British brothers worth $9 bn quit UK amid wealth exodus

By Ben Stupples

Two of Britain’s richest real estate investors have ditched the UK as their home territory, the latest departures among the country’s elite as the nation hits wealthy residents with tax hikes.

UK natives Ian and Richard Livingstone now list Monaco as their place of usual residency after previously citing the UK, according to registry filings. The move boosts the billionaire siblings’ ties to the French Riviera city-state where they have held major investments for more than a decade.

The switch for the founders of property firm London & Regional took effect between late March and early April, the filings show. Around the same time, Keir Starmer’s Labour government brought in sweeping tax changes announced at the UK’s Autumn Budget in October, including curbs to relief on inherited assets as well as higher levies on capital gains and private equity investments.

A representative for Ian, 62, and Richard, 60, declined to comment. The siblings have a combined fortune of about $8.5 billion, according to the Bloomberg Billionaires Index.

The Livingstones’ actions underscore how even billionaire British nationals are joining ultra-rich foreigners, including Egypt’s Nassef Sawiris and Belgium’s Frederic de Mevius in curbing ties to the UK as they grapple with a raft of changes affecting their finances.

The departures are also now hitting the City of London. Goldman Sachs Group Inc.’s Richard Gnodde is relocating from London to Milan, according to a spokesperson for the bank. He was named vice chairman in January after running Goldman’s international business for years and is one of the City’s best-known figures.

Long a bastion of legal and political stability, the UK has traditionally punched above its weight as a global wealth hub — but its reputation has taken a hit following Brexit and the flux of prime ministers since 2016.

It’s also repeatedly curbed incentives for wealthy individuals who live in the country, including scrapping inheritance tax breaks for overseas trusts as part of Chancellor Rachel Reeves’s efforts to plug what she described as a £40 billion ($53 billion) economic hole.

Monaco is often a favorite destination for those looking to exit the UK, where the top 1 per cent typically contribute more than a quarter of total income taxes.

Smaller than New York’s Central Park, Monaco doesn’t impose taxes on capital gains or income and has generous exemptions for inherited assets. It also offers high levels of safety compared with other European territories.

Other UK billionaires who have relocated to the Mediterranean principality include Jim Ratcliffe, the founder of chemicals giant Ineos, who moved there around 2018 partly due to the threat of the Labour’s then-left wing leader Jeremy Corbyn.

The sons of a dentist, the Livingstone brothers grew up in London and began building their real estate empire in the 1990s, acquiring distressed assets in the UK following a slump in prices. Ian, who studied optometry in college, also set up an eye-wear company, which eventually expanded to more than 200 stores. He sold his stake to Leonardo Del Vecchio’s Luxottica Group in 2010.

London & Regional’s real estate portfolio now includes London cinemas, Madrid offices and the Fairmont Monte Carlo, a four-star Monaco hotel that the Livingstones’ firm bought in 2007.

Outside real estate, the brothers made a lucrative investment in Evolution AB, one of the world’s biggest online casino platforms. Their charitable foundations have also supported programs for UK children, British fashion and London colleges through their charities.