{
  "id": 11886185,
  "title": "Britain’s second richest person leaves for Monaco amid tax bite",
  "url": "https://urgent.news/2026/10/04/britains-second-richest-person-leaves-for-monaco-amid-tax-bite",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-04T08:49:59.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/britains-second-richest-person-leaves-for-monaco-amid-tax-bite/"
  },
  "original_language": "en",
  "account": "Britain's second wealthiest individual has relocated to Monaco, a destination where billionaires can evade income tax, inheritance tax, and capital gains tax, according to recent reports. David Reuben, who co-owns Newcastle United with the Public Investment Fund of Saudi Arabia, is joining his brother Simon in the principality, as revealed by The Sunday Times. The duo held the second position on the newspaper's Rich List, amassing a combined fortune of £28 billion. This departure aligns with a recent trend of billionaires exiting the UK, including hedge fund investor Chris Rokos and Goldman Sachs executive Richard Gnodde. The reasons behind Reuben's move remain undisclosed. Notable British figures residing in Monaco include Sir Lewis Hamilton and INEOS's Sir Jim Ratcliffe. Lawyers and economists, such as James Quarmby of Stephenson Harwood LLP and Simon French of Panmure Liberum, attribute the exodus of high-tax payers to new rules implemented by the Labour government. Surveys indicate that Britain's wealthiest individuals were contemplating leaving due to a significant tax burden. Since mid-2024, the UK government has abolished the non-dom tax regime, added VAT to private school fees, and raised capital gains taxes. The Labour Party has been pressuring Chancellor John Healey to increase taxes on the wealthiest, including raising capital gains taxes. Last year, numerous MPs urged Healey to introduce a wealth tax on assets valued over £10 million. Debates surrounding taxes have become a primary point of contention between Labour and other political parties. According to a recent survey by the Centre for Policy Studies, a left-leaning think tank, the UK's tax rates are comparable to the European average, as social security contributions are taxed differently in the UK. Robert Colvile, a CPS chief advising the government on small business taxes, stated that there is a misconception among economists and activists on the left that the UK possesses a lower tax rate. \"We simply have a system where certain entitlements funded through general taxation in other countries are funded differently here,\" Colvile explained. \"When you consider private pensions, student loans, elderly social care, and more, the complete picture becomes evident.\"",
  "summary": "Britain’s second richest person has left Britain for Monaco where billionaires can avoid paying income tax, inheritance tax or capital gains tax, according to reports. David Reuben, who also partly owns Newcastle United alongside Saudi Arabia’s Public Investment Fund, is joining his brother Simon in the principality, The Sunday Times reported. The two brothers were [...]",
  "key_points": [
    "David Reuben, co-owner of Newcastle United, moves to Monaco",
    "Reuben joins brother Simon, leaving UK tax burden",
    "UK tax changes cited as reason for billionaire exodus"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}