Latest news with #Fredriksen
India.com
23-07-2025
- Business
- India.com
Why Ultra-Rich Businessmen Are Leaving Britain: The UK Exodus Explained
In 2024, a total of 2,06,378 Indians gave up their citizenship and the number was 2,16,219 in 2023, according to data from the Ministry of External Affairs. Rich Indians living in the country often make headlines. It's often claimed that rich people leave India to get a better quality of life abroad. The pothole roads, flooded streets, long traffic jams and power cuts make India one of the worst places for taxpayers to live in. Now, while it seems common in the case of India, how will you react if we tell you that billionaires are exiting Britain as well? One of the United Kingdom's richest residents, Norwegian-born shipping magnate John Fredriksen, recently declared that 'Britain has gone to hell'. According to Forbes, Fredriksen has a net worth of $17.3 billion (nearly Rs 1.43 lakh crore and his exit plan is part of an increasing exodus of ultra-rich businessmen from the UK. The businessman is reportedly planning to shift to the UAE. However, this is not something new for Britain given recent trends. Ultra-Rich Exodus Reason Henley & Partners, residence and citizenship advisory firm, estimates that around 16,500 millionaires are projected to leave the UK in 2025—more than any other high-income country. Despite maintaining the fifth-largest millionaire population globally, the UK is the only nation among the top ten wealthiest to have experienced a decline in millionaire numbers over the past decade. This trend is largely attributed to recent changes in tax policy, such as increased inheritance tax, the introduction of a 15% VAT on private school tuition, and alterations to the country's residence-based tax rules. These shifts have made the UK less appealing to high-net-worth individuals. Notable figures who have recently relocated include billionaires Christian Angermayer and Nassef Sawiris, the latter being the owner of Aston Villa Football Club. The exodus of the wealthy is primarily driven by the UK government's decision to overhaul long-standing tax practices, including the abolishment of the 'non-domiciled' (non-dom) status. This regime previously allowed UK residents to avoid taxation on foreign income if they claimed their permanent home was abroad. The move to eliminate this provision has prompted many ultra-wealthy individuals to seek more tax-friendly jurisdictions. Labour Chancellor Rachel Reeves formally ended the non-domicile tax status as part of the party's October 2024 Budget, marking a major pillar of the new government's economic reform plan. Determined to eliminate tax avoidance strategies, the Labour administration has focused on closing loopholes that previously enabled individuals to keep offshore earnings beyond the reach of UK tax authorities. Reeves also introduced stricter rules targeting the use of offshore trusts, effectively preventing their use to sidestep the 40% inheritance tax. Current UK tax regulations also place firm limitations on those who leave the country but maintain personal or professional connections. Individuals no longer considered UK tax residents are only allowed to spend a maximum of 90 days per year in the country and are restricted to working no more than 30 days during that time. Who Is John Fredriksen? John Fredriksen, a Norwegian-born billionaire and one of the wealthiest individuals in Britain, is reportedly putting his historic Georgian estate in London on the market. The property, known as The Old Rectory and located in Chelsea, spans approximately 30,000 square feet and is valued at around Rs 2,800 crore. With 10 bedrooms, a grand ballroom, and two acres of landscaped gardens—said to be the third-largest private garden in London—it ranks among the most expensive homes in the UK. Now 81, Fredriksen recently announced to Norwegian publication E24 that he is moving to the United Arab Emirates, citing dissatisfaction with the UK's decision to abolish the non-domicile tax regime. Earlier this year, he also closed the London headquarters of his shipping company, Seatankers Management. The Old Rectory dates back to the 1720s and once served as the residence for the rector of Chelsea parish church. Fredriksen acquired the property in 2001 for £37 million (around Rs 400 crore), following its previous sale in 1995 to Greek shipping tycoon Theodore Angelopoulos for £22 million (approximately Rs 235 crore). In 2004, Fredriksen reportedly rejected a £100 million (roughly Rs 1,000 crore) offer from Russian billionaire Roman Abramovich. Going forward, control of Fredriksen's vast oil and shipping business is expected to pass to his twin daughters, Cecilie and Kathrine Fredriksen. Lakshmi Mittal To Leave UK Reports suggest that billionaire steel magnate Lakshmi Mittal, who has lived in the UK for nearly three decades, is now planning to leave the country. With a net worth of £14.9 billion in 2024, Mittal was ranked seventh on The Sunday Times Rich List of the UK's wealthiest individuals. Among his prominent assets is a lavish mansion on Kensington Palace Gardens in London, which he purchased in 2004 from former Formula 1 chief Bernie Ecclestone for £67 million—a record-breaking price at the time. Sources familiar with his portfolio also indicate that Mittal has been investing in property in Dubai, signalling a potential shift in his residential base. UAE Among Top Destinations The United Arab Emirates is rapidly establishing itself as the leading destination for relocating millionaires, with projections indicating that 9,800 high-net-worth individuals will move there in 2025, bringing an estimated $63 billion (Rs 5.23 lakh crore) in combined wealth. Alongside the UAE, countries like Italy and Switzerland are also attracting affluent individuals looking to escape the UK's increasingly stringent tax regulations.
