A billionaire who formerly topped the Sunday Times Rich list has become the latest wealthy businessman to leave the UK to take up residence in Monaco.
David Reuben, 88, is a property tycoon and Newcastle United shareholder, who along with his younger brother Simon Reuben, has a combined estimated net worth of nearly £28bn.
The pair ranked at number two in this year’s Rich List and were noted for their “vast renovations of historic London buildings”, including Admiralty Arch and Cambridge House, which were being “transformed into luxurious hotels”.
According to The Times, Reuben moved to the European country – renowned for being a tax haven – over the summer.
A spokesperson confirmed to the publication that the property tycoon had moved to Monaco but declined to comment further.
Reuben’s brother has been living in the country for 40 years after relocating for health reasons.
The Independent has contacted the Reuben brothers for comment.
Last week, billionaire Manchester United owner Sir Jim Ratcliffe complained that Britain’s billionaires were leaving as the country was “on the slide” and blamed high taxes and high immigration for the decline.
The remarks followed the departure of several of the UK’s highest earners including billionaire hedge fund founder Chris Rokos, who was reportedly moving to Greece amid fears of tax rises in the government’s autumn Budget.
Steel baron Lakshmi Mittal also moved to Switzerland since Labour came to power.
“In America they applaud people who create wealth,” Sir Jim added. “Unfortunately the UK has got a bit of a green eye towards wealth at the moment.”
Sir Jim, who is is worth around £15bn, left the UK in 2018 to become a tax resident in Monaco and was a prominent backer of Brexit and Britain’s richest man at the time of his exit.
Other departing wealthy figures include easyJet founder Sir Stelios Haji-Ioannou and Formula One driver Sir Lewis Hamilton.
More than 10 per cent of the total wealth identified in the Rich List is controlled by UK citizens who now reside in Monaco, a total of £77bn, according to The Times.
Rachel Reeves axing of the “non-dom” system, a status that allowed individuals to only pay tax on income generated in the UK, is blamed for many of the exits.
The Times reports that of the 350 individuals and families who made an appearance in the 2024 Rich List, 60 did not appear in the 2026 rankings with the most common reason being that they were non-British citizens who had moved overseas.
Earlier this year Gary Linekar and over 100 other British millionaires asked prime minister Andy Burnham to increase their wealth tax as they can “afford it”.
