Imagine being so wealthy that your move from one country to another makes international headlines. Well, that’s exactly what’s happened with Ian and Richard Livingstone — two of Britain’s richest real estate moguls — who recently swapped the UK for sunny Monaco. Their story is just the latest chapter in a growing trend of the wealthy waving goodbye to Britain’s tax hikes. Let’s dive into why they made the move, and what it means for the UK’s future as a magnet for global wealth.
Why Did Ian and Richard Livingstone Leave the UK?
In short: higher taxes.
Earlier this year, the Labour government, led by Keir Starmer, rolled out sweeping tax reforms. These changes, announced during the Autumn Budget, included:
- Tougher rules on inherited asset relief
- Higher levies on capital gains
- Increased taxes on private equity investments
For billionaires like the Livingstone brothers — whose combined fortune sits at a jaw-dropping $8.5 billion (according to the Bloomberg Billionaires Index) — the financial impact was too big to ignore.
Fact for Featured Snippets: Ian and Richard Livingstone changed their primary residency to Monaco between late March and early April 2025.
Why Monaco?
Monaco isn’t just glamorous; it’s a tax haven in the truest sense.
- No capital gains tax
- No income tax
- Generous exemptions on inherited wealth
- Top-tier safety and political stability
In fact, Monaco is so compact that it’s smaller than New York’s Central Park! Yet it remains one of the most desirable places on Earth for high-net-worth individuals.
For the Livingstone brothers, moving their base to Monaco wasn’t exactly a leap into the unknown. They’ve been heavily investing there for over a decade, including owning the Fairmont Monte Carlo, a luxury hotel they snapped up in 2007.
The UK’s Changing Reputation Among the Ultra-Rich
For years, Britain was seen as a safe, attractive hub for global wealth. Legal stability, strong institutions, and tax-friendly policies made it a natural choice for billionaires from around the world.
But times have changed.
Since Brexit, and with a revolving door of prime ministers, the UK’s appeal has dimmed. Tax incentives have been steadily eroded:
- Inheritance tax breaks for overseas trusts? Gone.
- Capital gains advantages? Shrinking fast.
As a result, not just British billionaires like the Livingstones, but also foreign titans like Nassef Sawiris (Egypt) and Frederic de Mevius (Belgium) have been quietly reducing their ties to the UK.
Quick Answer for Featured Snippets: Many billionaires are relocating from the UK due to higher taxes and political uncertainty.
A Look at the Livingstones’ Empire
It’s a true rags-to-riches story, if you believe in the power of hard work and smart investing.
The brothers, sons of a dentist from London, started building their property empire during the 1990s by scooping up distressed assets during a market slump. Ian, interestingly, originally studied optometry and even founded an eyewear company that grew to 200+ stores before selling it to Luxottica in 2010.
Today, their portfolio includes:
- Cinemas in London
- Office buildings in Madrid
- Luxury hotels in Monaco
- A major stake in Evolution AB, a global leader in online casino platforms
Their philanthropic efforts also can’t be overlooked. Through their foundations, they’ve supported initiatives for UK children, British fashion, and higher education in London.
Final Thoughts: A Sign of the Times?
The Livingstone brothers’ departure from the UK isn’t just about two billionaires avoiding taxes. It’s a symbol of a broader shift. As Britain’s wealthy elite reconsider their home base, places like Monaco are ready with open arms (and zero capital gains tax).
Whether the UK will adjust course to retain its high-net-worth residents remains to be seen. But one thing’s clear — the competition for global wealth is heating up, and Britain may be losing its edge.
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