Latest news with #SeatankersManagement
Gulf Insider
a day ago
- 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
Indian Express
a day ago
- Business
- Indian Express
‘Britain has gone to hell': Billionaire to sell Rs 2,800 crore London mansion, move to UAE
One of the UK's richest residents, Norwegian-born shipping magnate John Fredriksen, is reportedly putting his 300-year-old Georgian manor in London up for sale, just weeks after declaring that 'Britain has gone to hell' following controversial tax reforms. Fredriksen, worth $17.3 billion (nearly 1.43 lakh crore) according to Forbes, is part of a growing exodus of ultra-rich individuals fleeing the UK. His 30,000-square-foot estate, The Old Rectory in Chelsea estimated at 2,800 crore, is one of Britain's most expensive private homes, featuring 10 bedrooms, a ballroom and two acres of lush gardens, reportedly the third-largest private garden in London. The 81-year-old billionaire has fired over a dozen staff and is holding discreet property viewings, confirming his departure. He told Norwegian outlet E24 that he is relocating to the United Arab Emirates, blaming the UK's scrapping of the non-domicile tax status. 'The entire western world is on its way down,' he said. Fredriksen also shut down the London HQ of his shipping firm, Seatankers Management, earlier this year. His move is part of a broader trend: according to Henley & Partners, 16,500 millionaires are expected to leave the UK in 2025, more than any other rich country. While the UK still ranks fifth globally in terms of millionaire population, it's the only one among the top 10 wealthiest nations seeing negative millionaire growth in the past decade. Recent tax policy changes, including a higher inheritance tax, 15 per cent VAT on private school fees, and shifts in residence-based taxation, have made the UK increasingly unattractive to high-net-worth individuals. Others who've recently left Britain include billionaires Christian Angermayer and Nassef Sawiris, the latter of whom owns Aston Villa Football Club. Fredriksen's Chelsea mansion, The Old Rectory, dates back to the 1720s and was formerly home to the rector of Chelsea parish church. It was bought by Fredriksen in 2001 for £37 million (approx. 400 crore), after being sold in 1995 for £22 million (approx. 235 crore) to Greek shipping magnate Theodore Angelopoulos. In 2004, Fredriksen reportedly turned down an unsolicited offer of £100 million (approx. 1 thousand crore) from Russian oligarch Roman Abramovich. The UAE is fast becoming the world's top magnet for millionaire migration — 9,800 millionaires are expected to move there in 2025, bringing with them a combined wealth of $63 billion (5.23 lakh crore). Fredriksen is expected to hand over control of his oil-and-shipping empire to his twin daughters, Cecilie and Kathrine Fredriksen.
NDTV
a day ago
- 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.
Forbes
2 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
Daily Mail
2 days ago
- Business
- Daily Mail
UK's ninth richest billionaire cashes out and puts £250million London mansion up for sale after declaring 'Britain has gone to hell'
The UK's ninth richest billionaire has cashed out, placing his eye-watering £250million London mansion on sale after declaring that 'Britain has gone to hell'. John Fredriksen moved his business out of the UK capital last month after it had emerged he had closed the Sloane Square headquarters of one of his private businesses - Seatankers Management. Now, his luxury 300-year-old Georgian manor is said to be hitting the market. Nestled on Chelsea's oldest street in west London, the Old Rectory comes fit with a private ballroom and a near two acre garden, one of central London's largest. Mr Fredriksen, 81, is understood to be packing up his multi-million pound home, boasting up to 10 bedrooms across 30,000 square feet, The Times has reported. Local residents have alleged that more than a dozen domestic staff have been let go, while discreet viewings of the grand mansion are also set to be arranged. Experts believe that a listing of the prestigious home is unlikely to appear on popular property listing sites but instead will be sold in an 'off-market' private deal delivered by specialist agents. A spokesman for Fredriksen declined to comment on whether The Old Rectory was on sale, alongside whether any domestic staff had been let go, according to The Times. The Norwegian-born shipping tycoon, who has an estimated wealth of around £13.7billion, has been publicly critical of Britain's poor economic prospects, particularly following Labour's controversial non-dom tax raid. Local residents have alleged that more than a dozen domestic staff have been let go, while discreet viewings of the grand mansion are also set to be arranged. Experts believe that a listing of the prestigious home is unlikely to appear on popular property listing sites He is said to be spending most of his time running his successful business empire from the United Arab Emirates, rather than the UK. At a shipping event in June, Mr Fredriksen told Norwegian title E24 that Britain was 'starting to remind me more and more of Norway', adding: 'Britain has gone to hell, like Norway'. He continued: '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.' Mr Fredriksen purchased the Grade II-listed riverside mansion from Greek businessman Theodore Angelopoulos in 2001 for £37million. In 2004, he reportedly turned down former Chelsea owner Roman Abramovich's £100million offer for the house. Having first gotten into oil trading in the 1960s and then buying his first tankers in the 1970s, Mr Fredriksen left Norway in 1978. The oil tanker magnate went on to make his fortune during the Iran-Iraq war in the 1980s. The oil tanker magnate moved his business out of the UK capital last month after it had emerged he had closed the Sloane Square headquarters of one of his private businesses - Seatankers Management. In an interview with E24 in June, he said that 'Britain has gone to hell' John Waters, director of independent buying agency Robert Bailey Property, told The Times that 'many' of the UK's wealthiest home owners that have left the country in recent years have chosen to rent overseas, rather than sell their properties. They do so, he said, 'in the hope that the UK tax system will in the future become less unfavourable'. Mr Waters added: 'They feel they have little choice due to the end of non-dom status and the prospect of all their global assets being subject to UK inheritance tax.' In April, The Labour Government abolished the non-dom tax status in April, which is where UK residents whose permanent home or domicile for tax purposes is outside the country. Then, just a month later, it was revealed that the UK has suffered the biggest fall in billionaires on record. The number dropped to 156 this year from 165 in 2024, representing the sharpest decline in the Sunday Times Rich List's 37-year-history. 'Our billionaire count is down and the combined wealth of those who feature in our research is falling,' Robert Watts, compiler of the Rich List, said when it was published last month. 'We are also finding fewer of the world's super rich are coming to live in the UK.' Research by New World Wealth has also suggested that the UK has lost 18 dollar billionaires over the last two years - more than any other country in the world. However, putting an exact figure on the number of billionaires leaving the country is complicated by the difficulty of calculating an individuals' wealth and working out their tax residency if they do not make this information public. The drop in Britain's billionaires also came after the Autumn Budget last year that included several controversial tax changes. Since April, employers have had to start paying higher National Insurance contributions for their staff.
