A familiar address for one of the country’s great property families
David Reuben, 88, has moved to Monaco, according to The Times, making him the latest prominent figure in a growing wave of wealthy Britons choosing a life abroad. The property investor and Newcastle United shareholder has long been part of the country’s economic and cultural landscape. With his younger brother Simon Reuben, he is reported to have a combined fortune of nearly £28bn.
The pair placed second in this year’s Sunday Times Rich List. The publication highlighted their major refurbishments of historic London buildings, including Admiralty Arch and Cambridge House, which are being developed as high-end hotels.
A spokesperson confirmed to The Times that Reuben had moved to Monaco but did not provide further details. The Independent has contacted the brothers for comment.
Simon Reuben has already been based in Monaco for four decades, having moved there for health reasons. For many observers, the family’s latest move feels less like a single decision than the culmination of a long relationship with a small southern European state that has long courted the wealthy.
Why the principality keeps attracting Britain’s richest
Monaco’s appeal is not subtle. Its low-tax environment has made it a magnet for high-net-worth individuals, and that pull appears stronger now than at any point in recent years.
Rachel Reeves’s decision to dismantle the “non-dom” system, which allowed some individuals to pay tax only on UK-generated income, has been cited as a key driver. The move is part of a broader attempt to close loopholes, but it has also unsettled some of the country’s wealthiest residents and investors.
The scale of the shift is striking. More than 10 per cent of the total wealth identified in the Rich List is now controlled by British citizens living in Monaco, amounting to £77bn, according to The Times.
The paper also reported that, of the 350 individuals and families who appeared on the 2024 Rich List, 60 were absent from the 2026 rankings. The most common explanation was that they were not British citizens and had moved overseas.
Warnings from the top of the wealth table
Last week, Manchester United owner Sir Jim Ratcliffe said Britain’s billionaires were leaving because the country was “on the slide”, pointing to high taxes and high immigration.
“In America they applaud people who create wealth,” Sir Jim added. “Unfortunately the UK has got a bit of a green eye towards wealth at the moment.”
Ratcliffe, worth around £15bn, has already made his own move. He left the UK in 2018 to become a tax resident in Monaco, a choice that marked him out at the time as Britain’s richest man and a prominent backer of Brexit.
His comments add weight to a growing list of departures. Hedge fund founder Chris Rokos is reportedly
