David Reuben, whose family fortune with brother Simon is estimated at almost £28 billion, has moved from Britain to Monaco. His relocation adds one of the UK’s wealthiest families to an expanding debate over whether Britain’s post-non-dom tax system is changing where UHNW individuals choose to establish their personal residence.
One of Britain’s Richest Businessmen Has Left London
Property investor David Reuben has relocated from the United Kingdom to Monaco, according to a spokesman for the Reuben family. The 88-year-old billionaire had been living in London’s Holland Park and reportedly moved to the principality during the summer. Together with his brother Simon, Reuben ranked second on the 2026 Sunday Times Rich List with combined estimated wealth approaching £28 billion.
The move is particularly notable because the family’s commercial exposure to Britain remains substantial. The Reubens have longstanding interests in property, hospitality and other major investments, demonstrating a central characteristic of modern wealth migration: changing personal residence does not necessarily mean withdrawing investment capital from the country being left.
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There Is No Evidence Reuben Left Specifically Because of Taxes
The timing naturally invites comparisons with recent UK tax changes, but those comparisons need to be handled carefully. Reuben’s spokesman confirmed the move but declined to give a reason, meaning it would be inaccurate to state as fact that the abolition of non-dom treatment caused his relocation.
Nevertheless, Reuben’s departure arrives during a period in which the tax framework affecting internationally wealthy UK residents has fundamentally changed. From 6 April 2025, the old remittance-basis system was abolished and domicile ceased to be the central connecting factor for foreign income and gains. UK residents are now generally taxed on worldwide income and gains unless they qualify for the new four-year Foreign Income and Gains regime available to qualifying new residents after at least ten consecutive years of non-UK residence.
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The UK Has Moved From Domicile Towards Residence
The reform substantially changed the planning environment for long-established international families. Under the previous regime, domicile and remittance-basis concepts played a central role in determining how foreign income and gains were taxed. The new architecture focuses far more heavily on residence, with the preferential four-year regime principally designed for new arrivals rather than wealthy individuals who have already lived in Britain for many years.
Inheritance tax has also shifted towards residence-based concepts. From 6 April 2025, long-term UK residence can bring overseas assets within the scope of UK inheritance tax under the new rules. For families with globally distributed investment portfolios, trusts, companies and property, that makes long-term residence planning significantly more consequential than a simple comparison of annual income-tax rates.
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Monaco Remains a Powerful UHNW Destination
Monaco’s attraction to internationally mobile wealth extends beyond taxation. The principality combines political stability, Mediterranean lifestyle, security, high-end property, proximity to France and Italy and a deeply established ecosystem of private banks, family offices, wealth advisers and internationally mobile entrepreneurs.
For a billionaire family, that ecosystem matters. UHNW relocation is rarely about one percentage point of tax in isolation. It is about whether a jurisdiction can support private banking, succession planning, global travel, family security, high-end services and sophisticated corporate and investment relationships without significantly compromising lifestyle.
Residence Can Move Even When Capital Stays Behind
David Reuben’s move provides a useful example of why the phrase “wealth exodus” can oversimplify what is actually happening. A founder can cease being resident in one jurisdiction while continuing to own companies, developments, hotels, offices or other assets there. Personal residence, corporate investment and asset location are three separate decisions.
For governments, that distinction matters because losing a wealthy resident does not necessarily mean immediately losing the underlying business investment. Over time, however, residence can influence where new companies are created, where investment committees meet, where family offices hire people and where the next generation builds its professional life.
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HNWIs Need to Plan the Exit as Carefully as the Destination
For a UK-based HNWI considering Monaco, Dubai, Switzerland, Greece, Cyprus or another jurisdiction, the challenge is not simply obtaining a new residence permit. The individual must also ensure that their factual life genuinely supports non-UK residence where that is the objective, while dealing properly with companies, homes, family connections and other continuing UK ties.
Tax residence needs to be coordinated with succession, property ownership, corporate management and investment activity. A person can move physically while leaving behind enough factual connections to create unexpected consequences, particularly where advisers focus on the destination without conducting a detailed review of the jurisdiction being exited.
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Article Specific Disclaimer: This article is provided for general informational purposes and does not constitute tax, legal, immigration or financial advice. According to Yahoo Finance a spokesman has announced Mr Ruben’s move to Monaco but did not publicly state that UK tax changes were the reason. Individual residence and tax consequences depend on personal circumstances.
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