An Italian millionaire, Eduardo Biasi, made headlines after his abrupt departure from London just six weeks into what was supposed to be a six-month stay, citing the city’s "horrible" state, high crime rates, and soaring prices. Biasi, aged 26, originally moved from Milan to the UK with the intention of expanding his digital investment platform and eventually settling permanently. However, his experience quickly soured, prompting him to relocate to Dubai, where he claims to feel much more secure and optimistic.
Biasi’s deep dissatisfaction centred on London’s rising crime levels, which instilled in him a constant fear of being mugged. He described the city as "dangerous" and "crime-riddled," noting that he frequently saw thieves on bicycles stealing phones. Despite not flaunting wealth with expensive watches or luxury cars, he said he never felt safe simply walking the streets. Alongside safety concerns, Biasi was shocked by London’s cost of living, for example, a £60 bill for a basic plate of pasta, attributes he partly linked to the financial impacts of Brexit and inflated city prices. The appeal of London’s vibrant business environment and lifestyle quickly diminished under these pressures.
Biasi’s experience echoes broader trends indicating a sizeable departure of wealth from London. Analysis reveals that over the past decade, London has seen an exodus of some 30,000 millionaires, averaging around eight high-net-worth individuals leaving daily. This shift is driven by factors including higher taxation, Brexit-induced economic uncertainty, and the depreciation of the pound, all of which have combined to make London less attractive to the international wealthy community.
Concurrently, the UK has witnessed rising interest in alternative destinations such as Dubai, especially among Britain’s own millionaire class. Reports note a 54% surge in Britons exploring relocation or investment opportunities in Dubai over the past year, spurred by negative business sentiment and the desire to distance themselves from the UK’s current environment. Some high-net-worth individuals are even contemplating revoking their British citizenship as a reaction to these pressures.
Efforts to stem this wealth flight include advocacy by Britain's ultra-wealthy non-domiciled residents for an Italian-style flat tax regime. Such a system, with a single annual fee in exchange for exemption from certain taxes, is seen as a way to maintain the city’s allure to foreign investors. Italy’s adoption of this approach has attracted wealthy individuals by offering efficient taxation, including exemptions from gift and inheritance taxes on assets held outside the country.
Further compounding London’s waning appeal, recent reports show it no longer ranks among the top five European cities preferred by millionaires considering relocation. Cities like Paris, Berlin, Barcelona, Vienna, and Madrid have overtaken London, benefiting from perceptions of better security, more favourable tax regimes, and greater geopolitical stability.
Eduardo Biasi’s move to Dubai reflects a growing realignment among wealthy individuals who are seeking not just business opportunities but also personal security, competitive living costs, and tax advantages. His story highlights the challenges London faces in retaining high-net-worth residents amid rising crime, economic pressures, and shifting global preferences. While London remains a historic financial and cultural hub, the city’s ability to remain competitive in attracting and retaining international wealth may depend on addressing these complex and interconnected issues.
📌 Reference Map:
- [1] (Express) - Paragraphs 1, 2, 3, 6
- [2] (Yahoo News UK) - Paragraph 1
- [3] (Evening Standard) - Paragraph 4
- [4] (Evening Standard) - Paragraph 5
- [5] (CNBC) - Paragraph 6
- [6] (The National News) - Paragraph 6
- [7] (CNBC) - Paragraph 7
Source: Noah Wire Services