David Reuben Leaves UK for Monaco as Wealth Migration Debate Grows

Key Points

• Billionaire property investor David Reuben, 88, has relocated from London to Monaco, where his younger brother Simon has lived for decades.
• A spokesman for the Reuben brothers confirmed the move but did not provide a reason for the relocation.
• David and Simon Reuben were ranked second on the 2026 Sunday Times Rich List, with combined estimated wealth of almost £28 billion.
• David Reuben has major UK property interests and is a shareholder in Newcastle United, while continuing to oversee major London restoration projects.
• The relocation comes after the UK abolished the non-domiciled tax regime in April 2025 and introduced a residence-based system for taxing individuals previously benefiting from the arrangement.
• Monaco generally does not impose personal income tax or capital gains tax on residents, making it an established destination for wealthy internationally mobile individuals.
• The Times reported that about £77 billion of wealth represented on its 2026 Rich List is controlled by UK citizens living in Monaco.
• Other wealthy figures reported to have moved or been moving overseas include steel magnate Lakshmi Mittal and hedge fund manager Chris Rokos.
• The relocation has renewed scrutiny of whether Britain’s recent tax reforms could influence the residency decisions of high-net-worth individuals.
• Further changes to capital gains tax are expected to be considered in the government’s Budget scheduled for 28 October, according to LBC’s Asher McShane.

Monaco Weekly News (MWN) October 6, 2026 – Billionaire property investor David Reuben has left the UK and relocated to Monaco, joining his younger brother Simon in the Mediterranean principality. The move was confirmed by a spokesman for the Reuben brothers, although no specific reason for David Reuben’s decision was given. The relocation comes amid continued debate over Britain’s tax treatment of wealthy individuals following the abolition of the non-domiciled regime in 2025. Reuben remains associated with substantial UK property interests, including major restoration projects in London and his involvement with Newcastle United.

Why has David Reuben moved from the UK to Monaco?

David Reuben, 88, has relocated from London to Monaco after previously living in Holland Park, west London. The move took place during the summer, according to reporting cited by several outlets.

The Times first reported the relocation, with The Independent journalist Maira Butt subsequently reporting on 5 October that Reuben had become the latest wealthy businessman to leave the UK for Monaco. The Independent said a spokesperson confirmed the move to The Times but declined to provide further comment.

LBC’s Asher McShane also reported on 4 October that a spokesman had confirmed Reuben’s move. McShane said the businessman had left the UK for Monaco but noted that the reasons for the decision had not been publicly explained.

This distinction is important because the relocation has been widely discussed in the context of UK taxation, but Reuben himself has not publicly stated that the tax changes were the reason for his move.

Property Industry Eye’s Marc da Silva specifically noted that Reuben had not publicly confirmed that Britain’s tax changes prompted his decision to relocate.

That leaves the precise motivation for the move unconfirmed.

What is David Reuben’s connection to Monaco?

David Reuben is moving to a country where his younger brother Simon has already been based for decades.

According to LBC’s Asher McShane, Simon Reuben moved to Monaco while suffering from cancer. The Independent likewise reported that Simon had lived in the principality for around 40 years after relocating for health reasons.

NEWS.MC journalist Jack Brodie reported that David had been living in Holland Park before moving to Monaco over the summer. Brodie also noted that both brothers are now based in the principality.

The relocation therefore places David Reuben alongside a family member who has already established a long-term life in Monaco.

The principality has a longstanding reputation as a destination for wealthy international residents. LBC reported that Monaco does not impose income tax, capital gains tax or inheritance tax on residents, while other reporting has provided additional qualifications around the treatment of different types of assets and transfers.

How wealthy are David and Simon Reuben?

The Reuben brothers are among Britain’s wealthiest business figures.

The Independent reported that David and Simon Reuben had a combined estimated net worth of nearly £28 billion and ranked second on this year’s Sunday Times Rich List. The brothers were also noted for their substantial involvement in the restoration and redevelopment of historic London buildings.

LBC reported David Reuben’s wealth at approximately £27.9 billion, while the brothers’ combined fortune was reported elsewhere as almost £28 billion.

The figures are estimates rather than a statement of liquid personal assets. Their wealth is linked to extensive business and property interests accumulated over several decades.

NEWS.MC’s Jack Brodie reported that David Reuben is a shareholder in Newcastle United and is overseeing two separate restoration projects in London, each valued at approximately £1 billion.

The Independent similarly highlighted the brothers’ involvement in major renovations of historic London properties, including Admiralty Arch and Cambridge House, which were being transformed into luxury hotels.

The relocation therefore does not represent a departure from all UK business activity. Reuben can reside abroad while maintaining interests and investments connected to Britain.

What happened to Britain’s non-dom tax regime?

