Norwegian-born shipping magnate John Fredriksen, one of the UK’s wealthiest individuals, has relocated significant business operations from London to the UAE. This move, driven primarily by the UK’s abolition of its long-standing "non-dom" tax regime, underscores a broader trend of high-net-worth individuals seeking more favorable economic environments.
Billionaire Exodus: Why Fredriksen Chose the UAE
John Fredriksen, with a fortune exceeding $10 billion, built one of the world’s largest oil tanker empires. His decision to move his business operations to the UAE is a direct response to the UK government’s scrapping of the "non-dom" tax status, which previously allowed foreign-born wealthy residents to shield overseas earnings from UK taxes. This policy change, effective April 6, has been described by critics as a "tax raid" on the global elite.
- Fredriksen quietly closed the London headquarters of Seatankers Management, one of his key private shipping firms.
- He now manages much of his business empire from the UAE.
- Fredriksen openly criticized the UK’s economic direction, stating, "Britain has gone to hell, like Norway."
The UAE’s Growing Appeal to the Ultra-Wealthy
The UAE, particularly Dubai, has rapidly emerged as a premier destination for global wealth migration. This appeal is fueled by several factors:
- Favorable Tax Policies: The UAE offers attractive tax regimes, a significant draw for high-net-worth individuals.
- Regulatory Reforms: Proactive regulatory changes have created a business-friendly environment.
- Golden Visas: The introduction of long-term Golden Visas provides stability and ease of residency for wealthy individuals and their families.
According to the Henley & Partners Private Wealth Migration Report, at least 9,800 millionaires are expected to relocate to the UAE in 2025, reinforcing its status as a magnet for global wealth.
A Broader Trend of Wealth Migration
Fredriksen is not alone in his departure from London. The UK is experiencing a significant outflow of wealthy individuals, with an estimated 16,500 tycoons expected to leave in 2025—the highest outflow from any country globally. Other notable figures who have recently relocated or expanded their presence in the UAE include:
- Michael Edward Platt: British billionaire hedge fund manager and co-founder of BlueCrest Capital Management.
- Shravin Bharti Mittal: Founder of Unbound and Managing Director of Bharti Global Ltd.
- Pavel Durov: Russian technology entrepreneur and founder of Telegram, based in Dubai since 2017.
- Nassef Sawiris: Egyptian billionaire who relocated his family office, NNS Group, to Abu Dhabi.
This trend highlights a broader shift in global wealth centers, with cities like Dubai, Milan, Lisbon, and Miami attracting high-income executives and investors seeking stability, opportunity, and strategic advantages.
