Person
Property tycoon who, with his brother Simon, heads one of Britain's richest families.
TaxWatch found David Reuben, said to have quit the UK over a possible wealth tax, has been tax resident in Monaco since at least 2014. Aggregate figures still show wealth leaving, so budget planning should rest on those numbers and on filed records.
Reality
Billionaires worth about $160 billion have left Britain or cut their ties in two years, by Bloomberg's count, more than those still in its index hold. The figure is net worth, not cash sent abroad, so the tax effect it can show is on who lives where and when they left.
Perspective Coverage
3 publishersReality
Property magnate David Reuben has moved to Monaco about 18 months after the UK put long-term residents' global assets under its 40% inheritance tax. In California, where Prop 40's residency date has passed, opponents of the 5% levy are outspending supporters almost six to one.
Perspective Coverage
3 publishersReality
UK billionaires worth $160bn, over half the country's billionaire wealth, have left or loosened ties since 2024, a Bloomberg index analysis finds. The figure counts net worth, so what Britain loses in tax receipts and investment still has to be estimated leaver by leaver.
Reality
David Reuben, worth nearly £28bn with his brother Simon, has left the UK for Monaco. By one count, billionaires worth £121bn have left or loosened UK ties since 2024, though for UK firms the open question is whether their capital follows them.
Reality