By GB News (Politics) | Created at 2026-10-04 11:31:56 | Updated at 2026-10-04 13:09:59
1 hour ago
The UK's second-richest man has become the latest billionaire to leave Britain, following Rachel Reeves' abolition of the "non-dom" regime.
David Reuben, the 88-year-old property magnate and Newcastle United shareholder, relocated to Monaco this summer, which has no income tax, no capital gains tax and no inheritance tax.
Together with his younger brother Simon, 85, the pair ranked second on this year's Sunday Times Rich List, with their joint fortune estimated at close to £28billion.
A spokesman for the Reubens confirmed David's move but offered no further comment.
Simon has resided in Monaco for the best part of four decades after initially moving there on health grounds while battling cancer.
Even prior to Mr Reuben's move, approximately £77billion, representing more than a tenth of the total wealth included in this year's Rich List, was held by British citizens already residing in Monaco.
That figure exceeds the combined wealth controlled from Switzerland, Dubai and the Channel Islands.
David Reuben (right), the 88-year-old property magnate and Newcastle United shareholder, relocated to Monaco where his brother, Simon (left) already resides
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Some 24 of the 350 individuals and families featured in the Rich List now call the principality home, such as Manchester United minority owner and chemistry tycoon Sir Jim Ratcliffe.
The abolition of the centuries-old non-domiciled tax status by former chancellor Rachel Reeves in April 2025 has been widely attributed as the catalyst for a wealthy exodus.
It previously allowed rich individuals with connections to foreign countries to avoid paying full tax on earnings made overseas.
Of the 350 names and families appearing in the 2024 Rich List, 60 were absent from this year's edition.
Manchester United minority owner and chemistry tycoon Sir Jim Ratcliffe also resides in Monaco
The predominant reason was that non-British citizens had departed the country - and foreign nationals are struck from the rankings once they leave.
A central concern driving these departures was scrapping non-dom protections would expose worldwide assets to UK inheritance tax.
Labour's alterations to capital gains tax and inheritance tax have further encouraged the wealthy to seek out locations with lighter fiscal burdens.
Expectations are mounting that capital gains tax could rise again in the budget scheduled for October 28.
While some of the super-wealthy have swapped British shores for sunny Monagasque beaches, other affluent Britons are looking to the Isle of Man as an escape route from the Chancellor's sweeping tax reforms.
Estate agents have reported a dramatic rise in enquiries from wealthy UK residents seeking high-value homes.
The number of enquiries for estates worth at least £1million has more than doubled over the last 18 months, according to Orry-James Creane, managing director of Cowley Groves estate agency.
He described the level of enquiries into the island as "unheard of".
