Latest news with #JohnFredriksen
Telegraph
3 days ago
- Business
- Telegraph
Labour is forcing the brightest out of Britain
How many people do you know leaving the UK? My list gets longer every week. Meanwhile, the Labour Government is standing still, watching an exodus of talent and enterprise jump to greener pastures where ability and entrepreneurship are applauded, not attacked. I read with despair last month that John Fredriksen, the Norwegian shipping billionaire and Britain's ninth-richest man, is moving to Dubai. On departure he declared 'Britain has gone to hell ' – echoing what I know many of Britain's brightest are thinking. But this isn't just about the wealthy. Walk through the City today and you'll hear people in their twenties and thirties with first-class degrees from Russell Group universities, several years into prosperous jobs and already contributing greatly to our economy, discussing job offers in Dubai, Singapore and Hong Kong. These aren't millennials seeking sun and tax breaks; they're Britain's future leaders leaving before their careers have truly taken off. I see this clearly through my son and his friends. Over the summer, I listened to his contemporaries – the sort of ambitious, well-educated graduates Britain desperately needs to retain – comparing salary packages from international firms, all based outside the UK. The ripple effects run deeper than any Treasury spreadsheet can capture. When Fredriksen announced his departure, the headlines focused on losing Britain's ninth-richest man. What they missed was the ecosystem around such figures. The professional services they used, from family offices to accountants and lawyers – all gone. More damaging still is the signal this sends globally. Fredriksen isn't just another wealthy expatriate seeking lower taxes. He's an extraordinary businessman who built an empire from nothing: a global leader whose investment decisions move markets. When someone of his calibre declares that 'Britain has gone to hell' and relocates to Dubai, it resonates far beyond the financial pages. It tells every international investor, every ambitious entrepreneur, every bit of mobile talent considering where to base their next venture, that Britain is no longer the place to do serious business. This is the true cost of Labour's war on wealth creation – not just the direct tax revenue lost, but the compound effect of diminished opportunity, reduced ambition and Britain's declining reputation as the natural home for global talent. This exodus isn't surprising when you consider who's making Britain's economic decisions. Of the 32 members of Labour's Cabinet, just one has ever started a business, while fewer than half have any private sector experience whatsoever. Meanwhile, the homelessness minister has resigned after claims she evicted tenants from a property she owns and then increased the rent by hundreds of pounds – behaviour she was simultaneously trying to outlaw under her own Renters' Rights Bill. Compare this to Nigel Lawson, who understood that governments don't create wealth – people do. During his six years as Chancellor, Lawson reversed Britain's spiral of industrial chaos, replacing defeatist pessimism with entrepreneurial dynamism. As we head into what will be a challenging Autumn, I grow increasingly frustrated by this Government's reluctance to pursue radical reforms. Instead, it tinkers around the edges while Rome burns. The Chancellor should be ambitious and bold. But Rachel Reeves has already admitted that further tax rises are coming, saying she won't rule them out because 'it would be irresponsible for a Chancellor to do that'. We are already reaching peak taxation – the Office for Budget Responsibility warns that the tax burden will hit a historic high of 37.7 per cent of GDP by 2027–28. Yet Labour seems oblivious to the economic reality that tax cuts, not tax rises, stimulate growth. What the figures reveal is deeply concerning. Labour raised taxes by £40 billion a year in their first Budget, having set out only £7 billion in manifesto tax plans. The National Institute of Economic and Social Research warns that Labour's economic mismanagement has created a £41.2 billion deficit. Put simply, the Chancellor cannot simultaneously meet her fiscal rules, fulfil her spending commitments, and uphold the Labour manifesto pledge to avoid taxing working people. Take our self-inflicted wound over tax-free shopping. Britain is now the only European country that doesn't offer tax-free shopping to international visitors, handing our competitors a 20 per cent price advantage. What this Government fails to understand is human behaviour. Every time the Treasury pulls another tax lever, human habits change: the brightest minds leaving for better opportunities abroad, the entrepreneurs quietly relocating their headquarters. Ministers seem transfixed by their spreadsheets and the theoretical millions they believe they can squeeze from each new policy. But spreadsheets don't capture the midnight conversations between parents wondering if they can still afford their child's school fees, or the graduates accepting job offers in Singapore rather than staying home. We should be learning from countries that understand how to attract rather than repel talent. Italy has successfully brought in 1,186 high-net-worth individuals since introducing its flat tax regime in 2017. Meanwhile, Ireland's tax receipts hit a record €108 billion in 2024. These aren't accidents – they're the result of competitive policies that understand you attract more bees with honey than vinegar. The choice facing Britain is stark: continue this war on talent and watch more of our brightest follow Fredriksen's path to places like Dubai, or embrace the policies that once made Britain a magnet for global minds and capital. That's why Kemi Badenoch's approach is the right one. She has made clear she will only announce policies that are costed, and clear, or that will save money. Her vision for a revitalised Conservative Party will take time, trust, and transparency, but what's consistent is that it's always been the Conservatives who are committed to the values of enterprise, sound money, and renewal. My work over the past 40 years across business, the arts, and education all comes from one place – because I love this country and continue to believe in public service. Born and bred in Grimsby, I could never turn my back on the communities I've grown up with. But they do deserve better. So rather than leave the country, I am committed to doubling down and trying to help tackle the challenges facing us.
