An IMGW News Report
The UK’s long-standing appeal to global wealth is waning. In a move emblematic of a broader post-Brexit shift, billionaire property developers Ian and Richard Livingstone have declared Monaco their primary residence, joining a growing list of ultra-rich abandoning Britain’s increasingly inhospitable tax climate.
“As Britain tightens its fiscal net, even homegrown fortunes are slipping through the cracks—and heading south”
The brothers—worth an estimated $8.5 billion and founders of London & Regional Properties —quietly updated their residency status earlier this spring, shortly after Chancellor Rachel Reeves unveiled tax reforms targeting inheritance, capital gains, and private equity structures. The timing of their relocation, noted in corporate filings and highlighted by Forbes, is telling.
Monaco, smaller than New York’s Central Park, offers sanctuary from many of the tax burdens now taking shape in Westminster. There is no levy on personal income, capital gains are ignored, and inherited wealth is treated with unusual leniency. The city-state’s discreet appeal is further enhanced by its reputation for safety and political stability—qualities Britain once claimed with confidence.
“Recent years have seen other wealthy Britons, including Ineos founder Sir Jim Ratcliffe, seek fiscal refuge in the Mediterranean”
The Livingstones are far from alone. Recent years have seen other wealthy Britons, including Ineos founder Sir Jim Ratcliffe, seek fiscal refuge in the Mediterranean. They follow a wider pattern of high-net-worth flight, as global investors reassess the UK’s post-Brexit standing—not only as a financial hub, but as a stable domicile for wealth.
Once considered a haven for international capital, Britain is increasingly viewed as a jurisdiction in flux. Since 2016, it has cycled through five prime ministers and reversed key aspects of its non-domiciled regime. The promise of predictability has faded.
For the Livingstones, the move to Monaco also reflects long-standing ties; their firm owns the Fairmont Monte Carlo and other strategic assets in the region. Their investments have extended beyond bricks and mortar, with stakes in Swedish casino tech firm Evolution AB and philanthropic interests across British education and fashion.
The symbolism is unmistakable. As Britain tightens its fiscal net, even homegrown fortunes are slipping through the cracks—and heading south.
