The UK's ninth-richest billionaire has made the decision to relocate his company from london to the United Arab Emirates, saying that "Britain has gone to hell." According to an E24 story, Norwegian shipping magnate john Fredriksen is the most recent in a growing number of affluent people leaving the UK capital.
The 81-year-old billionaire is worth $18 billion and owns The Old Rectory in Chelsea, one of the most renowned private residences in London. From the United Arab Emirates, Fredriksen currently manages his business empire. He publicly criticized the UK's economic trajectory in an interview with E24, saying, "It's beginning to remind me more and more of Norway." Like norway, britain has gone to hell. "I do my best to stay away from norway," he remarked.
In his criticism of the UK's trade policies, he specifically referred to US President donald trump as "completely hopeless." "The whole Western world is on its way down," Fredriksen continued. Instead of working from home, people ought to get up and work even harder and go to the workplace.
After the non-dom tax regime ended, which had permitted foreign-born businesses to shield their international assets and income from UK taxes, he was one of many wealthy Londoners who left the country.
Who is john Fredriksen?
John Fredriksen, who left norway in 1978 after making a fortune in the oil sector, was born to a welder in Oslo. He started off as an oil trader in Beirut in the 1960s before switching to shipping in the 1970s and buying his first tankers.
His fortune skyrocketed in the 1980s during the Iran-Iraq War, when he commanded a fleet of over 70 oil tankers, making him the largest owner in the world. Fredriksen's family owns significant interests in salmon farming and oil rigs, and he is the father of twin daughters, Kathrine and Cecilie.
He paid £37 million for the Chelsea property in 2001, which is now worth up to £250 million, making it one of the priciest private residences in the United Kingdom. The ten-bedroom home has a tennis court, an indoor pool, and a ballroom.
A billionaires exodus
According to E24, a number of other affluent Norwegians have also departed london this year, in addition to Fredriksen. This includes billionaires Peter T. Smedvig and Helene Odfjell, who departed as part of a larger migration of millionaires after the UK abolished the non-dom tax status on april 6.
Concern among the ultra-rich has been raised by the termination of tax breaks on foreign assets and trusts. According to the Standard UK, steel magnate lakshmi Mittal is also apparently departing london since the tax breaks are ending.
According to research, the UK would lose the most high-net-worth individuals of any nation in 2025—16,500.
The 81-year-old billionaire is worth $18 billion and owns The Old Rectory in Chelsea, one of the most renowned private residences in London. From the United Arab Emirates, Fredriksen currently manages his business empire. He publicly criticized the UK's economic trajectory in an interview with E24, saying, "It's beginning to remind me more and more of Norway." Like norway, britain has gone to hell. "I do my best to stay away from norway," he remarked.
In his criticism of the UK's trade policies, he specifically referred to US President donald trump as "completely hopeless." "The whole Western world is on its way down," Fredriksen continued. Instead of working from home, people ought to get up and work even harder and go to the workplace.
After the non-dom tax regime ended, which had permitted foreign-born businesses to shield their international assets and income from UK taxes, he was one of many wealthy Londoners who left the country.
Who is john Fredriksen?
John Fredriksen, who left norway in 1978 after making a fortune in the oil sector, was born to a welder in Oslo. He started off as an oil trader in Beirut in the 1960s before switching to shipping in the 1970s and buying his first tankers.
His fortune skyrocketed in the 1980s during the Iran-Iraq War, when he commanded a fleet of over 70 oil tankers, making him the largest owner in the world. Fredriksen's family owns significant interests in salmon farming and oil rigs, and he is the father of twin daughters, Kathrine and Cecilie.
He paid £37 million for the Chelsea property in 2001, which is now worth up to £250 million, making it one of the priciest private residences in the United Kingdom. The ten-bedroom home has a tennis court, an indoor pool, and a ballroom.
A billionaires exodus
According to E24, a number of other affluent Norwegians have also departed london this year, in addition to Fredriksen. This includes billionaires Peter T. Smedvig and Helene Odfjell, who departed as part of a larger migration of millionaires after the UK abolished the non-dom tax status on april 6.
Concern among the ultra-rich has been raised by the termination of tax breaks on foreign assets and trusts. According to the Standard UK, steel magnate lakshmi Mittal is also apparently departing london since the tax breaks are ending.
According to research, the UK would lose the most high-net-worth individuals of any nation in 2025—16,500.
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