David Reuben, Britain's second-richest man, quits UK for Monaco as Labour's billionaire 'exodus' grows

From the Newshound archive · first published 4 October 2026 · last updated 5 October 2026.

David Reuben, the 88-year-old property tycoon with an estimated fortune of £28billion, relocated to Monaco this summer, joining the swelling ranks of wealthy people who have left Britain since Labour came to power. His brother Simon, 85, has lived in the principality for four decades; it levies no income tax, capital gains tax or inheritance tax. Chancellor John Healey last week acknowledged he had lost control of the outflow — before hinting at Labour conference that capital gains tax will rise again at the October 28 Budget.

Lakshmi Mittal, the steel magnate, has relocated to Switzerland, while hedge fund manager Chris Rokos is reportedly bound for Athens — both joining Reuben among those who have left.

Reeves abolished the centuries-old non-dom tax status in April 2025, a decision widely held responsible for triggering the billionaire flight.

Some £77billion — more than a tenth of the Sunday Times Rich List's combined wealth — is reportedly held by British citizens based in Monaco alone.