David Reuben leaves UK for Monaco amid Labour tax crackdown

Property tycoon David Reuben has left the United Kingdom for Monaco, joining a growing line of high-net-worth individuals relocating abroad following fiscal policy changes by the Labour Government. Mr Reuben, whose wealth alongside his brother Simon was reported to be worth £9.9bn in certain estimates while the family was previously ranked as the second-richest in the country with a combined net worth of nearly £28bn, moved to the Mediterranean principality during the summer, according to reports. Before moving, Mr Reuben lived in Holland Park, West Kensington. His brother Simon has been based in Monaco for about 40 years. The brothers were born in Mumbai, India, in 1938 and 1941 respectively, came to Britain as teenagers, and left school at 17 to go into business. In Britain, they are best known for redeveloping several London landmarks, including Millbank Tower near the Houses of Parliament, Burlington Arcade in Mayfair, and Admiralty Arch on the Mall, which is being converted into a Waldorf Astoria hotel. They also gave £80m to Oxford University in 2019 to help found Reuben College, the first college established by the university since 1990.

The changes stem from the abolition of the non-domiciled tax status, which previously allowed foreign nationals living in the UK to avoid paying British tax on overseas income and capital gains. Scrapped by former chancellor Rachel Reeves, the policy change was designed to ensure that individuals with higher earnings contributed a larger share to public finances. However, critics argue that the move has triggered an outflow of international families and domestic billionaires seeking more advantageous tax jurisdictions such as Monaco, Switzerland, Dubai, and Italy.

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While the exact motivations behind individual relocations remain private, tax and immigration advisers report heightened anxiety among high-net-worth clients following political shifts and budget announcements. David Lesperance, a Poland-based tax and immigration adviser, noted that ultra-high-net-worth individuals entered panic mode over potential inheritance tax liabilities on overseas trust structures and ongoing speculation regarding prospective wealth taxes. According to data compiled for the Sunday Times Rich List, the number of billionaires resident in the UK has declined, while the population of ultra-wealthy British nationals residing in low-tax territories has risen.

The departures have also begun to impact the prime London property market, with several landmark estates either sold or placed on the market. Shipping magnate John Fredriksen listed his Chelsea property after criticizing the business environment, declaring that Britain had "gone to hell". Other international tycoons have reassessed their long-term property investments in the capital. Campaign groups such as Foreign Investors for Britain have cautioned that the loss of top-tier taxpayers could impair future public revenues and investment, urging ministers to consider alternative visa frameworks to retain international capital.

As the debate continues, attention turns to upcoming fiscal statements and potential policy adjustments by the Treasury. Economists and wealth advisers remain divided on whether further measures—such as exit taxes or levies on accumulated wealth—will be introduced, or if ministers will alter course to stem the outflow of capital creators. Further updates on tax policy are anticipated ahead of the next parliamentary budget cycle.