The relocation has attracted attention because it follows a major change to the UK’s taxation framework for non-UK domiciled individuals.

For many years, the non-domiciled, or “non-dom”, system provided qualifying individuals with a different tax treatment for certain foreign income and gains. LBC’s Asher McShane reported that the Reuben brothers had been described as non-doms and that the previous arrangement allowed wealthy individuals to pay UK tax on income generated in Britain while receiving favourable treatment concerning certain overseas income and gains.

The system was abolished by former Chancellor Rachel Reeves in April 2025.

From 6 April 2025, the previous domicile-based framework was replaced by a residence-based system. The change has been particularly significant for internationally mobile wealthy residents because UK tax exposure is now more closely connected to residence and the length of time an individual has lived in the country.

The changes have been cited by commentators as one factor behind the decisions of some wealthy individuals to reconsider their UK residence.

However, the available reporting does not establish that the reforms directly caused Reuben’s move.

That distinction matters when assessing the wider debate. A high-profile billionaire relocating after a major tax change is evidence of timing and association, but it does not by itself establish causation.

Why is Reuben’s move being linked to Britain’s tax policy?

The timing has placed Reuben’s decision within a wider discussion about wealth migration.

LBC reported that the departure followed moves by other prominent wealthy figures, including steel magnate Lakshmi Mittal, who moved to Switzerland, and hedge fund manager Chris Rokos, who has been moving to Athens.

The Independent also reported on the departures of Mittal and Rokos, while noting that other wealthy British figures, including easyJet founder Sir Stelios Haji-Ioannou and Formula One driver Sir Lewis Hamilton, have also been associated with overseas residence.

Sir Jim Ratcliffe has also been cited in the debate. The Independent reported that Ratcliffe, who is worth about £15 billion, moved to Monaco in 2018 to become a tax resident there. The newspaper also reported comments in which Ratcliffe attributed the departure of wealthy people to concerns including taxation and immigration.

Those comments represent Ratcliffe’s position rather than an established explanation for the wider movement of wealthy individuals.

The Reuben case itself remains more limited. His representative confirmed the move but did not publicly identify tax policy as the reason.

How significant is Monaco for Britain’s wealthiest residents?

Monaco already has a substantial population of wealthy British residents.

According to figures reported by The Times and cited by The Independent, UK citizens living in Monaco controlled approximately £77 billion of wealth represented in the 2026 Rich List. That figure represented more than 10 per cent of the wealth identified in the list.

NEWS.MC’s Jack Brodie reported that 24 of the 350 individuals and families on the 2026 Rich List were living in Monaco. The publication identified Sir Jim Ratcliffe, easyJet founder Sir Stelios Haji-Ioannou and Formula One driver Sir Lewis Hamilton among those associated with Monaco residence.

The figure illustrates why Monaco has become a prominent part of the debate surrounding Britain’s internationally mobile wealthy population.

For individuals with substantial investment income, capital gains or globally distributed assets, differences between tax jurisdictions can influence decisions about residence. However, residency decisions also involve family circumstances, business operations, lifestyle, succession planning and other considerations.

In Reuben’s case, his brother’s long-standing presence in Monaco provides a clear personal connection to the principality independent of the UK tax debate.

How many wealthy people have left the UK?

The Times has reported a broader movement of wealthy individuals from the UK.

The Independent, citing The Times, reported that 60 of the 350 individuals and families included on the 2024 Rich List were absent from the 2026 ranking. The most common reason identified was that non-British citizens had moved overseas and therefore no longer appeared in the same way on the list.

This does not mean that every person missing from the Rich List left Britain because of taxation, nor that every departure represented a loss of business activity or investment from the UK.

Rich-list rankings are also affected by citizenship, residence, valuation changes, business restructuring and other factors.

Nevertheless, the number has become part of the political debate over the consequences of changes to the UK’s tax regime.

The government’s challenge is to balance tax revenues with the potential behavioural responses of people whose wealth and business activities are internationally mobile.

What tax changes could affect wealthy UK residents next?

Attention is now turning towards the government’s autumn Budget.

LBC’s Asher McShane reported that further changes to capital gains tax are expected in the Budget on 28 October.

Capital gains tax is particularly relevant to wealthy investors because gains can arise from the sale or restructuring of substantial investments and property holdings.

Changes to inheritance tax have also featured prominently in the debate surrounding former non-doms. Several reports have said some wealthy individuals were concerned that the new framework could increase the extent to which their worldwide assets were exposed to UK inheritance tax.

The precise financial impact depends on an individual’s residence history, assets, ownership structures and other circumstances.

Consequently, the prospect of further tax changes has increased attention on the residency choices of internationally mobile individuals, but the effect of any future policy would depend on the measures ultimately announced and implemented.

What does David Reuben’s move mean for his UK business interests?

