UK billionaire declares ‘Britain has gone to hell,' lists $337m London estate on sale and moves to Dubai

Time of India

19 hours ago

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.
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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.