Monaco’s roll call of wealthy Britons has a new name on it. David Reuben, 88, the billionaire property investor, moved to the Principality over the summer, according to The Times.

A spokesman for the Reuben brothers confirmed the move but declined to comment further. David had been living in Holland Park, west London.

He and his younger brother Simon, 85, ranked second on this year’s Sunday Times Rich List, with a combined fortune of almost £28bn. Simon has lived in Monaco for about forty years, so both brothers are now based in the Principality.

David is also a Newcastle United shareholder and is overseeing two separate £1bn restorations of London landmarks.

His arrival adds to an already crowded field. By The Times’ count, 24 of the 350 people and families on this year’s Rich List now live in Monaco, including Sir Jim Ratcliffe, easyJet founder Sir Stelios Haji-Ioannou and Formula One driver Sir Lewis Hamilton.

Even before Reuben’s move, UK citizens living in Monaco controlled about £77bn. That is more than 10 per cent of all the wealth identified in the list, and more than in Switzerland, Dubai and the Channel Islands combined.

Eddie Hearn and Ian and Richard Livingstone, the brothers behind Cliveden, are among the more recent British arrivals.

The newspaper links the exodus to tax. It says Monaco charges no income tax, capital gains tax or inheritance tax, while Britain has tightened its rules for the very wealthy.

It points in particular to the abolition of the non-dom regime by former chancellor Rachel Reeves in April 2025. The system, which let wealthy residents pay UK tax only on income generated in Britain, was one the Reubens were long reported to use.

Many former non-doms are said to have left over fears that all their worldwide assets would become liable for UK inheritance tax. Changes to capital gains and inheritance tax have also been blamed, and some expect capital gains tax to rise in the budget on October 28.

The Rich List itself shows the churn. Of the 350 individuals and families named in 2024, 60 are missing from this year’s ranking. The most common reason was non-British citizens moving overseas, as people who are not UK citizens drop off the list once they leave.

Others to have left recently include steel magnate Lakshmi Mittal, who has moved to Switzerland, and hedge-fund manager Chris Rokos, who is relocating to Athens.

The Reubens’ own story began in Mumbai. They came to Britain in their teens, attended a state school in Islington and left full-time education at 17 without A-levels. They started out in metal trading and carpet importing, then made their first fortunes trading aluminium in Russia after the collapse of the Soviet Union.

They later moved into data centres, banking £6.3bn from selling stakes in Global Switch in 2016 and 2019. The brothers have also given widely to education, health and child welfare causes, including £80m to Oxford University in 2019 to found Reuben College.