David Reuben, the 88-year-old property tycoon ranked as Britain’s second-richest person, has moved from Holland Park in west London to Monaco over the summer. A spokesperson confirmed the move to The Times and declined to comment further.
Reuben’s departure follows the abolition of the non-dom tax regime in April 2025. The change brought concern among wealthy residents that their worldwide assets could become liable for UK inheritance tax.
Monaco charges its residents no income tax, capital gains tax or inheritance tax. Reuben has joined his younger brother Simon, 85, who has lived there for about 40 years.
The brothers have a combined estimated net worth of nearly £28 billion and are ranked second on this year’s Rich List. Simon first moved to Monaco for health reasons while he was being treated for cancer.
David and Simon Reuben were born in Mumbai to a Baghdadi Jewish family. They came to Britain as teenagers, attended a state school in Islington, north London, and began in business as metal traders and carpet importers.
They made much of their fortune during the 1990s through investments in Russia’s metals market. By 2000, they had sold all of their Russian assets and shifted mainly into British property.
The brothers were reported to have been “non-doms”, a status allowing wealthy UK residents to pay tax only on money earned in Britain. The government ended that regime in April 2025.
David Reuben had substantial interests in London property. The brothers became known for extensive renovations of historic buildings including Admiralty Arch and Cambridge House, both being converted into luxury hotels, while David Reuben is overseeing separate £1 billion restorations of London landmarks.
In 2021, the brothers became minority owners of Newcastle United after buying 15% of the Premier League club alongside Saudi Arabia’s Public Investment Fund.
His move is the latest among several departures since Labour came to power. Hedge fund billionaire Chris Rokos has said he is preparing to move his tax residence to Greece, while financier Sir Peter Lampl, founder of the Sutton Trust education charity, has announced a move to the United States.
UK citizens living in Monaco controlled about £77 billion of wealth on this year’s Rich List, more than a tenth of the total.
Comments (0)