Britain's second richest person, David Reuben, has reportedly left the UK for Monaco, a principality where billionaires can avoid income tax, inheritance tax, and capital gains tax. Mr Reuben, who partly owns Newcastle United alongside Saudi Arabia’s Public Investment Fund, is reportedly joining his brother Simon in Monaco, according to The Sunday Times.
The Reuben brothers were previously ranked second on The Sunday Times Rich List with a combined wealth of £28bn. Their departure follows other wealthy individuals, including hedge fund investor Chris Rokos and Goldman Sachs executive Richard Gnodde, who have also exited the UK in the last two years.
The reason for Mr Reuben's departure is not known. However, lawyers and economists have linked a string of wealthy individuals leaving Britain to new HMRC rules introduced by the Labour government. Since mid-2024, the government has ended the non-dom tax regime, added VAT to private school fees, and raised capital gains taxes.
The Centre for Policy Studies, a left-leaning think tank, stated on Sunday that UK tax rates are approximately the same as the European average when accounting for the tax gap on social security contributions. Robert Colvile, a CPS chief, noted that the UK's system funds some entitlements differently compared to other countries, which can obscure the full tax picture.