Hedge fund founder Chris Rokos departs UK for Greece

Hedge fund billionaire Chris Rokos has relocated to Greece, adding his name to a growing list of ultra-wealthy individuals leaving the United Kingdom. The move is expected to result in a significant reduction in tax revenue for the British government. Rokos, who founded the investment firm Rokos Capital Management, is reported to have paid more than 300 million pounds in tax last year alone. His decision to leave for Athens follows the introduction of new fiscal rules in the Mediterranean country, which permit wealthy foreign residents to pay a flat annual tax of approximately 100,000 euros on all overseas income. This amount equates to roughly 86,000 pounds.

The departure of the Eton and Oxford-educated investor means the Exchequer may forgo an estimated 330 million pounds annually. This figure is based on the Sunday Times Rich List estimation of his previous UK tax bill. According to the same study, Rokos paid the third highest amount of tax of any individual in the country. He is reported to have an estimated net worth exceeding two billion pounds. His exit follows a trend of billionaires and centimillionaires leaving the UK in recent years, a pattern attributed by some to consecutive budget measures targeting high earners.

In 2025, City AM reported that Richard Gnodde, a vice president at Goldman Sachs, left the UK in response to the government’s crackdown on non-domiciled residents. Other notable wealthy investors who have departed include Nassef Sawiris, co-owner of Aston Villa, Guillaume Pousaz, the founder of Checkout.com, and steel tycoon Lakshmi Mittal. The Labour government, which has held power since 2024, has faced criticism from senior City investors regarding its stance on the wealthy, with many blaming tax increases for the exodus. The administration has ended the non-dom regime, removed a VAT exemption for private schools, raised capital gains tax rates, and announced plans for a new levy on large residential properties.

Despite these measures, government officials have expressed a desire to retain wealth creators. Andy Burnham stated in an interview that he wants such individuals to remain in the UK, although he has faced scrutiny over his position on taxing the rich. Chancellor John Healey similarly expressed support for wealth creation in a recent speech on the UK economy. However, scores of Labour MPs have publicly endorsed a wealth tax, which would impose a two per cent annual levy on assets valued at ten million pounds or more. Tax experts and economists have warned that such a measure could deter investment and lead to lost revenue, while also increasing administrative costs for Whitehall.

A more probable tax increase at the upcoming Budget may focus on capital gains. Cabinet minister Wes Streeting has suggested that a higher levy would represent a functional wealth tax. Conversely, Conservative Party campaigners argue that raising the capital gains tax rate, currently standing at 22 per cent for the higher rate, could actually reduce Treasury revenue. They contend that investors would choose to hold onto their assets until the rate decreases. Record amounts of capital gains tax were collected in the 2024/25 tax year, reaching 127 billion pounds, an 82 per cent increase from the previous year. Simon French, chief economist at Panmure Liberum, noted that the behavioural effects of policy are particularly significant in this area. He added that the latest data challenges the notion that there is a sustainable source of recurring tax revenue available. Rokos Capital Management declined to comment on the matter, and the Treasury was also approached for a response.