UK billionaire exodus: shipping tycoon John Fredriksen relocates to UAE, slams ‘Broken’ tax policies

Srinagar, July 22: The United Kingdom is witnessing a significant departure of its ultra-wealthy residents, with shipping magnate John Fredriksen becoming the latest high-profile billionaire to exit. Fredriksen, Norway-born and formerly the UK’s ninth-richest individual, is selling his 300-year-old Georgian estate in London — The Old Rectory — for a staggering $337 million, according to Forbes.

The opulent 30,000-square-foot property features 10 bedrooms, a private ballroom, and a two-acre landscaped garden, reflecting the scale of Fredriksen’s fortune, which is estimated at £13.7 billion. The billionaire, whose empire spans oil tankers, offshore drilling, gas, and fish farming, has publicly criticised the UK’s economic direction, declaring that “Britain has gone to hell” due to recent tax reforms.

According to reports, 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.

Fredriksen confirmed his decision to relocate to the United Arab Emirates in a candid interview with Norwegian publication E24, where he voiced broader concerns about the global political and economic climate. “The entire Western world is on its way down,” he said, citing tax pressures and political instability as key reasons for choosing the UAE as his new base.
His departure adds to a growing trend of wealthy individuals leaving the UK, highlighting rising discontent over fiscal policies that many of the country’s richest claim are eroding the financial incentives to stay.