David Reuben, ranked as the second wealthiest individual on The Sunday Times Rich List, has relocated from the United Kingdom to Monaco this summer. The 88-year-old property magnate, who is a shareholder in Newcastle United and has been involved in two major £1 billion restoration projects of London landmarks, joins a growing number of high-net-worth individuals leaving the UK since the Labour government assumed power.

Reuben’s move follows similar departures by notable billionaires such as steel magnate Lakshmi Mittal, who has moved to Switzerland, and hedge fund manager Chris Rokos, now based in Athens. David Reuben previously lived in Holland Park, West London, and shares a combined estimated fortune nearing £28 billion with his brother Simon Reuben, 85, who has resided in Monaco for about four decades after undergoing cancer treatment.

The brothers, originally from Mumbai, have a longstanding history of tax arrangements in the UK. For many years, they were classified as “non-doms,” a status permitting wealthy individuals to pay UK tax only on income earned domestically, while global earnings remained largely untaxed. However, the abolition of this status by former Chancellor Rachel Reeves in April of last year has been widely cited as a significant factor prompting the exodus of several ultra-wealthy British residents. Concerns over potential liabilities such as UK inheritance tax on worldwide assets contributed to this trend.

Monaco offers a favorable tax environment, notably lacking taxes on income, capital gains, or inheritance, which has attracted numerous wealthy UK citizens. Prior to David Reuben’s relocation, approximately £77 billion, more than 10 percent of the total wealth listed on this year’s Rich List, was managed by UK nationals residing in Monaco.

The Reuben brothers initially accumulated their wealth through aluminium trading in Russia and later generated substantial proceeds—around £6.3 billion—from selling stakes in Global Switch, an IT infrastructure company. Beyond their business pursuits, they have engaged in philanthropic efforts, including a £80 million donation in 2019 to establish Reuben College at Oxford University, the institution’s first new college in over three decades.

A spokesman for the Reuben family confirmed David Reuben’s move to Monaco but declined to provide further details.