Billionaire David Reuben Relocates to Monaco Amid UK Tax Concerns
Property tycoon David Reuben has moved to Monaco, highlighting a continuing trend of wealthy individuals leaving Britain, as the UK government considers tax increases.
Property investor and Newcastle United shareholder David Reuben has relocated to Monaco this summer, becoming the latest high-net-worth individual to leave Britain. Monaco offers no taxes on income, capital gains, or inheritance.
Reuben, 88, whose estimated wealth alongside his brother Simon is nearly £28 billion, is moving as the Labour government, in power for two years, has increased taxes. These departures coincide with potential further tax hikes, including capital gains tax, which Chancellor John Healey suggested could rise at the upcoming budget. Healey has acknowledged the need to address the outflow of wealthy individuals from Britain.
These developments follow comments from tycoon Sir Peter Lampl, who attributed his relocation to the U.S. partly to traffic and anti-car measures in London, criticizing the city's mayor, Sir Sadiq Khan. Chris Rokos, founder of Rokos Capital Management, with an estimated £3 billion, has also announced plans to move to Greece. Steel magnate Lakshmi Mittal has moved to Switzerland.
The ending of the 'non-dom' tax status last year, which allowed wealthy individuals to pay UK tax only on income generated within the country, has been cited as a factor in these departures. The Reuben brothers were previously reported to be non-doms.
Economists have suggested that the Treasury could face financial implications from a significant number of high-profile UK taxpayers moving offshore, particularly after the next self-assessment tax returns are filed. This comes as the cost of government borrowing has reached a 28-year high due to a bond market sell-off.
Simon French of Panmure Liberum noted that the impact of these departures may not yet be fully reflected in tax data, but anticipates potential fiscal challenges if self-assessment returns prove softer than forecast. Sir Jim Ratcliffe, owner of Manchester United, who moved to Monaco in 2020, has expressed a loss of confidence in Britain, citing concerns about welfare, immigration, and high taxes. He has called for stronger political action to address these issues and what he describes as a national decline.