revenue effects of this migration.