Billionaire property tycoon David Reuben has moved from the UK to Monaco, becoming the latest wealthy businessman to relocate overseas amid growing scrutiny of Britain’s tax regime.
Reuben, 88, who previously topped the Sunday Times Rich List, is a shareholder in Newcastle United and has built his fortune alongside his younger brother, Simon Reuben.
The brothers were ranked second on this year’s Sunday Times Rich List, with a combined estimated wealth of almost £28 billion. Their property empire includes major renovations of historic London landmarks such as Admiralty Arch and Cambridge House, which are being transformed into luxury hotels.
According to The Times, David Reuben moved to Monaco over the summer. His brother Simon has lived in Monaco for around 40 years, having moved there for health reasons.
The brothers were born in Bombay, then part of British India, into a Baghdadi Jewish family. Their father, David Sassoon Reuben, had travelled from Iraq to Bombay to work in the textile industry. Following their parents’ separation, the brothers moved to London with their mother in the 1950s.
Reuben’s departure comes as a number of Britain’s wealthiest residents have moved abroad following a series of tax changes introduced by the Labour government.
According to The Times, more than 10 per cent of the total wealth identified in its Rich List is now controlled by UK citizens living in Monaco, amounting to around £77 billion.
The newspaper reported that 60 of the 350 individuals and families featured in its 2024 Rich List did not appear in the 2026 edition, with the most common reason being that non-British citizens had moved overseas. The government’s decision to abolish the long-standing non-dom tax regime has been cited as one factor behind the departures.
An analysis of the Bloomberg Billionaires Index has estimated that super-wealthy individuals who have left or loosened their ties with the UK since Labour came to power account for around $160 billion (£120 billion) in wealth. The figure was calculated before Reuben’s reported departure and does not include his estimated £9.9 billion fortune.
Several other high-profile billionaires have also relocated or reduced their links to Britain, including steel tycoon Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris and telecoms investor Shravin Bharti Mittal. The UAE, Monaco, Switzerland and Italy have emerged as popular destinations.
