‘I reside in Monaco’: billionaire said to have quit UK over potential wealth tax had already left
TaxWatch contradicts claims about David Reuben’s departure and questions stories of super-rich exodus
TL;DR
- Research by TaxWatch suggests billionaire David Reuben has been a tax resident in Monaco since at least 2014, contradicting recent reports of his departure due to potential UK wealth taxes.
- A spokesperson confirmed David Reuben's residency in Monaco, stating he has lived there for approximately 10 years.
- His brother, Simon Reuben, has resided in Monaco for 40 years due to health reasons.
- Monaco is a popular tax haven as it does not impose income tax, capital gains tax, or inheritance tax.
- Commentators like Mike Lewis of TaxWatch urge for tax policy debates to be based on verifiable facts, not anecdotes from billionaires.
- Labour MP Clive Lewis suggests that many billionaires do not reside in the UK anyway and that those who wish to leave cannot be stopped.
- Analysis suggests that since July 2024, super-rich UK residents worth a combined £121bn have left or loosened ties with the UK.
- Notable individuals reported to have left include Lakshmi Mittal, Nassef Sawiris, and John Fredriksen.