An Icelandic billionaire has left Britain for Italy - as he warned of an 'exodus' of the super rich after Labour came to power. Thor Björgólfsson, known as the Nordic country's first billionaire, changed his tax residency over the last year - and has also moved his investment firm Novator from London to Zurich.His relocation comes amid fears that Labour's decision to scrap non-dom status, which allowed some high-net-worth individuals to avoid paying full UK tax on their overseas earnings, is pushing them out of the country. Mr Björgólfsson said in an interview with Bloomberg that the number of rich businessmen leaving Britain 'is an exodus, it's not been hype'.He said: 'It's amazing how fast it has happened. The collateral damage is exploding elsewhere.' In April last year, Chancellor Rachel Reeves controversially replaced non-dom rules with the Foreign Income and Gains Regime - after announcing the move in her October Budget. Under the new system, wealthy arrivals are exempt from paying tax on their foreign earnings for four years, provided they were not a resident of the UK in the preceding decade. Thor Björgólfsson, known as the Nordic country's first billionaire, changed his tax residency over the last year - and has also moved his investment firm Novator from London to Zurich In April last year, Chancellor Rachel Reeves controversially replaced non-dom rules with the Foreign Income and Gains RegimeMr Björgólfsson's move to Italy places him on a growing list of individuals who have quit Britain since Labour came to power two years ago. Those who are known to have left include Nassef Sawiris, the Egyptian co-owner of Aston Villa FC, who has also shifted his tax residency to Italy. Meanwhile, brothers Ian and Richard Livingstone, who oversee a £9billion property empire in the UK and abroad, have quit Britain for Monaco.Mr Björgólfsson was the biggest owner of one of Iceland's largest banks - Landsbanki - that collapsed during the financial crisis in 2008. Referring to a meeting he had with an advisor to Sir Keir Starmer, along with other business leaders, he said: 'What worries me is that the Government kind of made a mistake and realised they'd made a mistake.'He called on Labour to introduce a flat-rate tax system, similar to in Italy, that places a limit on the amount of tax entrepreneurs and business leaders need to pay. Several billionaires have been open about their reasons for leaving, with Mr Sawiris blaming Labour's inheritance tax clampdown and a 'decade of incompetence' under the Tories.Britain's ninth richest billionaire, John Fredriksen, declared last year that Britain had 'gone to hell' as he explained his reasons for moving his shipping firm from London to the United Arab Emirates.The Norwegian had previously run his private firm, Seatankers Management, from an office in Sloane Square.But he told newspaper E24 that the UK had become a worse place to do business.'It's starting to remind me more and more of Norway,' he said. 'Britain has gone to hell, like Norway.