David Reuben, Britain's second-richest man, reportedly moves to Monaco
David Reuben, 88, a property investor and Newcastle United part-owner, has moved to Monaco, where his brother Simon already lives. Right-leaning outlets link the move to Labour tax changes, though City A.M. says the reason is unknown.
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The story, neutrally told
Right · 2David Reuben, described as Britain's second-richest person, has left the UK for Monaco, according to reports first carried by The Sunday Times. City A.M.RC “David Reuben, who also partly owns Newcastle United alongside Saudi Arabia’s Public Investment Fund, is joining his brother Simon in the principality, The Sunday Times reported.” Read at City A.M. ↗ GB NewsR “David Reuben, the 88-year-old property magnate and Newcastle United shareholder, relocated to Monaco this summer” Read at GB News ↗ Right · 1GB News says a spokesman for the Reubens confirmed David Reuben's move but offered no further comment. GB NewsR “A spokesman for the Reubens confirmed David's move but offered no further comment.” Read at GB News ↗ Right · 2Monaco has no income tax, capital gains tax or inheritance tax for individuals, according to both outlets. City A.M.RC “Monaco where billionaires can avoid paying income tax, inheritance tax or capital gains tax” Read at City A.M. ↗ GB NewsR “which has no income tax, no capital gains tax and no inheritance tax” Read at GB News ↗
Right · 2David Reuben and his brother Simon, 85, ranked second on this year's Sunday Times Rich List with a combined fortune of about £28bn. GB News says Simon has lived in Monaco for the best part of four decades, having first moved there on health grounds while battling cancer. City A.M.RC “The two brothers were second on the newspaper’s Rich List with a combined wealth of £28bn.” Read at City A.M. ↗ GB NewsR “Simon has resided in Monaco for the best part of four decades after initially moving there on health grounds while battling cancer.” Read at GB News ↗ Right · 2City A.M. says the reason for the departure is unknown. GB News's headline and opening blame Labour, saying the move follows the abolition of the "non-dom" regime. City A.M.RC “The reason for his departure is unknown.” Read at City A.M. ↗ GB NewsR “following Rachel Reeves' abolition of the "non-dom" regime.” Read at GB News ↗ Right · 1Both outlets place the move among a wider exodus of wealthy people. City A.M. names hedge fund investor Chris Rokos and Goldman Sachs executive Richard Gnodde, and lists Sir Lewis Hamilton and Sir Jim Ratcliffe among rich Britons already in Monaco. City A.M.RC “They join a flock of billionaires exiting the UK in the last two years, including the hedge fund investor Chris Rokos and the Goldman Sachs executive Richard Gnodde.”“Several other rich Brits live in Monaco, including Sir Lewis Hamilton and INEOS’s Sir Jim Ratcliffe.” Read at City A.M. ↗
Right · 1City A.M. reports that lawyers and economists, including James Quarmby of Stephenson Harwood and Simon French of Panmure Liberum, link the departures to new HMRC rules under the Labour government. It lists the end of the non-dom regime, VAT on private school fees and higher capital gains tax since mid-2024. City A.M.RC “Lawyers and economists, including the likes of Stephenson Harwood LLP’s James Quarmby and Panmure Liberum’s Simon French, have linked the string of wealthy investors and high taxpayers leaving Britain to new HMRC rules introduced by the Labour government.”“Since mid-2024, the government has ended the non-dom tax regime, added VAT onto private school fees and raised capital gains taxes.” Read at City A.M. ↗ Right · 1GB News cites Rich List figures: about £77bn, more than a tenth of the listed wealth, is held by British citizens already living in Monaco, and 24 of the 350 entries live there. It says 60 of the 2024 entries were absent this year, mainly because non-British citizens had left, since foreign nationals are dropped once they leave. GB NewsR “approximately £77billion, representing more than a tenth of the total wealth included in this year's Rich List, was held by British citizens already residing in Monaco.”“Of the 350 names and families appearing in the 2024 Rich List, 60 were absent from this year's edition.” Read at GB News ↗ Right · 1GB News adds that capital gains tax is expected to rise again in the budget scheduled for October 28, and that Isle of Man estate agents report a sharp rise in enquiries from wealthy UK residents. GB NewsR “Expectations are mounting that capital gains tax could rise again in the budget scheduled for October 28.”“The number of enquiries for estates worth at least £1million has more than doubled over the last 18 months” Read at GB News ↗
Right · 2City A.M. places the story in a wider tax debate. It says Labour MPs have pressed the Chancellor for higher taxes on the richest and that the Centre for Policy Studies argues UK tax rates are about the European average once social security and other costs are counted. The two outlets name different office-holders: City A.M. refers to Chancellor John Healey, while GB News refers to Rachel Reeves as the former chancellor. City A.M.RC “Last year, dozens of MPs asked Healey to introduce a wealth tax on assets worth more than £10m.”“rates in the UK were about the same as the European average due to the tax gap on social security contributions.” Read at City A.M. ↗ GB NewsR “The abolition of the centuries-old non-domiciled tax status by former chancellor Rachel Reeves in April 2025” Read at GB News ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre0 outlets
No centre outlet in our sources has covered this story yet.
Right2 outlets
- Framing
- Both right-leaning outlets treat the move as another example of wealthy people leaving over Labour's tax policy. City A.M. is more cautious, saying the reason is unknown, while GB News puts Labour's blame in its headline.
- Emphasis
- Tax changes (non-dom abolition, capital gains, inheritance tax), the scale of wealth in Monaco, and the expectation of further tax rises in the October 28 budget.
- Leaves out or plays down
- Neither carries a statement from Reuben on why he moved. Neither reports any government response. GB News does not name the Sunday Times as the source of the original report.
- Charged language
- “amid tax bite”“with Labour blamed”“wealthy exodus”
What every side reports
- David Reuben, Britain's second-richest man, has moved to Monaco, where his brother Simon lives.
- The Reuben brothers ranked second on the Sunday Times Rich List with about £28bn combined.
- Monaco levies no income, capital gains or inheritance tax on individuals.
- The move comes amid a wider departure of wealthy people from the UK.
Where accounts differ
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Why Reuben left
- Right
- City A.M. says the reason is unknown, while noting experts link wealthy departures to Labour tax changes. GB News says the move follows the non-dom abolition and blames Labour in its headline, though it gives no statement from Reuben on motive.
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Who is Chancellor
- Right
- City A.M. names John Healey as Chancellor. GB News calls Rachel Reeves the 'former chancellor'.
David Reuben person
Through a spokesman, the Reubens confirmed the move to GB News but offered no further comment, so no reason has been given. City A.M. says the reason is unknown.
“A spokesman for the Reubens confirmed David's move but offered no further comment.” — GB News
“The reason for his departure is unknown.” — City A.M.
Left0 articles
No coverage yet.
Centre0 articles
No coverage yet.
Right2 articles
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Britain’s second richest person leaves for Monaco amid tax bite
Neutral Reports the move as a Sunday Times story, says the motive is unknown, and adds expert views linking departures to Labour tax changes plus a think-tank counterpoint on UK tax levels.
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GB NewsR ·
Britain's second-richest man quits UK for Monaco - with Labour blamed
Critical Presents the move as the latest billionaire exit caused by Labour's tax reforms, backed with Rich List figures and Isle of Man enquiries.
- 4 Oct 09:49 First City A.M.RC Britain’s second richest person leaves for Monaco amid tax bite
- 4 Oct 12:29 +2h 40m GB NewsR Britain's second-richest man quits UK for Monaco - with Labour blamed
Times are when each article was published, or when we first saw it if the outlet gave no time.