London/Dubai: John Fredriksen, the ninth richest billionaire in the UK, has officially moved out of London, relocating his business empire to the United Arab Emirates. Citing Britain’s deteriorating economy and harsh new tax rules, the shipping magnate didn’t hold back in his criticism: “Britain has gone to hell,” he told Norwegian outlet E24.
The 81-year-old tycoon, known for his sprawling £250 million estate The Old Rectory in Chelsea, is worth an estimated $18 billion. He now joins a growing wave of ultra-wealthy individuals abandoning the UK in response to the abolition of the non-dom tax regime, which had previously allowed them to protect overseas assets from British taxes.
A Harsh Economic Outlook
Fredriksen compared the UK’s decline to Norway’s, claiming, “It’s starting to remind me more and more of Norway… I try to avoid Norway as much as I can.” He also criticized Britain’s trade policies and took a swipe at the Western work culture: “People should get up and work more, and go to the office instead of working from home.”
From Oil Tankers to UAE
Born in Oslo to a welder, Fredriksen built his fortune in the oil and shipping industry, becoming the world’s largest tanker owner during the Iran-Iraq War. Today, he owns major stakes in oil rigs and salmon farming, and is one of the most influential figures in global shipping.
A Broader Billionaire Exodus
Fredriksen isn’t alone. Billionaires Helene Odfjell, Peter T Smedvig, and even steel tycoon Lakshmi Mittal are reportedly also planning to leave the UK following the end of the tax exemptions.
A recent report predicts the UK could lose 16,500 high-net-worth individuals in 2025 — more than any other country — signaling a clear backlash from the wealthy elite to Britain’s shifting fiscal policies.