Latest news with #OldRectory
Forbes
4 days ago
- Business
- Forbes
John Fredriksen The Latest Billionaire To Leave Britain
One of the richest people in the United Kingdom, shipping billionaire John Fredriksen, is reportedly selling his 300-year-old Georgian manor in London a month after he declared 'Britain has gone to Hell,' joining a mass exodus of super wealthy residents leaving the United Kingdom. Picture made on October 17, 2007 in Oslo of John Fredriksen. SCANPIX NORWAY/AFP via Getty Images Fredriksen has reportedly fired more than a dozen domestic employees and is arranging for discreet viewings of the 30,000-square-food mansion known as The Old Rectory, cementing his departure from Britain. The Old Rectory in Chelsea is one of Britain's most expensive houses at an estimated $337 million (£250 million) and includes 10 bedrooms, a ballroom and two acres of land—the third-largest private gardens in London. The move to sell the famous property comes one month after Fredriksen blamed the abolishment of non-domicile tax status (which previously allowed non-citizen residents to only pay British taxes on the money they earned in the country) for his decision to leave the U.K. He confirmed to E24, a Norwegian publication, that he was relocating to the United Arab Emirates and declared, 'the entire western world is on its way down." Fredriksen closed the London headquarters of Seatankers Management, one of his private shipping businesses, earlier this year. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here : Fredriksen is just the latest of the United Kingdom's super wealthy residents to leave the country. Britain is losing millionaires and billionaires faster than any of the other wealthiest countries in the world, according to Henley & Partners, and 16,500 millionaires are expected to leave this year. The U.K. ranks fifth in the world in terms of its high-net-worth ($1 million and above) individual population, but is the only one of the world's 10 richest countries to have negative millionaire growth over the past decade. Tax reforms—including a hike in inheritance tax, 15% value-added tax on private school fees and shifts in the residence-based tax system—have all made the U.K. increasingly unattractive to high-net-worth investors, Henley reports. Others to have recently left Britain include billionaires Christian Angermayer and Nassef Sawiris, who owns Aston Villa. Montenegro has seen the highest millionaire growth by percentile than any other country in the last decade. Its millionaire population has ballooned by 124%. The United Arab Emirates is in second place (98%), followed by Malta (87%), the U.S. (87%) and China (74%). Big Number 9,800. That's how many millionaires are expected to move to the UAE this year, more than any other country. Together, they're expected to be worth an estimated $63 billion. Tangent The Old Rectory in Chelsea dates back to the 1720s and the site was formerly home to the rector of Chelsea parish church, which dates back to 1157. It was refurbished in the 1990s and sold to Greek shipping magnate Theodore Angelopoulos in 1995 for $30 million (£22 million), after which it long held the record for London's largest and most expensive property sale. Fredriksen bought the property for $50 million (£37 million) in 2001 and reportedly turned down an unsolicited $135 million (£100 million) offer from Russian business oligarch Roman Abramovich to buy the property in 2004. Forbes Valuation Fredriksen, an 81-year-old Cypriot national, was the 136th-richest man in the world as of Monday. He has an estimated net worth of $17.3 billion, which he made in the oil and shipping businesses. Today, his empire includes oil tankers, dry bulkers, LNG carriers and deepwater drilling rigs. He is expected to hand control of his empire to his twin daughters, Cecilie and Kathrine Fredriksen. Section Title Forbes The World's Most Powerful Passports In 2025, According To Henley Index By Duncan Madden Forbes Henley Wealth Report 2025: U.S. Tops Global Wealth Growth By Duncan Madden Forbes The World's Wealthiest Cities In 2025, According To The Henley Cities Report By Duncan Madden
Telegraph
5 days ago
- Business
- Telegraph
Billionaire puts £250m mansion up for sale after declaring ‘UK's gone to hell'
A billionaire shipping tycoon who said the UK had 'gone to hell' has put his £250m London mansion up for sale after fleeing Britain. John Fredriksen, a Norwegian marine tycoon, is reportedly selling his 300-year old Georgian manor in Mayfair just weeks after criticising Rachel Reeves, the Chancellor, for abolishing the non-dom regime. The property, known as the Old Rectory, is one of Britain's most expensive houses with two acres of gardens and 10 bedrooms across 30,000 sq ft. It is set to be put on the market with a £250m price tag – with viewings already taking place, The Times reported. Mr Fredriksen, who was the UK's ninth richest man with a £13.7bn fortune before he announced his departure, bought the property in 2001 for around £40m. The 81-year-old businessman, who is originally from Oslo, Norway, last month said that Ms Reeves's tax raid had encouraged him to leave the UK and move to the United Arab Emirates. 'The entire Western world is on its way down,' he said, while the UK is 'starting to remind me more and more of Norway. Britain has gone to hell, like Norway'. The sale comes amid predictions that the UK is poised to lose more millionaires this year than any other country, which may fuel more high end property sales. Last year Ms Reeves raised taxes on the global elite, abolishing the non-dom status and tightening inheritance tax rules. Non-dom rules had allowed foreigners to only pay tax on their UK income – largely shielding their global income from any taxation. According to Henley & Partners, the UK will lose 16,500 millionaires this year because of the changes, up from 10,800 last year. Among those who have left or are leaving include Richard Gnodde, who is one of London's best-known bankers who became Goldman's vice chairman in January, as well as the steel magnate Lakshmi Mittal and property tycoon brothers Ian and Richard Livingstone. Mr Fredriksen made his fortune building up a fleet of oil tankers and other ships around the world. Since leaving the UK, he has shrunk his presence including closing the London headquarters of his shipping group Seatankers Management, which was based in Sloane Square. He has also blasted the US under Donald Trump, saying the president's trade war was 'completely hopeless' and said Norway was 'dull'. 'I gave up on them a long time ago,' he said. 'I gave up in 1978, when I moved. It has only gotten worse. Norway is completely uninteresting,' he said, adding that 'Norway is good for those who work for the state.'
