Billionaire David Reuben Quits UK for Monaco as Wealthy 'Exodus' Accelerates Under Labour

David Reuben, the 88-year-old billionaire ranked second on the UK's Rich List, has left Britain for Monaco, becoming the latest high-profile figure to depart amid what analysts describe as an 'exodus' of the wealthy under the Labour government. Reuben, whose family fortune is estimated at over £25 billion, is understood to have relocated to the tax haven in recent weeks.

The move comes as the Labour government implements a series of tax increases targeting high earners, including changes to non-dom status and higher capital gains taxes. Reuben's departure follows a trend of wealthy individuals leaving the UK; earlier this year, several other billionaires and entrepreneurs announced similar plans. A spokesperson for Reuben declined to comment on the reasons for his move, but sources close to the family cited the 'unfavourable tax environment' in the UK.

The exodus poses a challenge for the Treasury, which risks losing significant tax revenue if more high-net-worth individuals follow suit. Business leaders warn that the UK's competitiveness could suffer, while Labour officials argue that the tax changes are necessary to fund public services and ensure fairness. Monaco, which has no income tax, has long been a favoured destination for the ultra-wealthy, and Reuben's move is likely to intensify the debate over Britain's tax regime and its impact on investment.