a day ago
UK's Ninth Richest Man Turns His Back on Britain
The UK's ninth richest man, Norwegian born shipping tycoon John Fredriksen, who is worth an estimated £14bn, has turned his back on the UK, saying 'Britain has gone to hell.'
Mr Fredriksen has moved his business out of London and is now said to spend most of his time running it from the United Arab Emirates.
The magnate is the latest in a series of wealthy individuals who are quitting the UK due to Labour's scrapping of the non dom tax regime and their concerns about the future of the British economy.
Asked by Norwegian title E24 about his feelings for the UK, Fredriksen said: 'It's starting to remind me more and more of Norway. Britain has gone to hell, like Norway.'
'I try to avoid Norway as much as I can,' he added.
He has closed the London headquarters of Seatankers Management, one of his private shipping businesses, which was based on Sloane Square.
He continued: 'The entire Western world is on its way down.'
And he blasted working from home culture, saying: 'People should get up and work even more, and go to the office instead of having a home office.'
The old non-dom tax system that has allowed wealthy foreign-born British residents to shield their overseas assets and income from UK tax ended on April 6 this year.
The change has been blamed for an unprecedented exodus of millionaires from the UK.
Foreign assets placed in trusts have also lost their exemption from inheritance tax.
As a result, analysts predict the UK is to lose 16,500 high-net-worth individuals this year, far more any other country.
It is more than double the 7,800 forecast to quit second-placed China.
The United Arab Emirates is predicted to gain the most high wealth individuals, according to analysis by Henley & Partners.
Henley & Partners chief executive Dr Juerg Steffen said: 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows,' he said.
'This isn't just about changes to the tax regime.
'It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.
'The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant.'
Also read: These Are The Places That Rich People Are Leaving
