Property tycoon and Newcastle United shareholder David Reuben, one of Britain's richest businesspeople, has reportedly moved from the United Kingdom to Monaco, fueling a growing debate over whether the country is losing billionaires beyond its tax reach.
Here's what to know
A spokesperson for the 88-year-old Reuben told The Times the move had taken place but offered no further comment, The Independent reported.
The Sunday Times Rich List placed Reuben and his younger brother, Simon, in the No. 2 spot, with The Times valuing their combined fortune at nearly £28 billion ($37.2 billion).
The Independent said the brothers were recognized for "vast renovations of historic London buildings." It pointed specifically to Admiralty Arch and Cambridge House, both of which are being converted into luxury hotels.
The family already had a connection to Monaco. Simon Reuben has lived there for 40 years after relocating for health reasons, and David Reuben has now done the same, becoming another prominent wealthy Briton based outside the country.
Discontent among the ultra-wealthy has also become more public. Sir Jim Ratcliffe, for example, said Britain was "on the slide" and argued that high taxes and immigration were pushing rich people to leave.
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More background
The Times said U.K. citizens who now live in Monaco control over 10% of the wealth recorded in the Rich List, about £77 billion ($102.2 billion).
Reuben is part of a growing trend. The Independent said billionaire hedge fund founder Chris Rokos was believed to be moving to Greece because of worries about tax increases in the government's autumn budget, while steel magnate Lakshmi Mittal moved to Switzerland after Labour came to power.
The report also named easyJet founder Sir Stelios Haji-Ioannou and Formula One driver Sir Lewis Hamilton.
What's being done?
Chancellor Rachel Reeves ended the "non-dom" arrangement, under which certain individuals were taxed only on income sourced in the U.K., The Independent noted.
Many of the departures have been tied to that change.
The exits reflect two sides of the standoff: Governments can change the rules at home, but the wealthiest residents are often the only ones who have the means to move their tax base abroad.
"In America they applaud people who create wealth," Ratcliffe said. "Unfortunately the U.K. has got a bit of a green eye towards wealth at the moment."
Where can I learn more?
Monaco's draw for the ultra-rich is part of an overarching story about where billionaire wealth clusters.
• Along the French Riviera, Monaco hotels hit $2,440 a night as billionaire travel demand keeps climbing.
• In Britain, 157 billionaires control over a fifth of economic output.
• In popular marinas, residents watched ultra-wealthy yacht ownership grow as waterfront life changed.
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