However, research by T<\/a>axWatch<\/a> has found that Reuben, 88, has been a tax resident in Monaco since at least 2014.<\/p>\n A spokesperson for the Newcastle United shareholder, who with his brother Simon, 85, shares a combined estimated wealth of almost \u00a328bn, confirmed this was the case.<\/p>\n Simon Reuben has lived in Monaco for 40 years since moving on health grounds while having cancer.<\/p>\n The principality is a popular place for those who do not wish to pay UK taxes as it does not impose income tax, capital gains tax or inheritance tax.<\/p>\n The Reuben brothers\u2019 assets include Burlington Arcade in Mayfair \u2026 Photograph: John Kellerman\/Alamy<\/p>\n In July 2019, when David became a director of the Reuben foundation, the paperwork filed at the UK company registry stated he was \u201cusually resident\u201d in Monaco.<\/p>\n In 2024 he provided a signed declaration to a Los Angeles court stating: \u201cI reside in Monaco. I have resided there for approximately 10 years.\u201d<\/p>\n It was reported that the Reuben brothers were \u201cnon-doms\u201d<\/a>, which allowed them to pay UK tax only on income generated in the UK. The then chancellor Rachel Reeves axed this system in April last year, prompting a reported exodus<\/a> of foreign super-rich individuals.<\/p>\n Asked whether Reuben would have been caught by changes to these rules if he had not decided to move out of his UK residence, a spokesperson said: \u201cThat\u2019s an entirely hypothetical question to which it would be impossible to give an answer.\u201d<\/p>\n Mike Lewis, the director of TaxWatch, told the Guardian: \u201cWhen we started looking into this, we were surprised that publicly available documents completely contradicted a major news story. Sadly, these kinds of stories dominate the UK\u2019s public and political conversation about our tax system.<\/p>\n \u201cThe autumn budget may see some of the biggest changes in years to how gains from wealth are taxed. Perhaps it\u2019s time that our politicians, and our media, debate these changes based on public facts and verifiable numbers \u2013 not anecdotes and anonymous reports from billionaires and their spokespeople.\u201d<\/p>\n skip past newsletter promotion<\/a>Free newsletter |Every weekday<\/p>\n Sign up to First Edition<\/p>\n Our morning email breaks down the key stories of the day, telling you what\u2019s happening and why it matters<\/p>\n after newsletter promotion<\/p>\n \u2026 and Admiralty Arch between the Mall and Trafalgar Square, which is being developed into a luxury hotel. Photograph: Antony Nettle\/Alamy<\/p>\n The Labour MP Clive Lewis, who campaigns for a wealth tax, said: \u201cIf you want to live in this country, being British, having access to the culture of London, people want that, and there are lots of billionaires and millionaires who do stay because of that.<\/p>\n \u201cIt\u2019s instructive that there is a grouping of commentators who put on the scare tactics to say the wealthy are leaving this country. We can see that many of these billionaires don\u2019t reside here anyway, many of them do stay here, and those who want to go, we can\u2019t stop them anyway. This has always been the case.\u201d<\/p>\n Some of the super-rich are leaving<\/a>. Analysis of Bloomberg\u2019s Billionaires Index<\/a> has found that super-rich UK residents worth a combined \u00a3121bn have either left or loosened ties with the UK since the Labour government came to power in 2024. This represents more than half of all billionaire wealth.<\/p>\n Among those who have left are the steel magnate Lakshmi Mittal, the Aston Villa co-owner Nassef Sawiris and the shipping magnate John Fredriksen.<\/p>\n Inheritance tax changes in Reeves\u2019s budget were also blamed for pushing the wealthy out, and it is thought capital gains tax may be increased this autumn.<\/p>\n The Reuben brothers were born in Mumbai, moved to London in their teens, and went to a state school in Islington, leaving education aged 17 with no A-levels. They started businesses in metal trading and carpet importing. Since then, they have built a property empire.<\/p>\n They own prestigious locations including Mayfair\u2019s chandelier-festooned Burlington Arcade, Admiralty Arch, which is being developed into a five-star hotel, and Millbank Tower in Westminster.<\/p>\n","protected":false},"excerpt":{"rendered":"When the Sunday Times broke the news that David Reuben, one of the richest men in the UK,…\n","protected":false},"author":2,"featured_media":795153,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[59,57,58,50,56,54,55],"class_list":["post-795152","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-gb","tag-great-britain","tag-greatbritain","tag-news","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/795152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=795152"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/795152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/795153"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=795152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=795152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=795152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/10\/1791403212_402_1000.jpg\")
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