David Reuben, the $13.1 billion property magnate, has relocated from London to Monaco this summer following changes to the UK tax system, a spokesman confirmed. The move comes after Britain abolished the non-dom tax status last year, which previously allowed the Reuben brothers to limit UK tax to income earned or brought into the country. Their combined fortune is estimated at nearly £28 billion, according to Bloomberg’s Billionaires Index.
The Reuben brothers had benefited from the non-dom status, shielding their worldwide assets from Britain’s 40% inheritance tax. The abolition of this status means long-term residents like them are now liable for taxes on global assets. Monaco, known for its zero income, capital gains, and inheritance taxes, has long attracted wealthy individuals seeking to reduce tax burdens. The Times initially reported the move, which a spokesman later confirmed without further comment.
This relocation highlights a broader trend of wealthy individuals leaving high-tax jurisdictions. Similar patterns are emerging in California, where voters have begun early voting on Proposition 40, a proposed one-time 5% tax on the state’s roughly 200 billionaires. Some prominent figures, including Google cofounders and venture capitalists, have already moved to states like Florida, Nevada, Texas, and New York ahead of the vote. The Reuben brothers’ move underscores the impact of tax policy on billionaire residency decisions.
The UK’s tax changes took effect last year, eliminating the non-dom status that had allowed long-term residents to avoid inheritance tax on worldwide assets. David Reuben’s move to Monaco, a tax haven with no income or inheritance tax, was confirmed this summer, marking a significant shift for one of Britain’s wealthiest families.