London Private Equity Titan Departs UK for Switzerland in Wealth Exodus
One of London's most prominent private equity figures has relocated to Switzerland, marking a significant loss for the UK's financial sector amid ongoing tax reforms targeting the super-rich. Kurt Björklund, the executive chair of global investment firm Permira, has moved to the low-tax jurisdiction within the past year, according to sources familiar with the matter.
Labour's Tax Reforms Prompt High-Profile Departures
This relocation comes as the Labour government implements a series of measures aimed at increasing revenue from wealthy residents. Since taking office, the administration has followed through on key election pledges including abolishing the non-dom tax regime, applying VAT to private school fees, and increasing taxes on carried interest enjoyed by private equity executives.
More recently, Chancellor Rachel Reeves has proposed additional measures including a so-called mansion tax on properties valued above £2 million. These cumulative changes have created what financial advisors describe as a perfect storm for high-net-worth individuals considering their residency options.
Björklund's Illustrious London Career
Björklund's departure represents the end of a remarkable three-decade career in London's financial district. The Swedish-born executive first moved to Britain in 1996 and rose through the ranks to become one of the city's most respected dealmakers. During his tenure at Permira, he helped transform the firm into a major player in London's private equity landscape, with approximately €85 billion in assets under management.
While he will maintain his executive chair role, his relocation to Switzerland signals a significant shift in his personal and professional circumstances. Permira's portfolio includes notable investments in fashion brands Dr Martens, Golden Goose, and Reformation, as well as substantial holdings in wealth management and professional services firms.
Growing Trend Among Britain's Wealthy Elite
Björklund joins a growing list of high-profile individuals who have chosen to leave Britain following the government's tax policy changes. Notable figures who have already relocated include steel magnate Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris, and Goldman Sachs executive Richard Gnodde.
The private equity sector has been particularly affected, with other industry leaders including Advent International's James Brocklebank and Coller Capital founder Jeremy Coller also choosing to relocate their tax residences away from the UK.
Non-Dom Regime Abolition as Primary Driver
Financial advisors point to the abolition of the non-dom tax regime as the primary catalyst for this exodus. The centuries-old system had allowed wealthy foreign residents to be taxed only on their UK-based income and assets, providing significant tax advantages for international business leaders living in Britain.
The Chancellor's reforms, which took effect in May 2025, not only eliminated this status but also tightened rules around foreign trusts. Under the new regulations, trusts owned by non-doms and former non-doms are now treated identically to those of UK citizens for inheritance tax purposes.
This comprehensive overhaul of wealth taxation has fundamentally altered the financial landscape for Britain's wealthiest residents, prompting many to reconsider their long-term residency plans and explore more favourable tax jurisdictions elsewhere in Europe.
