Latest news with #Norway-born
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
NDTV
22-07-2025
- Business
- NDTV
"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. This move comes after the billionaire closed the London headquarters of Seatankers Management, one of his private shipping businesses, earlier this year. 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 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.
Gulf Today
19-06-2025
- Entertainment
- Gulf Today
Gosdens celebrate Ascot double as Buick motors home on Ombudsman
Father and son training partnership John and Thady Gosden celebrated a big race double on the second day of Royal Ascot on Wednesday with Ombudsman landing the Group One Prince of Wales's Stakes. The Royal Procession was marked by the absence of Catherine, Princess of Wales, but had a literary flavour, with two giants of the written word William Boyd and Robert Harris in the cortege along with their wives. The day's racing provided as many exciting finishes as the climaxes to their best selling books. Ombudsman's jockey William Buick held his nerve when he tried to find an opening as the race reached its climax, blocked by a wall of horses. However, the Norway-born jockey found a way round and then stormed clear to give the Gosden stable a sixth win in the race. Buick, 36, having had a tough time released his pent up emotion, punching the air in delight as he passed the post. 'It has been a difficult few days,' said Buick. 'I have got a little bit of experience so I try and stay level, I have a lot of good rides. 'You look forward right?' John Gosden, for whom it was a 70th Royal Ascot winner, said Buick had been 'patient and rewarded'. Earlier the Gosdens had enjoyed a record-extending sixth win in the Group Two Duke of Cambridge Stakes. Australia-based New Zealander jockey James McDonald swooped to win on Crimson Advocate. 'Absolutely delighted, pleasure to ride a winner for the group (the Emir of Qatar's Wathnan Racing for whom it was their third winner of this year's edition),' said MacDonald, recording his fifth Royal Ascot winner. 'I am very lucky to be jogging on the right spot at the right time. 'Even when you do not have a fancied horse in a race here it is a very special, elegant and graceful place to ride.' Earlier Aidan O'Brien ticked off one of the rare races missing from his win list, True Love winning the opening Queen Mary Stakes in fine style. Her victory franked the form book as she had finished second to Gstaad previously -- he had won the Coventry for O'Brien on Tuesday. It was the 55-year-old Irishman's 93rd Royal Ascot winner, jockey Ryan Moore's 87th. An old familiar face popped up for the race, former French wunderkind trainer Patrick Biancone who had trained back-to-back Arc de Triomphe winners by the time he was 32. Now a fresh looking 73 and based in California he did not leave disappointed as his heavily-backed runner Lennilu finished third. 'We are happy, she is only a baby, she fought all the way,' said the gravelly-voiced Biancone. There was a sad post-script as Harry's Girl had to be put down after suffering a fatal injury during the race -- putting a dampener on trainer Richard Hannon's meeting after a win on Tuesday. Carmers provided Irish trainer Paddy Twomey with a win in the Group Two Queen's Vase with his first ever winner at the meeting, a second win for jockey Billy Lee this week. For owner Fiona Carmichael it was an emotional victory as the horse is named after her late husband. 'This is all fairly new to me,' said Carmichael, who also bred the winner. 'I am living the dream. What happens further down the line gives me something to look forward to as he could run in the St Leger.' Lee, who rare for a flat jockey has also ridden winners at Cheltenham and Aintree in the past eight months, said he was a very lucky man. 'There are plenty of good lads based in Ireland who do not get the chance like myself and Colin Keane.' It's been three years since trainer Charlie Appleby cracked open the champagne in terms of a Royal Ascot winner, and he had to hide his disappointment as favourite Cinderella's Dream finished second. He at least takes a percentage of the prizemony as compensation, there is no such safety net for the punter who piled on £20,000 ($27,000) to win. Agencies
France 24
18-06-2025
- Entertainment
- France 24
Gosdens celebrate Royal Ascot double as Buick motors home on Ombudsman
The Royal Procession was marked by the absence of Catherine, Princess of Wales, but had a literary flavour, with two giants of the written word William Boyd and Robert Harris in the cortege along with their wives. The day's racing provided as many exciting finishes as the climaxes to their best selling books. Ombudsman's jockey William Buick held his nerve when he tried to find an opening as the race reached its climax, blocked by a wall of horses. However, the Norway-born jockey found a way round and then stormed clear to give the Gosden stable a sixth win in the race. Buick, 36, having had a tough time released his pent up emotion, punching the air in delight as he passed the post. "It has been a difficult few days," said Buick. "I have got a little bit of experience so I try and stay level, I have a lot of good rides. "You look forward right?" John Gosden, for whom it was a 70th Royal Ascot winner, said Buick had been "patient and rewarded". Earlier the Gosdens had enjoyed a record-extending sixth win in the Group Two Duke of Cambridge Stakes. Australia-based New Zealander jockey James McDonald swooped to win on Crimson Advocate. "Absolutely delighted, pleasure to ride a winner for the group (the Emir of Qatar's Wathnan Racing for whom it was their third winner of this year's edition)," said MacDonald, recording his fifth Royal Ascot winner. "I am very lucky to be jogging on the right spot at the right time. "Even when you do not have a fancied horse in a race here it is a very special, elegant and graceful place to ride." 'Living the dream' Earlier Aidan O'Brien ticked off one of the rare races missing from his win list, True Love winning the opening Queen Mary Stakes in fine style. Her victory franked the form book as she had finished second to Gstaad previously -- he had won the Coventry for O'Brien on Tuesday. It was the 55-year-old Irishman's 93rd Royal Ascot winner, jockey Ryan Moore's 87th. An old familiar face popped up for the race, former French wunderkind trainer Patrick Biancone who had trained back-to-back Arc de Triomphe winners by the time he was 32. Now a fresh looking 73 and based in California he did not leave disappointed as his heavily-backed runner Lennilu finished third. "We are happy, she is only a baby, she fought all the way," said the gravelly-voiced Biancone. There was a sad post-script as Harry's Girl had to be put down after suffering a fatal injury during the race -- putting a dampener on trainer Richard Hannon's meeting after a win on Tuesday. Carmers provided Irish trainer Paddy Twomey with a win in the Group Two Queen's Vase with his first ever winner at the meeting, a second win for jockey Billy Lee this week. For owner Fiona Carmichael it was an emotional victory as the horse is named after her late husband. "This is all fairly new to me," said Carmichael, who also bred the winner. "I am living the dream. What happens further down the line gives me something to look forward to as he could run in the St Leger." Lee, who rare for a flat jockey has also ridden winners at Cheltenham and Aintree in the past eight months, said he was a very lucky man. "There are plenty of good lads based in Ireland who do not get the chance like myself and Colin Keane." It's been three years since trainer Charlie Appleby cracked open the champagne in terms of a Royal Ascot winner, and he had to hide his disappointment as favourite Cinderella's Dream finished second. He at least takes a percentage of the prizemony as compensation, there is no such safety net for the punter who piled on £20,000 ($27,000) to win.
