The Ultra-Rich Move in Herds. Just Ask London.
Milan is the place to be these days if you're rich and can stand the pizza. Goldman Sachs Group Inc.'s Richard Gnodde, who leads the firm's businesses outside North America, is among financial executives relocating from London after the UK changed its tax rules for foreign residents. Ann Kaplan Mulholland, a Canadian reality-TV star who owns a castle in Kent with her husband, is also making the move, though she bemoans the lack of culinary options in Italy for non-carbohydrate-eating immigrants.
If the campaign against abolition of the 'non-dom' regime is measured by the volume of noise on each side, then the verdict is already in: Britain has made a giant mistake and will rue driving away ultra-wealthy individuals who pay (on average) large amounts of tax, enrich the economy with their entrepreneurial talents and fund philanthropic works. A drumbeat of reports of notable departures has grown louder after the non-dom privileges ended in early April, along with predictions of the resulting fiscal damage.
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