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British Billionaire Brothers Relocate to Monaco Amid UK Wealth Exodus

 

Two of Britain’s wealthiest real estate investors, Ian and Richard Livingstone, have officially left the UK, marking another high-profile departure among the country's elite as new tax hikes target the wealthy. The billionaire brothers, founders of the property firm London & Regional, now list Monaco as their place of usual residency, a change noted in recent registry filings. Previously, they had cited the UK as their primary residence.

 

Their decision strengthens their long-standing connection to the glamorous French Riviera city-state, where they have maintained significant investments for over a decade. The switch took effect between late March and early April, according to the filings, coinciding with sweeping tax changes introduced by Keir Starmer’s Labour government. These changes, announced during the UK’s Autumn Budget in October, included restrictions on relief for inherited assets and increased levies on capital gains and private equity investments.

 

A representative for Ian, 62, and Richard, 60, declined to comment on the move. According to the Bloomberg Billionaires Index, the brothers’ combined fortune stands at around $8.5 billion.

 

 

The Livingstones’ relocation highlights a growing trend among wealthy individuals severing ties with Britain. Ultra-rich foreign nationals such as Egypt’s Nassef Sawiris and Belgium’s Frederic de Mevius have also been distancing themselves from the UK in response to a flurry of financial policy changes. Traditionally known for its legal and political stability, Britain had long been a magnet for global wealth. However, its reputation has been eroded since Brexit and the rapid turnover of prime ministers since 2016.

 

The government has repeatedly tightened the rules for affluent residents, including the removal of inheritance tax breaks for overseas trusts. These measures are part of Chancellor Rachel Reeves’s strategy to address what she described as a £40 billion ($53 billion) economic shortfall. Monaco remains a preferred destination for those exiting Britain’s increasingly unfriendly fiscal environment. In the UK, the top 1% of earners typically contribute more than a quarter of all income taxes, whereas Monaco offers significant tax advantages, including no taxes on capital gains or income and substantial exemptions for inherited assets. It also boasts high levels of personal safety compared to many other European territories.

 

The Livingstone brothers join other British billionaires like Jim Ratcliffe, founder of chemicals giant Ineos, who relocated to Monaco around 2018, motivated partly by the threat posed by then-Labour leader Jeremy Corbyn’s policies.

 

Growing up in London as the sons of a dentist, Ian and Richard Livingstone began amassing their real estate fortune in the 1990s by acquiring distressed properties following a sharp decline in UK real estate prices. Ian, who originally studied optometry, also founded an eyewear business that expanded to more than 200 stores before he sold his stake to Leonardo Del Vecchio’s Luxottica Group in 2010.

 

Today, London & Regional’s expansive property portfolio includes assets such as London cinemas, office spaces in Madrid, and the Fairmont Monte Carlo, a four-star hotel in Monaco they purchased in 2007. Beyond business, their philanthropic foundations have actively supported initiatives for UK children, British fashion, and London educational institutions.

 

Related Topics:

London’s Wealth Exodus: Capital Falls from Top Five Richest Cities as Millionaires Depart

UK Exodus of Millionaires Highlights Concerns Over Labour’s Tax Policies

 

  Adpated by ASEAN Now from Bloomberg  2025-04-28

 

 

That fine, their assets remain in the UK.

 

 

The effect it may have on the UK economy aside, imagine having more money than you could ever spend in multiple lifetimes but being so parsimonious and gasping that you would move country to avoid paying taxes. These are not people to be admired. 

Labour driving out the wealthy and successful only to replaced by... well you know.

 

The fall of Britain continues at pace under Labour. 

29 minutes ago, RuamRudy said:

The effect it may have on the UK economy aside, imagine having more money than you could ever spend in multiple lifetimes but being so parsimonious and gasping that you would move country to avoid paying taxes. These are not people to be admired. 

 

Do you personally pay more tax than you absolutely have to?  If you do not why then why would you expect others to do so? 

57 minutes ago, Chomper Higgot said:

That fine, their assets remain in the UK.

 

 

 

https://www.thetimes.com/uk/politics/article/capital-gains-tax-receipts-h78d8tkrh#:~:text=According to data from HM,the same period last year.

 

Raising taxes means less tax receipts.   They can sit on their assets and sell them (if they want) when a more sensible government comes in that actually understands economics.  

8 minutes ago, James105 said:

 

Do you personally pay more tax than you absolutely have to?  If you do not why then why would you expect others to do so? 

 

Of course not - and I don't expect others to. I pay what the elected government decrees I should pay. 

 

But I am also not in the top 0.1%; these guys will never be poor and will never need to worry about paying their bills, but they are worried about not accumulating even more. What a tragic way to live. I say again, these are not people who should be admired. Greed is not a pleasant trait. 

