Rolly van Rappard, the billionaire co-founder of CVC Capital Partners, is reportedly weighing a move from London to Milan as the UK faces a rising exodus of ultra-wealthy residents responding to sweeping tax reforms introduced by the Labour government.

According to sources cited by Private Equity News, van Rappard – currently serving as non-executive chair of CVC – is evaluating a relocation in light of tax increases on capital gains and inheritance, alongside the termination of the non-domiciled tax regime. A final decision has yet to be made, and CVC declined to comment on the reports.

CVC Capital Partners, a private equity giant with $200bn in assets under management, has built a high-profile portfolio that includes investments in Petco, Swiss watchmaker Breitling, and Spanish football league La Liga. Forbes estimates van Rappard’s net worth at $1.5bn, largely stemming from his stake in the firm.

Van Rappard’s potential departure mirrors a wave of recent moves by prominent high-net-worth individuals. Real estate magnates Ian and Richard Livingstone, worth $5.2bn each, switched their tax residency to Monaco just before the new measures took effect. Similarly, Egyptian billionaire and Aston Villa co-owner Nassef Sawiris confirmed a move to Abu Dhabi and Italy, blaming a decade of poor economic policy for his decision.

The policy shift under Chancellor Rachel Reeves has been positioned as a means to plug a £22bn fiscal gap. However, critics argue that the measures risk driving away private capital and reducing long-term tax revenues. A recent study by the Centre for Economics and Business Research suggests that if half of the affected non-doms leave the country by 2030, the government could face a net revenue loss of £12.2bn.

Despite official claims that the new tax system is “fair and progressive,” concerns are mounting within the investment community that the UK’s competitiveness may be undermined if wealth migration accelerates further.

Source: Forbes

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