Iwan and Manuela Wirth, owners of the global art gallery Hauser & Wirth, have moved their permanent residency from the United Kingdom to Switzerland, where the gallery’s holding company is located.
The relocation comes as some high-profile figures involved in the art industry depart the UK following tax reforms on the country’s ultra-wealthy.
The Wirths registered their relocation in documents related to their businesses filed with Companies House this month. The filings are overseen by a government agency that tracks UK-based company audits.
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The gallery confirmed to the Financial Times, which first reported news of the move, that the owners are working on projects in Switzerland, the US, and the UK and the relocation is due to personal reasons, unrelated to tax law changes.
The Wirths, which separately run a development and hospitality company called Artfarm, haven’t stepped back from investments in its UK presence. They plan to open a new London location in 2026, despite sales in the region falling in recent years.
According to recent audits, in 2023, the gallery’s UK location reported turnover was £144 million, a 13 percent drop from the £166 million made in 2022. Post-tax profits rose slightly from £5.2 million to £6 million during that period.
Their departure comes amid reports of wealthy individuals retreating from the UK after non-dom tax status was ended and inheritance tax reforms were instated under Chancellor Rachel Reeves, the effects of which are still debated among financial advisors.
Research from the London School of Economics in 2024 challenged claims circulating of a significant “wealth exodus” in the country. The LSE study suggested that reports of top business leaders and philanthropists leaving Britain over recent tax law changes was overstated and that many saw tax migration as reputationaly damaging.