‘I reside in Monaco’: billionaire said to have quit UK over potential wealth tax had already left
Summary
David Reuben, one of the richest men in the UK, has lived in Monaco since at least 2014, not recently moved there due to new UK tax rules as previously reported. Monaco is a popular place for wealthy individuals because it does not charge income, capital gains, or inheritance taxes. Some very rich people have left or reduced ties with the UK since changes to tax laws began under the new Labour government in 2024.Key Facts
- David Reuben has been a resident of Monaco since about 2014, confirmed by legal documents.
- His brother Simon Reuben has lived in Monaco for 40 years for health reasons.
- Monaco does not charge income tax, capital gains tax, or inheritance tax, attracting wealthy residents.
- The UK’s "non-dom" tax status, allowing some wealthy residents to pay tax only on UK income, ended in April 2023.
- The Reuben brothers are estimated to have a combined wealth of around £28 billion.
- Some UK billionaires have left or loosened ties with the UK since the Labour government took office in 2024.
- An analysis found super-rich UK residents worth £121 billion have left or reduced ties with the UK since 2024, more than half of all billionaire wealth.
- The Labour MP Clive Lewis says many wealthy people still live in the UK, and leaving is a personal choice that cannot be prevented.
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