David Reuben, one of Britain’s richest, moves to Monaco, The Times reports
In short
David Reuben, co-owner of Reuben Brothers and a shareholder in Newcastle United, has moved from Britain to Monaco, according to The Times, in reporting relayed by TASS, RBC, RIA Novosti and Kommersant. His representative confirmed the move to the newspaper but declined to explain it, while The Times suggests the main motive was a change of tax residency. The newspaper links the departures of wealthy Britons to Labour’s tax changes, including the 2025 abolition of non-dom status and a planned capital gains tax rise in October.
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David Reuben, co-owner of Reuben Brothers and a shareholder in the football club Newcastle United, has moved from Britain to Monaco, according to The Times. The report was relayed by TASS, RBC, RIA Novosti and Kommersant. [ 1 , 2 , 3 , 4 ]
The Times’ information was confirmed by his representative, who declined to explain the decision, Kommersant reported. The newspaper suggests his main motivation was to change his tax residency. [ 4 ]
Reuben ranks second on the Sunday Times Rich List 2026 with a fortune of $13.1 billion by Bloomberg’s estimate, according to RBC and Kommersant. RIA Novosti described him as a real estate magnate who once headed the Sunday Times list of Britain’s richest people. [ 2 , 3 , 4 ]
The Times links the departure of Britain’s wealthiest residents to changes in tax law made by the Labour government, the reports say. In 2025 the authorities abolished non-dom status, which had allowed people not to pay British tax on income earned abroad, and in October they plan to raise capital gains tax, Kommersant reported. [ 1 , 2 , 4 ]
Kommersant reported that at least 20 people from the rich list have moved to Monaco in recent years, among them the chemicals magnate Jim Ratcliffe, easyJet founder Stelios Haji-Ioannou and Formula 1 driver Lewis Hamilton. The newspaper said British billionaires are increasingly choosing countries with more favourable tax regimes, including Monaco, Switzerland and Greece. [ 4 ]
Kommersant added background on the brothers’ business history: David and Simon Reuben fought for control of major metallurgical enterprises in Russia and Ukraine in the 1990s, and by Bloomberg’s account became the world’s third-largest metal producers in 1996. In 2000 they sold their stake, about $250 billion, to Oleg Deripaska and invested the proceeds in real estate and technology, according to Kommersant. [ 4 ]
TASS noted that many wealthy foreigners left the United Kingdom after the non-dom regime was abolished, citing The Times. [ 1 ]
Why it matters
The reports frame the move as part of a wider pattern of wealthy British residents relocating after the removal of the non-dom tax regime and ahead of a planned capital gains tax increase. The documents say billionaires are increasingly choosing jurisdictions such as Monaco, Switzerland and Greece, which points to a continuing shift of tax residency away from Britain. The documents give no figures on the revenue effects of that shift.
Key facts
- The Times reported that David Reuben, one of Britain’s richest people, moved from Britain to Monaco; TASS, RBC, RIA Novosti and Kommersant relayed the report. [ 1 , 2 , 3 , 4 ]
- Reuben is a co-owner of Reuben Brothers and a shareholder in the football club Newcastle United, according to Kommersant. [ 4 ]
- He ranks second on the Sunday Times Rich List 2026 with a fortune of $13.1 billion by Bloomberg’s estimate, RBC and Kommersant reported. [ 2 , 4 ]
- His representative confirmed the move to The Times but declined to explain the decision, Kommersant reported. [ 4 ]
- RIA Novosti described Reuben as a real estate magnate who once headed the Sunday Times list of Britain’s richest people. [ 3 ]
- The Times links the departure of wealthy Britons to tax changes made by the Labour government: the 2025 abolition of non-dom status and a planned rise in capital gains tax in October. [ 1 , 2 , 4 ]
- Kommersant reported that at least 20 people from the rich list have moved to Monaco in recent years, including Jim Ratcliffe, Stelios Haji-Ioannou and Lewis Hamilton. [ 4 ]
Confirmed by several sources
- The Times reported that David Reuben, one of Britain’s wealthiest people, moved from Britain to Monaco. [ 1 , 2 , 3 , 4 ]
- The Times connects the relocation of rich British residents to changes in UK tax law, including the 2025 abolition of non-dom status, which had allowed people not to pay UK tax on income earned abroad. [ 1 , 2 , 4 ]
- Reuben is among the richest people in Britain and ranks second on the Sunday Times Rich List 2026, with RBC and Kommersant citing a fortune of $13.1 billion. [ 2 , 3 , 4 ]
Still unclear
- The reason for the move and whether tax residency was the deciding factor. The Times suggests tax residency was the main motivation, but Kommersant reported that Reuben’s representative declined to explain the decision, so the motive is not confirmed.
- Exactly when Reuben moved to Monaco. RIA Novosti, citing The Times, says he moved “this summer”, while the other documents do not give a date.
- Kommersant’s figure of about $250 billion for the sale of the Reuben brothers’ metals stake in 2000. The figure appears only in Kommersant and is attributed there to background on the brothers, without further explanation.
What local media are saying
Timeline, local time
- TASS reports that The Times has learned of billionaire David Reuben’s move from Britain to Monaco, citing the departure of wealthy foreigners after the removal of the non-dom regime. [ 1 ]
- RBC reports that one of Britain’s richest people has moved to Monaco, naming David Reuben and citing Labour’s tax changes. [ 2 ]
- RIA Novosti reports that Reuben, described as a real estate magnate, left Britain and moved to Monaco this summer. [ 3 ]
- Kommersant reports that Reuben’s representative confirmed the move to The Times, and adds detail on his wealth, his business history and other billionaires who moved to Monaco. [ 4 ]