1 minute ago, RuamRudy said:

 

Of course not - and I don't expect others to. I pay what the elected government decrees I should pay. 

 

But I am also not in the top 0.1%; these guys will never be poor and will never need to worry about paying their bills, but they are worried about not accumulating even more. What a tragic way to live. I say again, these are not people who should be admired. Greed is not a pleasant trait. 

Did you miss their philanthropic foundations they have actively supported for UK children and education?

42 minutes ago, RuamRudy said:

The effect it may have on the UK economy aside, imagine having more money than you could ever spend in multiple lifetimes but being so parsimonious and gasping that you would move country to avoid paying taxes. These are not people to be admired. 

 

It is about fairness. The wealthy must pay the 45% tax rate and then there is the National Insurance, and council tax. It is also about  driving off the people who pay much of the tax. Sixty of the wealthiest people in the UK collectively contributed more than £3bn a year in income tax, according to the BBC.   If they choose to leave how would you replace their taxes?

 

 

1 hour ago, Chomper Higgot said:

That fine, their assets remain in the UK.

 

 

 

5 minutes ago, RuamRudy said:

 

Of course not - and I don't expect others to. I pay what the elected government decrees I should pay. 

 

But I am also not in the top 0.1%; these guys will never be poor and will never need to worry about paying their bills, but they are worried about not accumulating even more. What a tragic way to live. I say again, these are not people who should be admired. Greed is not a pleasant trait. 

 

So it's only the top 0.1% who should pay more tax than the elected government decrees they should pay?

 

Given what Labour is wasting the taxpayers money on, I wouldn't want to give them a penny more than I needed to either. Especially when the government is so clearly a proponent of the "politics of envy" that achieves nothing more than driving the wealthy out of the country to pay less tax elsewhere.

 

If I were these two I would pay as little tax as possible and then donate privately to my preferred causes. Which is exactly what they are doing.  

 

Labour forging ahead.

Driving the uk, headfirst down the toilet. 

 

31 minutes ago, JonnyF said:

 

So it's only the top 0.1% who should pay more tax than the elected government decrees they should pay? 

 

 

What on earth are you talking about? Nowhere did I suggest that. An ounce of comprehension should have made that clear to you, or did you deliberately misrepresent what I wrote for cheap Internet points? 

43 minutes ago, Bkk Brian said:

Did you miss their philanthropic foundations they have actively supported for UK children and education?

 

If I choose to support charities of my choice, can I expect not to have to be subject to the tax regime set by the government? 

8 minutes ago, RuamRudy said:

 

If I choose to support charities of my choice, can I expect not to have to be subject to the tax regime set by the government? 

They were happy to before Labour came along and changed the rules. Now how does that fit in with your post below I responded to?

 

56 minutes ago, RuamRudy said:

I say again, these are not people who should be admired. Greed is not a pleasant trait. 

 

14 minutes ago, RuamRudy said:

What on earth are you talking about? Nowhere did I suggest that.

 

That's exactly what you suggested. 

 

1 hour ago, RuamRudy said:

But I am also not in the top 0.1%; these guys will never be poor and will never need to worry about paying their bills, but they are worried about not accumulating even more.

 

What has being in the top 0.1% got to do with worrying about paying more tax than they are obliged to?

1 hour ago, RuamRudy said:

Greed is not a pleasant trait. 

 

Perhaps you should tell Labour, who are trying to get even more tax out of successful people - leading them to actually leave the UK, resulting in Labour getting less.

 

That's greed. Not to mention economic stupidity. 

4 minutes ago, JonnyF said:

 

Perhaps you should tell Labour, who are trying to get even more tax out of successful people - leading them to actually leave the UK, resulting in Labour getting less.

 

That's greed. Not to mention economic stupidity. 

How does Labour lose taxes on assets that remain the UK?

2 hours ago, Chomper Higgot said:

How does Labour lose taxes on assets that remain the UK?

You didn't read the OP then, the increased levy in capital gains? They earn and work at those those assets and paid a huge amount of tax on them. How on earth does this need explaining to you?

5 hours ago, Social Media said:

Monaco offers significant tax advantages, including no taxes on capital gains or income and substantial exemptions

 

8 minutes ago, Chomper Higgot said:

How does Labour lose taxes on assets that remain the UK?

 

A less myopic view would help here. Maybe you need to take a look at the bigger picture of wealth fleeing the country. 😉

 

https://www.blacktowerfm.co.uk/news/millionaires-are-fleeing-the-uk-under-labour/

 

But we are now much richer in our doctors and engineers that arrive daily by the boatload and don't forget our burgeoning Pakistani cousin population keeping the NHS' busy Rue Britannia' 🤔

9 minutes ago, JonnyF said:

 

That's exactly what you suggested. 

 

 

What has being in the top 0.1% got to do with worrying about paying more tax than they are obliged to?

