Key facts
- Billionaire David Reuben has been a resident of Monaco since at least 2014, according to TaxWatch research.
- Reuben's spokesperson confirmed his residency in Monaco.
- David Reuben stated in a 2024 court declaration that he has resided in Monaco for approximately 10 years.
- Simon Reuben, David's brother, has lived in Monaco for 40 years.
- The UK's 'non-dom' tax system was abolished in April last year.
- UK residents worth £121bn have left or loosened ties with the UK since 2024.
Recent reports suggesting that UK billionaire David Reuben had fled the country to Monaco due to potential wealth taxes have been contradicted by new research. TaxWatch found that Reuben, 88, has been a resident of Monaco since at least 2014, with his spokesperson confirming this information.
Reuben's brother, Simon, 85, has also lived in Monaco for 40 years, having moved there for health reasons. The principality is known for not imposing income tax, capital gains tax, or inheritance tax, making it an attractive location for individuals seeking to minimize their UK tax liabilities.
Publicly available documents support Reuben's long-term residency. In July 2019, paperwork filed at the UK company registry stated he was "usually resident" in Monaco. In 2024, he provided a signed declaration to a Los Angeles court affirming, "I reside in Monaco. I have resided there for approximately 10 years."
The discussion around wealthy individuals leaving the UK intensified after former chancellor Rachel Reeves abolished the 'non-dom' tax system in April last year. This change has led to concerns about a potential exodus of foreign super-rich individuals and increased debate about wealth taxation.
Mike Lewis, director of TaxWatch, expressed surprise at the discrepancy between major news stories and verifiable public documents, urging for tax debates to be based on facts rather than anecdotes. Labour MP Clive Lewis, a proponent of wealth tax, noted that many billionaires do not reside in the UK anyway and that those who wish to leave cannot be stopped.
An analysis of Bloomberg's Billionaires Index indicates that UK residents with a combined wealth of £121bn have departed or reduced their ties to the UK since the Labour government came to power in 2024. Notable individuals who have reportedly left include Lakshmi Mittal, Nassef Sawiris, and John Fredriksen. The Reuben brothers, born in Mumbai, built their property empire in the UK, owning assets such as Burlington Arcade and Admiralty Arch.