In the charming land of Britain, one wealthy shipping tycoon is making waves—well, more like ripples—by leaving the country. John Frederickson, a big name in the shipping industry and one of the richest people in the UK, appears to be packing his bags. According to the folks over at Henley and Partners, Frederickson is just one of 16,500 high-net-worth individuals who are bidding farewell to the British Isles this year. Talk about a mass exodus!
Frederickson isn’t just downsizing his social circle; he’s also letting go of more than a dozen domestic employees and is preparing to sell his spectacular mansion, known as the Old Rectory. This extravagant pad stretches a whopping 30,000 square feet and comes with a price tag that makes most folks’ eyes pop—around £250 million, or about £337 million in US dollars. It’s not your everyday house, folks; it’s one of the priciest homes in Britain!
So why is Frederickson making such a big move? The shipping magnate recently pointed fingers at the end of the non-domicil tax status, a nifty tax arrangement that allowed non-citizen residents to pay British taxes only on their UK income. With the abolishment of this status, Frederickson decided it was time to seek greener pastures. Earlier this year, he also closed the London headquarters of Sea Tankers Management, the private shipping company he runs. Clearly, he’s not just any ordinary millionaire; he’s making some serious life changes.
What’s even more shocking is the trend Henley has uncovered. The UK is losing millionaires and billionaires faster than a rabbit in a magic show when compared to other wealthy nations. While the UK holds the fifth spot globally for its high-net-worth individuals, it’s the only one among the top ten wealthiest countries that has seen a decline in millionaire growth over the past decade. With tax reforms like a hike in inheritance tax and a hefty VAT on private school fees, it seems Britain is not exactly rolling out the red carpet for its wealthiest residents.
Frederickson is not alone in his flight; he’s part of a larger migration toward the United Arab Emirates, where nearly 9,800 millionaires are expected to make their way this year alone. Frederickson, who hails from Criyotti and was recently spotted as the 136th richest person globally with a snazzy net worth of $17.3 billion, will now be calling the UAE home. The conclusion? If you’re a high net worth individual, it might just be time to start looking south to the sunnier skies of the Emirates—after all, who wouldn’t want to trade British rain for desert sun?
