Ian and Robert Livingstone: New Residents in Monaco Amid a British Wealth Exodus
The Livingstone brothers, billionaires renowned for their property empire, have relocated to Monaco, highlighting the principality's growing appeal to ultra-high-net-worth individuals.
Ian and Robert Livingstone, two British billionaires, have recently made Monaco their residence, marking a significant shift as many wealthy individuals leave the United Kingdom for more favorable conditions abroad.
The Livingstone brothers, whose fortune is largely derived from real estate, have built an extensive global hospitality empire that includes the Fairmont Monte Carlo, which they acquired in 2007. Their arrival reflects a broader trend of ultra-high-net-worth individuals (UHNWI) departing the UK in response to changing tax policies.
In recent months, a significant exodus has been noted, driven by a shift in fiscal policy under the Labour government's leadership, particularly following the appointment of Rachel Reeves as Chancellor of the Exchequer.
Reeves has initiated reforms that alter the longstanding tax advantages previously available to wealthy individuals, aiming to address a £22 billion gap in the UK’s public finances.
One of the major reforms includes the revocation of the non-domicile status, a tax structure that has been in place since 1799, allowing certain residents to avoid taxes on foreign income.
This change is part of a larger movement that has reportedly seen approximately 10,000 millionaires leave the UK in 2024 alone, signifying a 157% increase from previous years.
Monaco has emerged as a prime destination for many of these individuals, known for its low tax regime, political stability, and high quality of life.
Francesco Grosoli, CEO of CMB Monaco, has noted that the principality remains attractive to wealthy individuals not only for its financial incentives but also for its protections concerning privacy and property.
He emphasized that the security offered in Monaco—both physical and digital—adds to its allure, especially in the current geopolitical climate.
The Livingstones, whose net worth has been estimated at $8.5 billion, began their entrepreneurial journey in the 1980s with Ian opening his first eyewear store.
Over time, they formed the company London & Regional Properties, which has grown to encompass a range of commercial properties, including luxury hotels.
Their investment strategies have expanded to include diverse sectors, particularly in hospitality and online gaming.
Notable properties in their portfolio include prestigious hotels such as Cliveden House and various locations in Las Vegas and Miami.
Their stake in the Swedish company Evolution AB, which supplies online casino games, significantly boosted their wealth during the COVID-19 pandemic, as online gambling surged.
The Fairmont Monte Carlo, well-known for its proximity to the Monaco Grand Prix, recently underwent a substantial renovation funded by a €250 million loan from BNP Paribas.
Completed at the end of 2024, the refurbishment has modernized the hotel while maintaining its iconic status on the French Riviera.
While the Livingstone brothers embody the new wave of residents in Monaco, characterized by their business acumen and low public profile, their involvement in local communities remains to be seen.
Historically, they have engaged in charitable initiatives focusing on youth and educational programs in the UK, and it is anticipated their philanthropic efforts may shift towards Monaco.
The arrival of Ian and Robert Livingstone adds to the increasing presence of UHNWI in Monaco, signaling the principality’s sustained appeal as a tax haven and lifestyle choice for the affluent.
The Livingstone brothers, whose fortune is largely derived from real estate, have built an extensive global hospitality empire that includes the Fairmont Monte Carlo, which they acquired in 2007. Their arrival reflects a broader trend of ultra-high-net-worth individuals (UHNWI) departing the UK in response to changing tax policies.
In recent months, a significant exodus has been noted, driven by a shift in fiscal policy under the Labour government's leadership, particularly following the appointment of Rachel Reeves as Chancellor of the Exchequer.
Reeves has initiated reforms that alter the longstanding tax advantages previously available to wealthy individuals, aiming to address a £22 billion gap in the UK’s public finances.
One of the major reforms includes the revocation of the non-domicile status, a tax structure that has been in place since 1799, allowing certain residents to avoid taxes on foreign income.
This change is part of a larger movement that has reportedly seen approximately 10,000 millionaires leave the UK in 2024 alone, signifying a 157% increase from previous years.
Monaco has emerged as a prime destination for many of these individuals, known for its low tax regime, political stability, and high quality of life.
Francesco Grosoli, CEO of CMB Monaco, has noted that the principality remains attractive to wealthy individuals not only for its financial incentives but also for its protections concerning privacy and property.
He emphasized that the security offered in Monaco—both physical and digital—adds to its allure, especially in the current geopolitical climate.
The Livingstones, whose net worth has been estimated at $8.5 billion, began their entrepreneurial journey in the 1980s with Ian opening his first eyewear store.
Over time, they formed the company London & Regional Properties, which has grown to encompass a range of commercial properties, including luxury hotels.
Their investment strategies have expanded to include diverse sectors, particularly in hospitality and online gaming.
Notable properties in their portfolio include prestigious hotels such as Cliveden House and various locations in Las Vegas and Miami.
Their stake in the Swedish company Evolution AB, which supplies online casino games, significantly boosted their wealth during the COVID-19 pandemic, as online gambling surged.
The Fairmont Monte Carlo, well-known for its proximity to the Monaco Grand Prix, recently underwent a substantial renovation funded by a €250 million loan from BNP Paribas.
Completed at the end of 2024, the refurbishment has modernized the hotel while maintaining its iconic status on the French Riviera.
While the Livingstone brothers embody the new wave of residents in Monaco, characterized by their business acumen and low public profile, their involvement in local communities remains to be seen.
Historically, they have engaged in charitable initiatives focusing on youth and educational programs in the UK, and it is anticipated their philanthropic efforts may shift towards Monaco.
The arrival of Ian and Robert Livingstone adds to the increasing presence of UHNWI in Monaco, signaling the principality’s sustained appeal as a tax haven and lifestyle choice for the affluent.
