Billionaire property investor David Reuben has left the UK for Monaco. He becomes the latest high-profile business figure to relocate overseas amid concerns about Britain’s tax regime.
The 88-year-old property tycoon shares an estimated £28bn fortune with his brother Simon. A spokesperson has confirmed his move to the Mediterranean principality.
The Reuben brothers topped the 2026 Sunday Times Rich List. Their property interests include major commercial and residential assets in London and overseas.
David Reuben’s departure follows the abolition of the UK’s non-domiciled tax regime in April 2025. The former system offered qualifying residents favourable tax treatment on certain overseas income and gains.
Monaco, where Simon Reuben has lived for decades, does not generally impose personal income tax, capital gains tax or inheritance tax.
However, David Reuben has not publicly confirmed that the UK’s tax changes prompted his move.
Wealthy residents leave Britain
His relocation comes amid growing concerns about wealthy individuals and investors leaving the UK following changes to the tax system.
Other prominent figures reportedly moving overseas include steel magnate Lakshmi Mittal, hedge fund manager Chris Rokos and BlueCrest Capital Management co-founder Michael Platt.
Meanwhile, Goldman Sachs executive Richard Gnodde has reportedly relocated to Italy.
Changes to inheritance tax and capital gains tax have added to concerns among wealthy individuals. Speculation about further tax increases in the Autumn Budget has created additional uncertainty.
According to the Sunday Times Rich List, one in six individuals and families featured two years ago no longer appeared in its 2026 rankings. Researchers identified overseas relocation as one factor behind the change.
The trend has raised questions about the potential impact on UK investment, employment and tax receipts.
What does this mean for the property market?
The departure of wealthy residents could have implications for London’s prime property market. International buyers and high-net-worth individuals represent an important source of demand for expensive homes.
Changes to the non-dom regime have already created uncertainty in the super-prime market. Some wealthy owners have also been reassessing their UK property holdings and residency arrangements.
For estate agents, further departures could affect demand for high-value homes. However, the impact will depend partly on whether departing residents retain their UK properties and investments.
Reuben’s move also highlights the challenge facing the government. It must balance its efforts to increase tax revenues against the risk of discouraging investment.
The financial implications of his departure remain unclear. Neither the effect on his UK tax liabilities nor any changes to the brothers’ property holdings have been disclosed.