Billionaire property investor David Reuben relocates from Britain to Monaco
Billionaire property investor David Reuben, 88, has relocated from Britain to Monaco this summer, continuing a trend of wealthy individuals departing the UK under Labour's government. Reuben, a Newcastle United shareholder who is overseeing £1 billion in restoration work on London's landmarks, moved to a jurisdiction with no income, capital gains or inheritance tax. His decision follows the Labour government's tax increases since coming to power in 2024 and the previous abolition of non-dom tax status.
Reuben, with an estimated total wealth of almost £28 billion alongside his brother Simon, is part of a growing exodus that includes hedge fund founder Chris Rokos (moving to Greece), Manchester United owner Sir Jim Ratcliffe (already in Monaco since 2020), and steel baron Lakshmi Mittal (now in Switzerland). Chancellor John Healey admitted last week he needed to get a grip on the outflow, yet suggested capital gains tax could rise at next month's Budget. Economists have warned that these departures could significantly impact tax revenues when self-assessment returns are filed in February, potentially creating fiscal challenges as the government already faces 28-year high borrowing costs.
- Billionaire David Reuben moves to Monaco to escape UK taxes
- Part of growing exodus of wealthy individuals from Britain
- Treasury warns departures could significantly impact tax revenue and spending
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Britain's wealthiest individuals have been relocating abroad in increasing numbers since the Labour government came to power in 2024 and implemented tax changes, including the abolition of non-dom status. Non-dom status previously allowed UK residents to avoid paying tax on their overseas earnings. These changes have prompted wealthy people to seek out countries with more favourable tax arrangements.
Low-tax jurisdictions have become increasingly popular destinations. Monaco, for instance, offers no income tax, capital gains tax or inheritance tax on residents. Billionaire property investor David Reuben has relocated to Monaco, while other high-net-worth individuals including hedge fund manager Chris Rokos and steel magnate Lakshmi Mittal have also moved abroad.
These departures matter because wealthy individuals and large businesses contribute significantly to UK tax revenues, and economists warn that mass relocations could substantially reduce tax income. The Chancellor has acknowledged the need to address the issue, though the government is considering raising capital gains tax further, which risks prompting additional departures. Policymakers therefore face a delicate balance between raising tax revenue and preventing further departures of the wealthy.
Both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
The departure of individuals like Reuben, who commands tens of billions in wealth, represents a tangible loss of economic capacity and tax contribution to Britain. These relocations undermine the government's stated fiscal aims, as higher marginal rates can actually reduce total revenue if they trigger capital flight. Britain's position as a financial and investment hub depends on remaining attractive to wealth creators; when prominent billionaires depart, it sends a concerning signal to others and threatens to erode both the tax base and the dynamic investment ecosystem that drives growth and employment.
The case against
A functioning society requires public services funded through progressive taxation, and this principle should not be held hostage by relocation decisions of the ultra-wealthy. These departures represent a tiny fraction of Britain's population and economy; most wealth creators remain, and most people contribute to the common good without threatening to leave. Allowing tax policy to be dictated by billionaires' preferences contradicts democratic values and shifts resources away from the majority. Furthermore, quality of life, rule of law, and infrastructure—not tax rates alone—determine whether nations prosper economically.
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Originally published by Daily Mail as “Britain’s billionaire exodus continues as property tycoon and Newcastle United shareholder moves to Monaco”.