Billionaire John Fredriksen Leaves UK Selling $337M London Estate

Norwegian-born shipping magnate John Fredriksen, one of Britain's wealthiest billionaires, is selling his historic Chelsea estate, The Old Rectory, for £250 million (about $337 million), marking one of the UK's most expensive home sales. The 30,000-square-foot Georgian mansion, featuring 10 bedrooms, a ballroom, and two acres of gardens, is the third-largest private residence in the UK. Fredriksen, disillusioned by recent tax reforms such as the abolition of the non-domicile tax status, has decided to relocate his operations and residence to the United Arab Emirates, criticizing the UK and broader Western economies as declining. His exit is emblematic of a broader trend, with the UK losing thousands of millionaires and billionaires amid tax hikes and shifting economic policies, which many view as eroding the country's appeal to high-net-worth individuals. This wealth exodus includes other prominent billionaires and has raised concerns about the UK's future competitiveness as a global financial hub. Fredriksen has also closed his London business and laid off staff, while passing leadership roles within his family business to his twin daughters based in the UAE.