Mint
22-07-2025
- Business
- Mint
Shipping tycoon puts $337 million London mansion up for sale after relocating to UAE. Here's why
The ninth richest billionaire in the UK and shipping tycoon, John Fredriksen, is planning to sell his luxurious house in London after stating that the country has 'gone to hell". Fredriksen is selling his 300-year-old Georgian mansion after moving to the United Arab Emirates. His property is one of the most expensive houses in Britain, worth nearly $337 million (£250 million), according to a report by The Times. The private residence, called The Old Rectory, is situated in Chelsea, an affluent neighbourhood in West London and one of the city's most sought-after areas. It comprises 10 bedrooms spread across 30,000 sq ft, two acres of gardens, and a ballroom. Fredriksen, born in Norway, has owned The Old Rectory since 2001. The Old Rectory ranks as the third-largest private residence in the UK, following Buckingham Palace and Witanhurst, the report said. The 81-year-old had recently called out the economic policies of the UK and relocated major business operations to the UAE. He criticised Chancellor Rachel Reeves for removing the non-dom regime, which enabled wealthy individuals living abroad for tax purposes to pay UK tax only on income generated within the UK. 'Britain has gone to hell,' Fredriksen told E24. "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. The shipping tycoon has fired over a dozen employees, according to The Times report. He has been organising private viewings of his manor. The report mentioned that finding the 300-year-old Georgian manor listed for sale online is unlikely. Usually, sales of this size are handled through confidential 'off-market' agreements through specialised agents.
Gulf Insider
22-07-2025
- Business
- Gulf Insider
"Britain Has Gone To Hell": UK Billionaire Puts $337 Million Home On Sale, Heads To Dubai
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. Earlier this year, the billionaire also closed the London headquarters of Seatankers Management, one of his private shipping businesses. 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 UK 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. Source NDTV
Mint
22-07-2025
- Business
- Mint
Shipping tycoon puts $337 million London mansion after relocating to UAE. Here's why
The ninth richest billionaire in the UK and shipping tycoon John Fredriksen, is planning to sell his luxurious house in London after stating that the country has 'gone to hell.' Fredriksen is selling his 300-year-old Georgian mansion after moving to the United Arab Emirates. His property is one of the most expensive houses in Britain, worth nearly $337 million (£250 million), according to a report by The Times. The private residence, called The Old Rectory, is situated in Chelsea, an affluent neighbourhood in West London and one of the city's most sought-after areas. It comprises 10 bedrooms spread across 30,000 sq ft, two acres of gardens, and a ballroom. Fredriksen, born in Norway, has owned The Old Rectory since 2001. The Old Rectory ranks as the third-largest private residence in the UK, following Buckingham Palace and Witanhurst, the report said. The 81-year-old had recently called out the economic policies of the UK and relocated major business operations to the UAE. He criticised Chancellor Rachel Reeves for removing the non-dom regime, which enabled wealthy individuals living abroad for tax purposes to pay UK tax only on income generated within the UK. 'Britain has gone to hell,' Fredriksen told E24. "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. The shipping tycoon has fired over a dozen employees, according to The Times report. He has been organising private viewings of his manor. The report mentioned that finding the 300-year-old Georgian manor listed for sale online is unlikely. Usually, sales of this size are handled through confidential 'off-market' agreements through specialised agents. The 81-year-old is one of several wealthy London residents who left the UK after the non-dom tax regime ended.
