A $13 billion property mogul is the latest to flee Britain’s new taxes for Monaco, a warning sign as California votes on a billionaire tax
David Reuben's move to Monaco follows a wave of departures since the U.K. scrapped its non-dom regime—and offers a preview of the fight California voters are deciding with Proposition 40.
Monaco has long attracted the world's wealthiest individuals, shielding their fortunes from hefty taxes in the United Kingdom. Recently, 88-year-old David Reuben, a prominent property magnate and one of the wealthiest people in Britain, fled to Monaco. David Reuben, along with his brother Simon, is ranked second on the Sunday Times Rich List, with a combined fortune valued at nearly £28 billion.
Meanwhile, in California, voters have been debating the proposed Proposition 40, which would impose a one-time 5% levy on the state's roughly 200 billionaires. Early voting for the initiative began this week, and several high-profile billionaires, including Google co-founders Larry Page, Sergey Brin, and Peter Thiel, have already relocated to other states.
The billionaire tax initiative in California is facing opposition from prominent figures, including Sen. Bernie Sanders and Rep. Ro Khanna, who argue that it is the most important ballot initiative in the country.
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