--- title: "UK Businessman Relocates to Monaco Amid Tax Hikes" url: https://newscentral.site/uk-businessman-relocates-to-monaco-amid-tax-hikes/ language: en publisher: "News Central Site" section: "Business" published: 2026-10-07T07:01:00.000Z updated: 2026-10-07T11:29:00.241Z id: e0cf0c61-1a80-4bb7-a8f4-1b722f57b5ea source: "Fortune https://fortune.com/2026/10/07/britain-taxed-billionaires-david-reuben-moves-to-monaco-california-wealth-tax-prop-40/" attribution: "Link to https://newscentral.site/uk-businessman-relocates-to-monaco-amid-tax-hikes/ and name News Central Site when you quote or summarize this story." --- # UK Businessman Relocates to Monaco Amid Tax Hikes David Reuben, a prominent London property mogul, has left his home for the principality of Monaco due to new taxes in Britain. A prominent London property mogul has joined the exodus of wealthy individuals fleeing Britain's new taxes by relocating to Monaco, a move that highlights growing concerns about the impact on the UK's ultrawealthy. David Reuben, an 88-year-old businessman who is second on the Sunday Times Rich List with his brother Simon, has left his London home for the principality. The brothers' spokesman confirmed this summer's move, which was first reported by The Times. This shift comes as Britain cracks down on tax avoidance measures, ending the non-domicile status that allowed the Reubens to pay UK taxes only on income earned or brought into the country. The abolition of non-dom status has significant implications for long-term residents, bringing their worldwide assets within reach of Britain's 40% inheritance tax. This change is a key factor in the Reuben brothers' decision to relocate to Monaco, where they will be exempt from income, capital gains, and inheritance taxes. The Reubens' combined fortune is estimated at almost £28 billion, with David Reuben's personal wealth valued at $13.1 billion by Bloomberg's Billionaires Index. This move highlights the appeal of Monaco as a tax haven for Britain's wealthiest individuals. As California prepares to vote on Proposition 40, a one-time 5% levy on its roughly 200 billionaires, a similar trend is emerging in the Golden State. Early voting has opened on the proposition, which would impose a temporary tax on the state's billionaire population if approved by voters. The exodus of British billionaires continues as Simon Reuben joins the ranks of high-net-worth individuals fleeing the UK's new tax regime. Reuben has been a resident in Monaco for approximately 40 years, having relocated there due to health reasons. This move comes after the UK abolished its "non-domicile" tax status, which had allowed wealthy residents with homes abroad to avoid paying taxes on overseas income for over two centuries. The introduction of a residence-based system on April 6, 2025, has raised concerns among tax advisors that Britain's 40% inheritance tax could apply to global assets held by long-term settlers. Since then, numerous billionaires have departed the UK, with more than a dozen individuals worth £120 billion collectively leaving in the two years since Labour took power. According to an analysis of Bloomberg Billionaires Index data reported by the Evening Standard, this exodus has placed pressure on Chancellor John Healey to generate revenue in his upcoming budget on October 28. The departures are likely to have significant implications for the UK's tax base and economic landscape. The issue is also being closely watched in California, where Proposition 40, a billionaire tax, is up for vote. Critics argue that it will simply drive billionaires out of the state rather than addressing the root causes of wealth inequality. The exodus of billionaires from California continues as a tax on ultra-high net worth individuals gains momentum in the state. Six of California's 214 billionaires have already left, including tech moguls Larry Page and Sergey Brin, who would have owed around $29 billion if they stayed. Don Hankey, car-loan magnate, and former Uber CEO Travis Kalanick are among those who have fled the state, while Steven Spielberg has also made his exit. These departures raise concerns that a billionaire tax will simply drive wealthy individuals out of California rather than addressing wealth inequality. Nvidia CEO Jensen Huang is an exception to this trend. He told Bloomberg Television that he had not given the tax a second thought and was willing to pay whatever taxes Silicon Valley levied. Huang's attitude contrasts with other billionaires who have been vocal in their opposition to the measure. The outcome of California's billionaire tax will be closely watched as it sets a precedent for other states and countries considering similar measures. --- Source: [Fortune](https://fortune.com/2026/10/07/britain-taxed-billionaires-david-reuben-moves-to-monaco-california-wealth-tax-prop-40/) Published by News Central Site: https://newscentral.site/uk-businessman-relocates-to-monaco-amid-tax-hikes/