David Reuben, Britain’s second richest person, leaves London for Monaco

Property tycoon whose family fortune is estimated at almost £28bn becomes the latest member of Britain’s super-rich to relocate overseas

Billionaire property tycoon David Reuben has reportedly moved from Britain to Monaco, becoming the latest member of the country’s super-rich to relocate overseas.

Britain’s second richest person moved from his home in Holland Park, west London, to the principality over the summer, according to The Independent. A spokesman for the Reuben brothers confirmed the move.

Reuben, 88, and his younger brother Simon, 85, ranked second in this year’s Sunday Times Rich List with a combined fortune estimated at almost £28 billion. The self-made brothers made fortunes in metals before building a sprawling property and investment empire, with major London projects including Admiralty Arch and Cambridge House.

Their family also has an interest in Newcastle United through RB Sports & Media, which owns 15 per cent of the Premier League club. 

Simon Reuben has already lived in Monaco for around 40 years, having moved there on health grounds while reportedly suffering from cancer.

David’s departure comes amid growing debate over the number of wealthy residents leaving Britain following major changes to the tax treatment of former non-doms. The old remittance-basis system was abolished on 6 April 2025 and replaced with a residence-based regime.

UK residents are now generally taxed on worldwide income and gains, although qualifying new residents can claim relief on eligible foreign income and gains during their first four years in Britain after at least 10 consecutive years of non-UK residence.

While there is no evidence that the reforms prompted Reuben’s move, his relocation follows several other high-profile departures. Steel billionaire Lakshmi Mittal shifted his tax residence to Switzerland last year, while hedge fund billionaire Chris Rokos is reportedly relocating to Greece.

And Manchester United co-owner Sir Jim Ratcliffe, who became a Monaco tax resident in 2018, recently said Britain was “on the slide” and argued that high taxes were among the reasons wealthy people were leaving.

Monaco is already home to a number of prominent British billionaires and multimillionaires, including easyJet founder Sir Stelios Haji-Ioannou and Formula One star Sir Lewis Hamilton. Twenty-four of the 350 individuals and families named in this year’s Rich List now live in the principality.

READ MORE: UK billionaire count falls as wealthy quit Britain, Sunday Times Rich List shows. The Sunday Times Rich List reveals 157 UK billionaires – 20 fewer than four years ago – as Sir David Beckham becomes Britain’s first billionaire sportsman and the Gallagher brothers enter the list after the Oasis reunion.

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_{Main image: Monaco’s glittering harbour, where billionaire property tycoon David Reuben has reportedly relocated after leaving Britain over the summer. Credit: Raouf Meftah / Pexels}