Yahoo
3 days ago
- Business
- Yahoo
Shipping billionaire John Fredriksen warns ‘Britain has gone to hell' — here's why the ultra-rich are fleeing the UK
The ninth-richest person in the U.K. is officially leaving the country — joining a growing wave of billionaires heading for the exit in recent months. Norwegian-born Cypriot oil tanker and shipping billionaire John Fredriksen has reportedly laid off more than a dozen domestic employees and has privately listed his 30,000-square-foot mansion known as The Old Rectory for sale, according to Forbes. In an interview with Norwegian publication E24, the 81-year-old billionaire confirmed that the reason for his departure was the country's rising taxation on wealthy residents. 'Britain has gone to hell, like Norway,' he said. 'The entire Western world is on its way down.' Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now In an effort to escape this perceived national decline, Fredriksen confirmed he was relocating to the United Arab Emirates. His departure is part of a growing exodus of millionaires and billionaires from the U.K. in recent months. Here's why the ultra-rich are fleeing the country. Shutting the billionaires' playground For decades, the U.K. in general, and London in particular, built up a reputation as a playground for the world's ultra-wealthy. This was partly achieved by offering favorable tax structures that benefit this elite cohort. A prime example of this is the non-domicile system. A so-called 'non-dom' is someone who resides in the U.K., but claims their permanent home is elsewhere. It's a tax status not tied to citizenship or residency — a person can live in the U.K for years and still be considered non-domiciled for tax purposes. Non-doms pay U.K. tax only on U.K.-sourced income. Foreign income is tax-free unless brought into the U.K. For the wealthy, this can mean large, legal tax savings by keeping global earnings offshore and claiming a lower-tax country as their domicile. This special treatment may have been part of the reason why billionaires like Fredriksen, who was born in Norway and is officially a citizen of Cyprus, lived in London. However, there has been a bi-partisan push to close this loophole in recent years. Critics argue that the system creates a disincentive to repatriate money to the U.K. and invest it in the local economy. The non-dom regime was effectively abolished in April of this year, which unleashed a wealth exodus from the country. In addition to Fredriksen, South African-born Richard Gnodde, vice chairman of Goldman Sachs, and Nassef Sawiris, Egypt's wealthiest man and Aston Villa co-owner, have both reportedly exited the country, according to CNBC. Indian-born steel tycoon Lakshmi Mittal may be next. The ongoing capital flight is already having an impact on the housing market. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Real estate correction London's prime real estate market is already reflecting the fact that many of its wealthy residents are heading for the exit. According to Forbes, Fredriksen is 'arranging for discreet viewings' of his 10-bedroom mansion in Chelsea, which is reportedly worth $337 million (£250 million) and boasts the third-largest private gardens in the city. If it sells at that price, it would be one of the most expensive homes sold in the country. However, given the glut of prime real estate currently listed on the market, Fredriksen's listing could fall short of this estimate. The number of luxury homes on the market recently hit a record high, according to a LonRes report. Transaction volume has dropped 35.8% from last May and the average discount on luxury properties is at 9.1%. This downturn may be bad news for the non-doms, but it is seen as a 'once in a generation' buying opportunity for wealthy Americans moving to the U.K. to avoid rising crime and political uncertainty, according to Beauchamp Estates. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Gulf Today
5 days ago
- Business
- Gulf Today
A new millionaire settles in the UAE every hour: Dubai real estate leads global wealth migration
The UAE has officially become the world's top destination for wealth migration, attracting thousands of high-net-worth individuals to its thriving economy and tax-free lifestyle. According to the newly released Henley Private Wealth Migration Report 2025, the UAE is expected to welcome 9,800 new millionaires this year, an average of one every hour. This marks the third consecutive year the country leads globally in net millionaire inflow, ahead of Singapore, Australia, and the United States. The reasons behind this surge are clear. The UAE offers zero personal income tax, no capital gains or inheritance tax, long-term Golden Visas, and unmatched political stability. Combined with elite infrastructure and global connectivity, it has made Dubai real estate one of the most attractive markets for global investors in 2025. The report estimates that $63 billion in private wealth will flow into the UAE in 2025, much of it into Dubai's prime property market, luxury developments, and commercial real estate sectors. This inflow reflects both economic uncertainty elsewhere and investor confidence in the UAE's pro-business environment. By comparison, traditional financial hubs are witnessing a sharp decline. The United Kingdom is set to lose 16,500 millionaires in 2025 alone, primarily due to tax reforms, regulatory pressures, and the removal of Non-Dom status. Notable figures have already made the move. Billionaire shipping magnate John Fredriksen and hedge fund founder Michael Platt both relocated to Dubai, citing stability, tax efficiency, and long-term opportunity. But this is not just about individuals. Family offices, investment firms, hedge funds, and tech startups are increasingly shifting headquarters to Dubai, positioning the city as a rising hub for global finance, innovation, and real estate investment. 'This isn't migration; it's a reallocation of global power,' said Dr. Salman Bin Ali, CEO of and Managing Partner at CBA Real Estate. 'Dubai has become the control room for tomorrow's wealth. The most sophisticated investors aren't guessing; they're positioning. And they're choosing certainty, scalability, and sovereignty. That's what the UAE delivers.' With each passing hour, another millionaire makes the move. Dubai is where the future is being built quietly, but definitively.
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.