Time of India
22-07-2025
- Business
- Time of India
UK billionaire declares ‘Britain has gone to hell,' lists $337m London estate on sale and moves to Dubai
The UK abolished the non-dom tax status in April, prompting a record number of billionaires, including Fredriksen, to leave/ image: Source: Jeff Gilbert/Alamy Stock Photo via Llyod's List TL;DR UK billionaire John Fredriksen is leaving Britain due to the Labour government's abolition of non-dom tax status. He's putting his £250 million Chelsea estate, The Old Rectory, up for sale. Fredriksen is relocating his business operations and residence to Dubai, UAE. His departure follows the closure of his London firm Seatankers and reflects rising billionaire exits triggered by UK tax reforms. A £13.7 Billion Departure: Why John Fredriksen Left London Behind The United Kingdom is losing millionaires and billionaires at a record pace, and now, one of its most high-profile residents has joined the exodus. J ohn Fredriksen, once the UK's ninth-richest man, has left London, shut down key business operations, and put his prized Chelsea mansion, The Old Rectory, up for sale for a staggering £250 million ($337 million). The trigger? A sweeping overhaul of Britain's tax policy targeting the global elite. In a blunt interview earlier this month with Norwegian business outlet E24 , Fredriksen did not mince words: 'Britain has gone to hell, like Norway,' he said. 'The entire Western world is on its way down.' Who Is John Fredriksen? At 81, John Fredriksen is one of the world's most influential shipping magnates. Born in Oslo and now a Cypriot national, he built his vast empire in oil tankers during the Iran-Iraq War of the 1980s. Over the decades, he expanded into offshore drilling, LNG shipping, dry bulk, gas, and aquaculture. Fredriksen first left Norway in 1978 over its aggressive tax regime and settled in the UK, where he was long seen as a quiet but formidable presence in London's business circles. In 2001, he purchased The Old Rectory , a 30,000-square-foot Georgian manor in Chelsea, for £37 million. The estate, which includes 10 bedrooms, a ballroom, and two acres of private gardens, has become one of the most valuable homes in Britain. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo He famously turned down a £100 million offer from Roman Abramovich in 2004. According to Forbes , Fredriksen was recently ranked the 136th-richest person in the world, with an estimated net worth of $17.3 billion. Why He's Leaving: The End of the 'Non-Dom' Era Fredriksen's exit was set in motion earlier this year, when the UK's Labour government abolished the non-domicile (non-dom) tax status, a historic tax arrangement dating back to 1799. The policy had long allowed wealthy foreigners living in the UK to pay tax only on their British income, shielding offshore earnings. But in April 2025, under Chancellor Rachel Reeves, the non-dom policy was scrapped. Alongside that came other tax hikes: Higher National Insurance contributions for employers Tighter inheritance tax rules A 15% VAT on private school fees For global billionaires with complex financial footprints like Fredriksen, this marked a turning point. '[The UK is] starting to remind me more and more of Norway,' Fredriksen told E24. 'People should get up and work even more, and go to the office instead of having a home office.' Soon after, he closed the London headquarters of Seatankers Management, one of his private shipping firms. Reports in Forbes noted that more than a dozen domestic staff were let go from his Chelsea estate. The Mansion: Putting a £250 Million Landmark on the Market Fredriksen's property, The Old Rectory, is not just any home. Built in the 1720s, it once belonged to the rector of Chelsea parish church. After a full refurbishment in the 1990s, it was bought in 1995 by Greek shipping magnate Theodore Angelopoulos for £22 million. Fredriksen acquired it six years later for £37 million. Now, two decades on, it's being quietly shopped to ultra-wealthy buyers with an asking price of £250 million. If sold at that value, it would be one of the most expensive private residential sales in UK history. He's Not Alone: The Wealth Drain from the UK Fredriksen's move is not an isolated case. According to Henley & Partners, a global citizenship advisory firm: The UK lost 10,800 millionaires in 2024, a 157% rise from the year before. In 2025, it's projected to lose 16,500 millionaires, more than any other country globally. These individuals are expected to take £66 billion in investable wealth with them. According to The Telegraph, other billionaires who have already left, or are preparing to, include: Richard Gnodde , Goldman Sachs vice-chairman Lakshmi Mittal, steel magnate Ian and Richard Livingstone , property tycoons Christian Angermayer and Nassef Sawiris, owner of Aston Villa (The Telegraph, Forbes) According to the Sunday Times Rich List, Britain now has 156 billionaires, down from 165 in 2024, the sharpest drop in the list's 37-year history. Why the UAE? A New Magnet for Global Wealth Fredriksen's new base, the United Arab Emirates, is more than just a tax-friendly destination. It's now one of the world's fastest-growing wealth hubs. According to Henley & Partners: The UAE is set to receive 9,800 new millionaires in 2025, more than any country in the world. These new residents will bring in an estimated $63 billion in wealth. Over the last decade, the UAE has seen a 98% increase in its millionaire population. That growth is second only to Montenegro, whose millionaire population rose by 124%, followed by Malta (87%), the United States (87%), and China (74%). Why are so many choosing Dubai and Abu Dhabi? Zero income and capital gains taxes Stable political climate and pro-business regulation World-class infrastructure for aviation, banking, logistics, and technology Attractive Golden Visa programs and flexible residency schemes Strong networks for family offices, private equity, and shipping For billionaires like Fredriksen, Dubai offers a full-service platform to run a global enterprise with fewer political and regulatory hurdles. And socially, the city is now home to a thriving ecosystem of financiers, tech founders, luxury developers, and shipping magnates. Fredriksen, who is now spending most of his time in the UAE, is reportedly preparing to hand over greater control of his empire to his twin daughters, Cecilie and Kathrine Fredriksen, both of whom already serve on boards of several family companies. Whether this transition marks a new chapter for the Fredriksen empire or a broader rewriting of elite capital flows, one thing is clear: Dubai is rising, and London is watching. FAQs: Q. Why is John Fredriksen leaving the UK? Because of the end of non-dom tax status and new tax burdens introduced by the Labour government. Q. Where is he moving to? To Dubai, in the United Arab Emirates, where he plans to oversee his global business empire. Q. What's happening to his UK property? He's selling The Old Rectory in Chelsea for £250 million, one of Britain's most expensive homes. Q. Why did he choose Dubai? Dubai offers zero income tax, investor-friendly policies, and a fast-growing hub for global wealth and business.
