You have to have money to make money. That’s so true. Those with money find the most creative ways of keeping it to themselves so no wonder a third of the UK’s billionaires have left the country in the past decade. The threat of Brexit hasn’t been the catalyst for the migration of this particular species of mega-rich Brits. The main issue for the mega-rich folks is keeping their money from the tax man.
Money, money, money
A recent investigation from The Times suggested that as many as a third of the country’s super-rich have moved to places like Monaco in the past decade. Let’s put that in some context though. We’re talking about 28 individuals making the decision to move away from the UK. There are only 93 British billionaires at this time but there are many more multimillionaires following their trend. At the moment there are 6,800 Brits running 12,000 companies from low-tax nations like the Channel Islands, the Cayman Islands, British Virgin Islands, Monaco and Switzerland.
Knighthoods and titles
Some of these billionaires have been honoured by the Queen but that’s not stopped one viscount, a baron, six knights and a dame from leaving these shores. These titles don’t necessarily come for free. While you can’t say that these guys bought their titles, the money guys like Lord Ashcroft, who gave £500,000 to the Conservative Party during the lead up to the 2017 election, can’t harm their chances of being honoured further. Plus, these guys are paying for great influence over a country they no longer live in.
David and Simon Reuben have a combined £13.1 billion to spend. That makes them close to the top of the financial tree in the UK. But they don’t live in the UK. Both are residents of Monaco. Sir Leonard "Len" Blavatnik is another prominent British resident with bags of cash in his bank account. In 2015, he was the UK's richest person. Today, he’s still among the elite of the elite. The Russian billionaire currently lives in a grade II listed building in Kensington Palace Gardens that’s said to be worth £200 million. It’s not known whether he will leave the UK. Perhaps the knighthood he received in 2017 is enough to keep him sweet.