Research by TaxWatch has undermined widely reported claims that David Reuben, one of Britain's wealthiest individuals, recently departed the UK in response to Labour's tax policies. The investigation reveals that Reuben had established Monaco residency far earlier than suggested by recent media coverage, raising broader questions about narratives of a super-rich exodus from the country.
When the Sunday Times reported that Reuben had relocated from his Holland Park residence in London to Monaco, the story triggered significant concern about capital flight and economic consequences. Labour's fiscal approach was cited as the catalyst, with commentators warning of wealth draining from the UK economy. International coverage amplified these concerns, attributing his move to anticipated wealth taxation measures in the government's forthcoming budget.
Yet TaxWatch's findings paint a different picture. Reuben, aged 88, has maintained Monaco residency since at least 2014—a decade before the recent headlines. A spokesperson for the Newcastle United shareholder, who alongside his brother Simon, 85, controls combined estimated wealth of nearly £28 billion, confirmed this timeline. Simon Reuben has resided in Monaco for 40 years after relocating for health reasons related to cancer treatment.
Monaco's appeal to wealthy individuals stems from its tax structure: the principality imposes no income tax, capital gains tax, or inheritance tax, making it an established destination for those seeking to minimise tax obligations.
What does the paperwork show?
Official documentation corroborates the long-standing Monaco residency. When David became a director of the Reuben Foundation in July 2019, company registry filings at the UK level stated he was "usually resident" in Monaco. More recently, in 2024, he submitted a signed declaration to a Los Angeles court asserting: "I reside in Monaco. I have resided there for approximately 10 years."
The brothers had previously benefited from non-domicile tax status, a system that permitted them to pay UK tax only on income generated within the country. Former Chancellor Rachel Reeves abolished this arrangement in April 2024, prompting reports of wealthy individuals reconsidering their UK ties. When asked whether Reuben would have faced consequences from these changes had he maintained UK residence, his spokesperson declined to speculate, stating: "That's an entirely hypothetical question to which it would be impossible to give an answer."
Why does this matter for the broader debate?
Mike Lewis, director of TaxWatch, highlighted the disconnect between public reporting and verifiable facts. He told a national broadcaster:
"When we started looking into this, we were surprised that publicly available documents completely contradicted a major news story. Sadly, these kinds of stories dominate the UK's public and political conversation about our tax system. The autumn budget may see some of the biggest changes in years to how gains from wealth are taxed. Perhaps it's time that our politicians, and our media, debate these changes based on public facts and verifiable numbers – not anecdotes and anonymous reports from billionaires and their spokespeople."
Labour MP Clive Lewis, who advocates for wealth taxation, echoed concerns about the narrative. He argued that many wealthy individuals remain in the UK despite tax changes, and that those who depart cannot be prevented from leaving.
"If you want to live in this country, being British, having access to the culture of London, people want that, and there are lots of billionaires and millionaires who do stay because of that. It's instructive that there is a grouping of commentators who put on the scare tactics to say the wealthy are leaving this country. We can see that many of these billionaires don't reside here anyway, many of them do stay here, and those who want to go, we can't stop them anyway. This has always been the case."
What does the data on departures show?
Despite the Reuben case, evidence of genuine wealth migration exists. An analysis of Bloomberg's billionaires database identified super-rich UK residents with combined wealth of £121 billion who have either departed or weakened their UK connections since Labour took office in 2024, representing more than half of all billionaire wealth in the country. According to International Finance reporting on Bloomberg Tax data, the combined wealth of billionaires and wealthy families who have loosened or severed UK ties over the past two years reaches $160 billion.
Among those documented as having left are steel magnate Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris, and shipping magnate John Fredriksen. Additionally, hedge-fund billionaire Chris Rokos, ranked third among UK taxpayers after paying £330 million annually, is relocating to Greece to benefit from its favourable tax regime for wealthy foreigners.
Inheritance tax modifications in Reeves's budget have also been cited as a factor in wealth migration decisions. The UK's inheritance-tax rules shifted from a domicile-based approach to one based on residence, bringing long-term residents' worldwide assets within scope of UK inheritance tax. Capital gains tax increases are anticipated in the autumn budget, potentially accelerating departures.
Who are the Reuben brothers?
The brothers were born in Mumbai and relocated to the UK during their teenage years, attending a state school in Islington. They left formal education at 17 without A-level qualifications. Beginning with ventures in metal trading and carpet importing, they expanded into a substantial property empire. Their portfolio encompasses prestigious London locations: Mayfair's ornate Burlington Arcade, Admiralty Arch—currently undergoing conversion into a luxury hotel—and Millbank Tower in Westminster. According to Fortune's analysis of Bloomberg's Billionaires Index, David Reuben's personal fortune is valued at $13.1 billion.
What happens next?
The government's approach to wealth taxation will become clearer when Chancellor John Healey delivers the Autumn Budget on 28 October 2026. The new non-dom replacement regime, which took effect on 6 April 2025, permits qualifying new arrivals to receive relief on foreign income and gains for their first four years of UK tax residence, subject to a 10-year non-residence condition. How these measures affect wealth migration patterns and public perception of the UK's competitiveness as a financial centre remains to be seen.
Key Facts:
- David Reuben has held Monaco residency since at least 2014, contradicting recent reports attributing his departure to Labour's tax policies
- The Reuben brothers control combined wealth of approximately £28 billion and own major London properties including Burlington Arcade and Admiralty Arch
- While the Reuben case involved pre-existing residency, genuine wealth migration has occurred: $160 billion in combined wealth has been affected as billionaires and wealthy families have loosened or severed UK ties over two years
- The non-dom tax regime was abolished in April 2024, replaced by a new system offering four-year relief for qualifying arrivals
- Inheritance tax and capital gains tax changes have been cited alongside the non-dom abolition as factors driving wealth migration decisions
