Do affluent whisky connoisseurs migrate abroad?

Rich whisky connoisseurs are moving to tax-haven nations like Dubai, where they have more money to spend on luxury collectibles like rare whisky

When the chancellor eliminated non-dom status in the Budget last April, fewer affluent individuals are escaping than anticipated. "Initial tax data" was evaluated to support this claim, the Financial Times reported on August 13. A quarter of non-doms with trusts and one out of ten without trusts would depart Britain in pursuit of a more hospitable tax system, according to a warning issued to the government at the beginning of the year by the Office for Budget Responsibility.

So, nothing to be concerned about? Not quite. First off, estimates are subject to revision, and the available data is a little hazythe word "initial" contains some clues. By January 2027, when tax returns are filed for the current tax year, we will have a much better idea of how many non-doms remain. However, there is already a wealth of anecdotal evidence that wealthy people are leaving or have already left, so we don't need to wait that long.

At the Regent Street office of Cask-whisky specialists, Simon Aron, the founder of Cask Trade, tells me, "Mayfair is quiet." Rich people who enjoy whisky are simply no longer present. Aron blames the non-dom status change, COVID, and Brexit for that.

Where have they gone? Well, a lot of places, but top picks are Dubai, with its exemption from inheritance and income taxes, and Cyprus and Italy, where wealthy people can choose to pay a flat tax of 200,000 per year. According to Aron, Dubai boasts a "thriving drinks scene" as well. Among the wealthy expatriate community, not the Emirati populace, to be sure. Growing Dubai means more money is available for collectible luxury items like rare whisky.

In India, whiskey collecting is on the rise.

To serve this adrift clientele, Cask Trade has chosen to "follow the money" and recently opened an office in Dubai. The business has an import agent, which is required in order to export whisky to the United Arab Emirates. In addition, the cask whisky must be bottled prior to shipment because the casks must adhere to Scottish regulations rather than Emirati ones.

Another allure of setting up shop in the Middle East is that "Dubai is the gateway to India," according to Aron. India has a long history of whisky consumption. Although whisky has been produced in India since the 1800s, Indian whiskies have recently begun to win prizes at international contests.

In the country, as in much of Asia, the growth of the middle class has led to a boom in the hobby of whisky collecting. Cask Trade's Hong Kong office is complemented by the Dubai office. New groups of whisky enthusiasts are emerging, even though the rare whisky market has had difficulty returning to its peak during the pandemic. Aron asserts that "Dubai is the springboard to India." "The world is also moving.

Launching a whisky business.

Prices for rare whisky are still rising after a ten-year buying frenzy that was heightened during the pandemic's lockdown periods. Knight Franks' "The Wealth Report 2025" states that, including the decline that began in 2022, rare whisky prices have increased by 192% in the ten years leading up to this year.

The Rare Whisky Icon 100 index, which tracks the prices of the most sought-after collectible bottles of whisky, shows that by the end of May of that year, prices for the most sought-after bottles had reached dizzying heights before starting a long, steady decline that is still going on today. In the last 12 months, the index has dropped 13%. Is there going to be a break?

According to the most recent "Whisky Intelligence Report" from Edinburgh-based investment bank Noble and Co., the short answer is no.

Whisky auction volumes decreased 37% and values fell 52% between January and April 2025 compared to the same period the previous year. As the report mentions, lower-priced bottles are preferred over higher-priced ones, which may be due to sellers putting their most valuable bottles on hold for better times. Two years ago, the average price of a bottle sold at auction was 493, but last April, it was only 211. Auction activity has virtually stopped in the top market segment (bottles costing over 10,000).

The good thing about collecting whisky is that you can just wait, even though a recovery might still be a long way off. According to Cask Trade's Simon Aron, "you have time to keep whisky" as a collector. Additionally, now is a fantastic time to start collecting if you haven't already. Some casks have "unbelievable" prices, according to Aron, especially the new-make ones (spirit that has just been put into the cask). He cites a three-year-old cask of Glenburgie, which costs £2,750, for something a little older, and Tormore barrels, which retail for £1,995, as an example of a good-value cask of new-make whisky.

Check out the current stock list at casktrade.com.