British billionaire David Reuben has moved from London to Monaco, joining a growing community of wealthy residents that includes Nigerian billionaire Femi Otedola.
The 88-year-old property investor and co-owner of Newcastle United moved from Holland Park in west London to Monaco this summer, according to The Times, as cited by Business Insider Africa. Yapıştırılan metin
His move comes as changes to Britain’s tax system encourage some wealthy residents to relocate to lower-tax jurisdictions.
Monaco attracts more billionaires
David Reuben follows his younger brother Simon Reuben, who has lived in Monaco for about four decades.
The brothers are Britain’s second-richest family on the 2026 Sunday Times Rich List. Their combined fortune is estimated at £27.971 billion. Yapıştırılan metin
Monaco has long attracted wealthy residents because of its tax system.
The principality does not impose personal income tax or capital gains tax on most residents. Yapıştırılan metin
Business Insider Africa reported that about £77 billion of wealth on the 2026 Sunday Times Rich List is now controlled by UK citizens living in Monaco.
That represents more than 10% of the £784 billion held by the 350 individuals and families on the list. Yapıştırılan metin
Nigeria’s Otedola among Monaco’s wealthy residents
Monaco’s billionaire community also has a notable African connection.
Nigerian billionaire Femi Otedola is among the prominent African business figures associated with the principality.
Otedola has hosted fellow Nigerian billionaire Aliko Dangote at his Monaco home. He has also been pictured there with Globacom founder Mike Adenuga, according to Business Insider Africa. Yapıştırılan metin
Other prominent British residents include Ineos founder Jim Ratcliffe, Formula One driver Lewis Hamilton and easyJet founder Stelios Haji-Ioannou. Yapıştırılan metin
UK tax changes encourage relocations
The movement of wealthy residents has accelerated following changes to the British tax system.
The UK abolished its non-domiciled tax regime in April 2025. The change increased the tax exposure of wealthy residents with overseas income and assets. Yapıştırılan metin
Some wealthy individuals have since chosen locations such as Monaco, Switzerland and Dubai.
However, moving abroad does not necessarily mean leaving British business interests behind.
The Reuben family investment company continues to hold major UK property and other assets. The brothers also remain minority owners of Newcastle United. Yapıştırılan metin