David Reuben relocates to Monaco amid UK wealth exodus

David Reuben, the property tycoon and Newcastle United shareholder ranked as Britain’s second-wealthiest individual, has relocated to Monaco. Reuben, who holds a combined net worth of approximately £28 billion with his brother Simon Reuben, moved to the tax haven over the summer.

This relocation is part of a broader trend of high-net-worth individuals departing the United Kingdom. Other prominent figures cited in recent departures include hedge fund founder Chris Rokos, Goldman Sachs executive Richard Gnodde, and steel magnate Lakshmi Mittal. Experts and lawyers have linked this exodus to fiscal changes introduced by the Labour government, such as the abolition of the non-domiciled tax regime, increased capital gains tax, and the addition of VAT to private school fees.

Monaco remains a primary destination due to its lack of income, capital gains, or inheritance taxes. Currently, an estimated 24 of the 350 individuals and families on the Sunday Times Rich List reside in the principality.