A $13 billion property mogul is the latest to flee Britain’s new taxes for Monaco, a warning sign as California votes on a billionaire tax

Property magnate David Reuben has left his Holland Park home for Monaco, making him the latest high-profile member of London’s ultrawealthy community to relocate to the principality.

The 88-year-old billionaire shares second place on the Sunday Times Rich List with his brother Simon Reuben. A spokesman for the brothers recently confirmed that David Reuben moved to Monaco this summer. The Times first reported the relocation.

Monaco’s appeal to wealthy London residents

Monaco has long been a destination for wealthy London residents seeking to protect their fortunes from the UK Treasury. The principality’s established reputation as a tax haven has made it a familiar choice for members of Britain’s richest circles.

Reuben’s move adds another prominent name to that pattern. His departure comes as attention focuses on the effect of Britain’s new taxes on high-net-worth individuals, although no further details about his personal tax arrangements were provided.

A high-profile relocation

The move is notable because of Reuben’s standing in the UK wealth rankings and his long association with London property. The brothers’ joint position near the top of the Sunday Times Rich List underscores the scale of the fortune connected with the Reuben family.

The spokesman’s confirmation establishes the relocation, but the available information does not set out whether tax considerations were the sole reason for the decision. It does, however, highlight Monaco’s continuing role as a destination for wealthy people leaving Britain.