"Britain Has Gone To Hell": UK Billionaire Puts $337 Million Home On Sale, Heads To Dubai

NDTV

22-07-2025

The UK is experiencing a mass exodus of its super wealthy residents, with John Fredriksen being the latest high-profile departure. Mr Fredriksen, the Norway-born shipping tycoon and the UK's ninth richest billionaire, is selling his 300-year-old Georgian manor in London for a whopping $337 million, Forbes reported. The luxurious property, known as The Old Rectory, boasts 10 bedrooms, 30,000 sq ft of living space, a private ballroom, and a sprawling two-acre garden. This decision comes after Mr Fredriksen's public criticism of the UK's economic policies, stating that "Britain has gone to hell" due to unfavourable tax changes.
Mr Fredriksen, who has an estimated wealth of 13.7 billion pounds, owns a vast oil tanker fleet and has interests in offshore drilling, fish farming, and gas. He recently announced his relocation to the United Arab Emirates, expressing his views on the Western world in an interview with Norwegian publication E24, stating that "the entire Western world is on its way down". He cited tax changes and the political climate as reasons for relocating to the UAE, where he intends to spend most of his time while continuing to oversee his global business operations.
This move comes after the billionaire closed the London headquarters of Seatankers Management, one of his private shipping businesses, earlier this year. His twin daughters, Cecilie and Kathrine Fredriksen, are set to take the reins of the family business. Both have been involved in the family business, holding board positions in several of their father's companies.
Britain's Billionaire Exodus And Reasons Behind It
In recent years, the United Kingdom has witnessed a significant exodus of its billionaire and millionaire population, a trend that has raised alarms about the country's economic competitiveness and appeal as a global wealth hub. According to various reports, the UK is losing high-net-worth individuals (HNWIs) at an unprecedented rate, with tax policy changes, economic uncertainty, and other factors driving this migration. Other notable billionaires who have recently left the UK include Christian Angermayer and Nassef Sawiris, owner of Aston Villa.
In 2024 alone, an estimated 10,800 millionaires left the country, a 157% increase compared to the previous year, making the UK second only to China in terms of millionaire outflows globally. Projections for 2025 are even more concerning, with Henley & Partners estimating that 16,500 millionaires will depart, taking approximately 66 billion pounds in investable assets abroad. London, once a magnet for global wealth, has been particularly hard hit. Since 2014, the capital has lost 30,000 millionaires.
Several factors are driving this wealth migration, with tax policy changes at the forefront.
The most significant is the Labour government's overhaul of the non-domicile (non-dom) tax regime, a system dating back to 1799 that allowed wealthy individuals living in the UK but domiciled abroad to avoid UK taxes on foreign income and assets.
In April 2025, Chancellor Rachel Reeves abolished this regime, replacing it with a residency-based system and imposing inheritance tax on worldwide assets for foreigners who have lived in the UK for over 10 years. This policy, combined with increases in capital gains tax (from 10% to 18% for the basic rate and 20% to 24% for the higher rate) and a rise in National Insurance contributions, has been widely cited as a deterrent for wealthy residents.
Beyond taxation, Brexit has played a significant role, introducing economic uncertainty, a weaker pound, and visa requirements for UK nationals moving to the EU, which have reduced the UK's appeal as a wealth hub.
The dwindling prominence of the London Stock Exchange and the UK's slow recovery from the 2008 recession have also been noted as factors pushing millionaires to rival financial centres like Paris, Dubai, and Amsterdam.