Britain's second-richest man David Reuben quits UK for Monaco

David Reuben, the billionaire property investor who shares second place on Britain's rich list with his brother Simon, has left London to live in Monaco, a spokesman for the brothers has confirmed.

Reuben, 88, moved this summer from Holland Park in west London. The spokesman confirmed the move but declined to comment further. The Times first reported his departure.

The Reuben brothers were ranked second on this year's Sunday Times Rich List, with a combined fortune of almost £28 billion. Simon Reuben, 85, has lived in Monaco for about 40 years. He first moved there for health reasons while he was being treated for cancer.

No income, capital gains or inheritance tax

Monaco does not charge residents income tax, capital gains tax or inheritance tax. It has become one of the main destinations for very wealthy Britons. Even before David Reuben's move, UK citizens living in the principality controlled about £77 billion of the wealth on this year's Rich List, more than a tenth of the total.

The brothers were for many years reported to be "non-doms," a status that allowed wealthy residents to pay UK tax only on money earned in Britain. The government abolished the regime in April 2025. A central concern for many wealthy people was that scrapping non-dom protections would expose their worldwide assets to UK inheritance tax.

Reuben's departure adds to a string of high-profile exits by wealthy people since then. Hedge fund billionaire Chris Rokos said last month that he was preparing to move his tax residence to Greece, and financier Sir Peter Lampl, founder of the Sutton Trust education charity, has announced he is moving to the United States.

Economists have warned that the Treasury could feel the effect of very large taxpayers moving offshore once the next round of self-assessment tax returns is filed.

From Mumbai to Mayfair

The Reuben brothers were born in Mumbai, then Bombay, to a Baghdadi Jewish family. They came to Britain as teenagers and went to a state school in Islington, north London. They started out in business as metal traders and carpet importers.

They made much of their fortune in the 1990s by investing in Russia's metals market, then sold all their Russian assets by 2000 and turned mainly to British property. In 2008, they moved back into commodities, building a portfolio of mines in Morocco, Indonesia and South Africa.

Their family investment business, Reuben Brothers, now owns a large portfolio of London property, hotels and leisure businesses, along with private equity and debt investments. In 2021, the brothers became minority owners of Newcastle United when they bought 15% of the Premier League club, alongside Saudi Arabia's Public Investment Fund.

David Reuben, who once topped the Rich List, remains closely involved in the business. He is overseeing separate £1 billion restorations of London landmarks, and his sons, including Jamie Reuben, are principals in the family company.

The move does not mean the brothers are pulling their money out of Britain. Their business, its London property holdings and their stake in Newcastle United remain in the UK. What changes is where David Reuben pays his personal taxes.