Billionaire property investor David Reuben has left the UK for Monaco, a spokesperson has confirmed. The 88-year-old, who shares an estimated £28bn fortune with his brother Simon, becomes the latest high-profile business figure to relocate overseas.
The move follows the abolition of the UK’s non-domiciled tax regime in April 2025, which previously offered qualifying residents favourable tax treatment on certain overseas income and gains. Monaco, where Simon Reuben has resided for decades, generally does not impose personal income tax, capital gains tax, or inheritance tax.
However, David Reuben has not publicly confirmed that the UK’s tax changes prompted his relocation. His departure comes amid growing concerns about wealthy individuals and investors leaving the UK following changes to the tax system, with other prominent figures reportedly moving overseas including Lakshmi Mittal, Chris Rokos, Michael Platt, and Richard Gnodde.
The Sunday Times Rich List indicated that one in six individuals and families featured two years ago no longer appeared in its 2026 rankings, with researchers identifying overseas relocation as one factor. This trend has raised questions about the potential impact on UK investment, employment, and tax receipts.