David Reuben, worth $13.1 billion, leaves Britain for Monaco after the non-dom repeal

For an 88-year-old ^[1], the British tax with the most at stake is the one charged at death, or rather the version of it that the new rules extended to long-term residents' assets abroad ^[4]. Tax advisors warned when the residence-based system took effect that this was the biggest sticking point ^[5]. At 40%, Bloomberg's $13.1 billion valuation of David Reuben implies a charge of about $5.2 billion ^[2][24]. That is a gross figure, before reliefs or trusts. Monaco charges no inheritance tax, and no income or capital gains tax either ^[3].

City AM reported the reason for the move as unknown ^[7]. His brother Simon moved to Monaco about 40 years ago for health reasons ^[8]. The Rich List data carries more weight than one man's address. According to The Times, 60 of the 350 individuals and families on the 2024 Rich List were missing from the 2026 edition, most commonly because they were non-British citizens who had moved overseas ^[11]. That is about 17% of the list in two years ^[25].

Prop 40, a one-time 5% levy, fixes residency at Jan. 1, 2026, a date that passed before early voting opened this week ^[13][14]. Six departures out of 214 billionaires is under 3% by headcount ^[29]. By Fortune's calculation, four of them, Larry Page, Sergey Brin, Peter Thiel and Travis Kalanick, would have owed about $29 billion, more than a quarter of the measure's projected $100 billion haul ^[15]. If that projection counted those four, the base still in the state is nearer $71 billion ^[26].

Gov. Gavin Newsom's case against Prop 40 is that billionaires can simply move to another state ^[20]. Brin moved, and Fortune still says he could owe roughly $13 billion if the tax passes ^[14][17]. His $102 million to the opposition ^[16] is about 0.8% of that bill ^[28]. The side he funds has spent more than $187 million against about $32 million in support, close to six to one ^[18][27].

I think the British record supports the tax-flight case better than California's does. Britain's system is keyed to residence ^[4], so leaving is the response it invites, and the exits are already being counted ^[9]. California's evidence so far is six moves and a vote not yet decided ^[13][14]. The counter-thesis is that the British exits are about more than tax. Jim Ratcliffe, a Monaco tax resident since 2018, blamed high immigration as well as high taxes for a country he called "on the slide" ^[12]. The tax reading fails if the dropouts turn out to have left for age, health or family; the Times count records that people moved, not why ^[11].

Nvidia CEO Jensen Huang told Bloomberg Television he would pay whatever Silicon Valley levied ^[23]. "We chose to live in Silicon Valley and whatever taxes they would like to apply, so be it," Huang said. "I'm perfectly fine with it, it never crossed my mind once." ^[21]