Billionaires Ian and Richard Livingstone Establish Residency in Monaco Amidst UK Tax Reforms
The British brothers, known for their real estate empire, have relocated to Monaco, highlighting the principality's allure for ultra-high-net-worth individuals.
Ian and Richard Livingstone, prominent British billionaires, have officially relocated to Monaco, marking their departure from London in late March to early April 2025. The brothers, who have built a significant fortune in real estate, particularly through their company London & Regional Properties, valued at approximately £9 billion, are the latest in a trend of ultra-high-net-worth individuals (UHNWI) leaving the UK. Their move coincides with recent tax reforms implemented by the Labour government, aimed at increasing revenue in light of a projected £22 billion shortfall in public finances.
The new Chancellor of the Exchequer, Rachel Reeves, has introduced measures that revoke the 'non-domiciled' tax status, which previously allowed wealthy individuals residing in the UK to mitigate tax on foreign income.
This change has reportedly triggered a surge in wealthy individuals seeking more favorable tax environments, with estimates suggesting that around 10,000 millionaires left the UK in 2024 alone, an increase of 157% from previous figures.
Monaco has emerged as a favored destination for these individuals, celebrated for its advantageous tax regime and renowned for its security, privacy, and high quality of life.
Francesco Grosoli, CEO of private bank CMB Monaco, remarked that many high-net-worth individuals appreciate the pragmatic benefits of living in Monaco, including the safeguarding of their personal lives and assets.
In the context of current geopolitical tensions, he underscored the importance of physical and digital security in attracting new residents.
The Livingstone brothers, who have significant assets in Monaco, including the recently renovated Fairmont Monte Carlo hotel, exemplify this trend.
Their wealth, estimated at $8.5 billion according to Bloomberg's Billionaires Index, stems from their diverse investments in various sectors, particularly in luxury hospitality and online gaming technology.
Their company has acquired several prestigious hotel properties globally, including luxury hotels in Los Angeles, Las Vegas, and Miami.
Moreover, their investment portfolio includes a notable 17% stake in Evolution AB, a Swedish company that provides online casino services, which experienced significant growth during the COVID-19 pandemic as demand for online gaming surged.
The Fairmont Monte Carlo, originally purchased in 2007, has undergone substantial renovations supported by a €250 million loan from BNP Paribas, with the completion of these renovations marking the hotel’s fiftieth anniversary.
The Livingstone brothers' move to Monaco is indicative of a broader socio-economic trend as wealth migration from the UK continues in response to shifting fiscal policies.
As the brothers settle into their new environment, questions arise about their potential engagement in Monaco’s economic and philanthropic landscape.
Historically, their charitable efforts have focused on British youth programs and educational institutions, and it remains to be seen whether they will redirect their philanthropic ambitions towards local initiatives in Monaco.
The new Chancellor of the Exchequer, Rachel Reeves, has introduced measures that revoke the 'non-domiciled' tax status, which previously allowed wealthy individuals residing in the UK to mitigate tax on foreign income.
This change has reportedly triggered a surge in wealthy individuals seeking more favorable tax environments, with estimates suggesting that around 10,000 millionaires left the UK in 2024 alone, an increase of 157% from previous figures.
Monaco has emerged as a favored destination for these individuals, celebrated for its advantageous tax regime and renowned for its security, privacy, and high quality of life.
Francesco Grosoli, CEO of private bank CMB Monaco, remarked that many high-net-worth individuals appreciate the pragmatic benefits of living in Monaco, including the safeguarding of their personal lives and assets.
In the context of current geopolitical tensions, he underscored the importance of physical and digital security in attracting new residents.
The Livingstone brothers, who have significant assets in Monaco, including the recently renovated Fairmont Monte Carlo hotel, exemplify this trend.
Their wealth, estimated at $8.5 billion according to Bloomberg's Billionaires Index, stems from their diverse investments in various sectors, particularly in luxury hospitality and online gaming technology.
Their company has acquired several prestigious hotel properties globally, including luxury hotels in Los Angeles, Las Vegas, and Miami.
Moreover, their investment portfolio includes a notable 17% stake in Evolution AB, a Swedish company that provides online casino services, which experienced significant growth during the COVID-19 pandemic as demand for online gaming surged.
The Fairmont Monte Carlo, originally purchased in 2007, has undergone substantial renovations supported by a €250 million loan from BNP Paribas, with the completion of these renovations marking the hotel’s fiftieth anniversary.
The Livingstone brothers' move to Monaco is indicative of a broader socio-economic trend as wealth migration from the UK continues in response to shifting fiscal policies.
As the brothers settle into their new environment, questions arise about their potential engagement in Monaco’s economic and philanthropic landscape.
Historically, their charitable efforts have focused on British youth programs and educational institutions, and it remains to be seen whether they will redirect their philanthropic ambitions towards local initiatives in Monaco.