Iwan and Manuela Wirth, homeowners of the worldwide artwork gallery Hauser & Wirth, have moved their everlasting residency from the UK to Switzerland, the place the gallery’s holding firm is positioned.
The relocation comes as some high-profile figures concerned within the artwork trade depart the UK following tax reforms on the nation’s ultra-wealthy.
The Wirths registered their relocation in paperwork associated to their companies filed with Firms Home this month. The filings are overseen by a authorities company that tracks UK-based firm audits.
The gallery confirmed to the Monetary Instances, which first reported information of the transfer, that the homeowners are engaged on initiatives in Switzerland, the US, and the UK and the relocation is because of private causes, unrelated to tax legislation modifications.
The Wirths, who individually run a growth and hospitality firm referred to as Artfarm, haven’t stepped again from investments of their UK presence. They plan to open a brand new London location in 2026, regardless of falling gross sales within the area lately.
In line with current audits, in 2023, the gallery’s UK location reported turnover was £144 million, a 13 % drop from the £166 million made in 2022. Put up-tax income rose barely from £5.2 million to £6 million throughout that interval.
Their departure comes amid stories of rich people retreating from the UK after non-dom tax standing was ended and inheritance tax reforms have been instated underneath Chancellor Rachel Reeves, the results of that are nonetheless debated amongst monetary advisers.
Analysis from the London Faculty of Economics in 2024 challenged claims of a major “wealth exodus” circulating within the nation. The LSE research steered that stories of prime enterprise leaders and philanthropists leaving Britain over current tax legislation modifications was overstated and that many noticed tax migration as reputationaly damaging.
