‘I reside in Monaco’: billionaire said to have quit UK over potential wealth tax had already left

TaxWatch research contradicts claims about David Reuben’s departure and questions stories of super-rich exodus

• Apparent exodus of super-rich suggests UK is no longer billionaires’ playground

When the Sunday Times broke the news that David Reuben, one of the richest men in the UK, had apparently fled to the tax haven of Monaco, there was much pearl-clutching. Reuben had moved from his Holland Park house in London to live full-time in the principality.

Labour’s tax regime was blamed, with fears that there would be a cascading effect across the economy with wealth draining from the UK. It was reported across the world that he had probably left because of potential taxes on wealth in the upcoming budget.