 

No that's not what I suggested in any way. Either you are wilfully misrepresenting my post or your comprehension skills as failing you. 

56 minutes ago, Bkk Brian said:

They were happy to before Labour came along and changed the rules. Now how does that fit in with your post below I responded to?

 

 

 

Their actions fit my post perfectly. They are not people to be admired. 

6 minutes ago, RuamRudy said:

 

Their actions fit my post perfectly. They are not people to be admired. 

Your not making sense, how do those who set up their own charitable trusts to give to UK children, education and disadvantaged children fit in perfectly with them being.....................

 

1 hour ago, RuamRudy said:

 

I say again, these are not people who should be admired. Greed is not a pleasant trait. 

 

8 minutes ago, Bkk Brian said:

Your not making sense, how do those who set up their own charitable trusts to give to UK children, education and disadvantaged children fit in perfectly with them being.....................

 

 

 

He hates them because they are rich and successful. It's really that simple. 

3 minutes ago, Bkk Brian said:

Your not making sense, how do those who set up their own charitable trusts to give to UK children, education and disadvantaged children fit in with them being 

 

 

 

They decided that they did not want to be subject to the tax rules imposed by the democratically elected government; these rules would not have made them a single penny poorer. They would still have remained unimaginably rich, but their accumulation of further wealth would not have been at the same pace as before so they decided to leave the country and avoid their legal obligations had they remained here. 

 

But in an attempt to disabuse you of the false understanding of these people whom you idolise, here is the reality of the 'philanthropy' of these types: 

 

How the Ultrawealthy Use Private Foundations to Bank Millions in Tax Deductions While Giving the Public Little in Return

https://www.propublica.org/article/how-private-nonprofits-ultrawealthy-tax-deductions-museums-foundation-art

 

Rich using bogus charities to avoid tax, says David Cameron's spokesman

https://www.theguardian.com/society/2012/apr/10/rich-using-bogus-charities-tax

 

A growing worry for charities: Tax havens for the rich

https://apnews.com/article/business-philanthropy-b8acb10f529ac2dbaff7631021d823c9

 

How Tech Billionaires Hack Their Taxes With a Philanthropic Loophole

https://www.nytimes.com/2018/08/03/business/donor-advised-funds-tech-tax.html

Just now, JonnyF said:

 

He hates them because they are rich and successful. It's really that simple. 

 

You have on from spouting lies about my posts to simply inventing lies about me in general; why do these lies come so easily to you? Is it because they are all you have?

1 minute ago, RuamRudy said:

 

You have on from spouting lies about my posts to simply inventing lies about me in general; why do these lies come so easily to you? Is it because they are all you have?

 

Just going on what you have posted on this and previous threads.

 

There is a common theme, you dislike people who have been successful. It's a common trait amongst the left so there's no need to feel alone. 

6 minutes ago, RuamRudy said:

 

They decided that they did not want to be subject to the tax rules imposed by the democratically elected government; these rules would not have made them a single penny poorer. They would still have remained unimaginably rich, but their accumulation of further wealth would not have been at the same pace as before so they decided to leave the country and avoid their legal obligations had they remained here. 

 

But in an attempt to disabuse you of the false understanding of these people whom you idolize, here is the reality of the 'philanthropy' of these types: 

 

How the Ultrawealthy Use Private Foundations to Bank Millions in Tax Deductions While Giving the Public Little in Return

https://www.propublica.org/article/how-private-nonprofits-ultrawealthy-tax-deductions-museums-foundation-art

 

Rich using bogus charities to avoid tax, says David Cameron's spokesman

https://www.theguardian.com/society/2012/apr/10/rich-using-bogus-charities-tax

 

A growing worry for charities: Tax havens for the rich

https://apnews.com/article/business-philanthropy-b8acb10f529ac2dbaff7631021d823c9

 

How Tech Billionaires Hack Their Taxes With a Philanthropic Loophole

https://www.nytimes.com/2018/08/03/business/donor-advised-funds-tech-tax.html

There you go again, first you accuse them of being  people who should not be admired. Greed is not a pleasant trait. despite evidence to the contrary and then go onto accusing me of  idolizing them.....lol

 

Further more making unsubstantiated links to the intentions for their charitable donations.

 

I suggest you read the OP and the related articles:

 

London’s Wealth Exodus: Capital Falls from Top Five Richest Cities as Millionaires Depart

UK Exodus of Millionaires Highlights Concerns Over Labour’s Tax Policies

 

 

6 minutes ago, JonnyF said:

 

Just going on what you have posted on this and previous threads.

 

There is a common theme, you dislike people who have been successful. It's a common trait amongst the left so there's no need to feel alone. 

 

So I am correct, all you have are lies and your willingness to spout them to try to justify your position.