‘Britain has gone to hell': Why one of UK's richest billionaires left London and moved to UAE
The ninth richest billionaire in the United Kingdom has decided to move his business out of London to the UAE, after claiming that "Britain has gone to hell." Norwegian shipping tycoon John Fredriksen is the latest in a growing exodus of wealthy individuals from the UK capital, according to a report by E24. The 81-year-old billionaire, who owns one of London's most prestigious private homes, The Old Rectory in Chelsea, is worth $18 billion.(X/@ed_fin)
The 81-year-old billionaire, who owns one of London's most prestigious private homes, The Old Rectory in Chelsea, is worth $18 billion. Fredriksen now runs his business empire from the United Arab Emirates. Speaking to E24, he openly criticised the UK's economic direction: '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 said.
He also took aim at the UK's trade policies, particularly in relation to US President Donald Trump, calling them "completely hopeless." Fredriksen added, 'The entire Western world is on its way down. People should get up and work even more, and go to the office instead of having a home office."
He is among several rich Londoners who exited the UK following the end of the non-dom tax regime, which had allowed foreign-born businessmen to shield overseas assets and income from UK taxes. Who is John Fredriksen?
Born in Oslo to a welder, John Fredriksen left Norway in 1978 and carved out a fortune in the oil industry. He began his career trading oil in 1960s Beirut and moved into shipping in the 1970s, acquiring his first tankers.
His wealth surged during the Iran-Iraq War in the 1980s, when he became the world's largest owner of oil tankers, controlling a fleet of more than 70 vessels.
Fredriksen is the father of twin daughters, Kathrine and Cecilie, and his family holds major stakes in oil rigs and salmon farming.
In 2001, he purchased the mansion in Chelsea for £37 million, which today is valued at up to £250 million, making it one of the most expensive private homes in the UK. The ten-bedroom estate features a ballroom, indoor pool, and tennis court. A billionaires exodus
Apart from Fredriksen, several other wealthy Norwegians have also left London this year, according to E24. This includes billionaires Helene Odfjell and Peter T Smedvig, who left amid a broader millionaire exodus following the UK's abolition of the non-dom tax status on April 6.
The end of tax exemptions on overseas assets and trusts has sparked concern among the ultra-rich. Steel tycoon Lakshmi Mittal is also reportedly leaving London due to the end of the tax exemptions, the Standard UK reported.
A report predicts the UK will lose 16,500 high-net-worth individuals in 2025, the highest of any country.
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