Chronological coverage updated 4th October 2026 05:04.
Update 1 · 4th October 2026
Billionaire David Reuben Relocates to Monaco Following UK Tax Reforms
Billionaire property tycoon David Reuben has moved his primary residence from London to Monaco, confirming his exit from the UK tax jurisdiction. Reuben, 88, who holds second place on the Sunday Times Rich List alongside his brother Simon with an estimated joint net worth of nearly £28 billion, completed the move over the summer.
The departure comes amid broader structural reforms to the UK tax code. The non-domiciled tax regime was formally abolished, replaced by a strict residence-based framework that exposes global assets to British inheritance liabilities after set residency thresholds.
Capital migration to low-tax jurisdictions
UK citizens now residing in Monaco control more than £77 billion in wealth, representing over 10 percent of the total wealth on the Sunday Times Rich List. — according to Sunday Times Rich List.
Reuben's exit reflects a wider movement among ultra-high-net-worth residents. Other prominent departures include steel industrialist Lakshmi Mittal moving to Switzerland and hedge fund manager Chris Rokos relocating to Athens. Monaco now hosts 24 of the 350 individuals and families featured on the UK Rich List.
Half of UK business owners surveyed indicated they would consider leaving the country if capital gains tax rates are increased in the upcoming budget..
Advisers warn that anticipated adjustments to capital gains rates in the upcoming fiscal budget are compounding tax uncertainty. Out of the 350 entries on the 2024 Rich List, 60 individuals were removed from the latest rankings, primarily due to non-British citizens re-establishing tax residence abroad.
- David Reuben moved to Monaco following the UK's abolition of the centuries-old non-domiciled tax status.
- More than £77 billion of wealth tracked by the Sunday Times Rich List is now held by UK citizens residing in Monaco.
- Concerns over upcoming capital gains tax adjustments and global asset inheritance exposure are accelerating high-net-worth departures.