The Ultra-Rich Move in Herds. Just Ask London: Matthew Brooker

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 ...