Relocating to Monaco does not mean that David Reuben has withdrawn from British business.

NEWS.MC reported that he remains involved in major London projects, including two separate restoration schemes valued at about £1 billion each.

The Independent also reported that the Reuben brothers have been involved in extensive renovations of historic London properties, including Admiralty Arch and Cambridge House.

This distinction is central to understanding wealth migration.

An individual’s tax residence and the location of their business assets are not necessarily the same. A person can become resident in another country while continuing to own UK property, participate in UK companies, employ advisers and contractors in Britain, and invest in British assets.

The fiscal consequences for the UK therefore depend on much more than whether an individual changes their residential address.

They can include changes in personal tax receipts, investment decisions, employment, property transactions and the treatment of UK-source income.

What is known about the Reuben brothers’ business background?

The Reuben brothers built their fortune over several decades through trading, commodities, property and other investments.

NEWS.MC reported that the brothers began their business careers after moving from Mumbai to Britain as teenagers. Their early activities included metal trading and carpet importing, followed by investments connected with Russia’s metals industry after the collapse of the Soviet Union.

The brothers subsequently developed substantial property and investment interests.

Their business history is relevant because the current relocation does not involve an entrepreneur without UK ties. The family retains substantial interests connected to London and other parts of Britain.

The Reuben Foundation has also supported charitable and educational initiatives. NEWS.MC reported that the brothers had donated substantially to education, health and child welfare causes, including an £80 million contribution to Oxford University in 2019 to establish Reuben College.

These activities illustrate the breadth of the brothers’ relationship with Britain despite David Reuben’s change of residence.

What has been confirmed and what remains unconfirmed?

The central confirmed fact is that David Reuben has moved to Monaco.

The move was confirmed by a spokesman for the Reuben brothers and independently reported by outlets including LBC, The Independent and NEWS.MC.

His age, previous residence in London and family relationship with Simon Reuben have also been reported consistently.

What remains unconfirmed is the precise reason for the move.

Several publications have placed the relocation against the backdrop of Britain’s tax reforms, particularly the abolition of the non-dom regime. However, that context should not be presented as a direct statement from David Reuben unless he or his representatives confirm it.

Property Industry Eye’s Marc da Silva explicitly highlighted this point, reporting that Reuben had not publicly confirmed that UK tax changes prompted his move.

That distinction is important in reporting the development accurately.

What is the background to Britain’s wealth migration debate?

Britain’s treatment of internationally wealthy residents has changed significantly since 2025.

The abolition of the non-dom regime removed a longstanding system under which qualifying individuals could receive favourable treatment on certain foreign income and gains.

The new residence-based approach has increased the importance of an individual’s UK residence status and residence history when determining their exposure to UK taxation.

The changes have been welcomed by those seeking a broader tax base, while critics have raised concerns about the potential for internationally mobile taxpayers to relocate.

The Reuben case has emerged during that wider debate rather than in isolation.

The reported moves of Lakshmi Mittal, Chris Rokos and others have added to questions about whether Britain’s tax environment remains sufficiently attractive to internationally mobile wealth.

At the same time, a change of residence by a wealthy individual does not necessarily mean that their UK businesses, property holdings or economic relationships leave the country.

What could David Reuben’s relocation mean for wealthy UK residents?

For wealthy UK residents and internationally mobile investors, the immediate significance of the development is that another highly prominent businessman has established residence in Monaco.

The move may therefore encourage greater attention among high-net-worth individuals to the tax consequences of residence, particularly following the abolition of the non-dom regime.

However, there is currently no evidence in the reporting that Reuben’s decision represents a wider business withdrawal from Britain.

His continuing involvement with major UK property projects demonstrates that residence and investment location can remain separate.

The forthcoming Budget could provide further information about the government’s approach to capital gains tax and other areas affecting wealthy individuals. Until those measures are announced, the precise implications for other taxpayers cannot be determined.

Prediction: How could the move affect wealthy UK residents and investors?

For wealthy UK residents and internationally mobile investors, David Reuben’s relocation is likely to keep tax residence and wealth migration under close scrutiny in the period leading up to the Budget.

If further tax increases are announced, high-net-worth individuals with substantial overseas assets may reassess the relative costs of remaining UK resident. Monaco and other international financial centres could continue to attract attention because of their different tax arrangements.

However, the effect should not be measured solely by the number of billionaires changing residence. UK businesses, property holdings and investment projects can remain in Britain even when their owners live elsewhere.

The longer-term impact will therefore depend on whether the government records measurable changes in tax receipts, investment, business activity and the number of high-net-worth individuals choosing to remain UK resident.

At present, David Reuben’s move confirms another prominent change of residence, but the available evidence does not establish that it was caused by any single UK tax measure.