UK Ninth Richest Man Fredriksen Moves Business, Citing Tax Changes Amid Billionaire Exodus

John Fredriksen, the UK's ninth richest billionaire and Norwegian-born shipping tycoon, has relocated to the United Arab Emirates and moved his business operations out of London, citing Labour's abolition of the non-dom tax regime as a key reason. Fredriksen, who owns one of London's most valuable private residences, The Old Rectory in Chelsea, criticized Britain’s economic prospects, saying "Britain has gone to hell" and comparing the country unfavorably to Norway. He has closed the London headquarters of Seatankers Management, a key part of his business empire, and expressed concerns about the decline of the Western world and the UK's future. Fredriksen's departure reflects a broader trend of wealthy individuals leaving the UK following tax changes that removed protections for foreign income and assets, which analysts predict will result in a significant loss of high-net-worth individuals from the country. He also lamented the rise of home office culture and urged people to work more in traditional office settings. His comments and actions underscore growing concerns about Britain's attractiveness to global wealth under the current government policies.