Dubai: John Fredriksen, the Norwegian-born shipping magnate and the UK’s ninth-richest individual, has relocated major business operations from London to the UAE, citing Britain’s scrapping of its long-standing non-dom tax regime as the key reason behind his decision.

Fredriksen, who built one of the world’s largest oil tanker empires and whose fortune exceeds $10 billion, confirmed that he has moved parts of his operations to the UAE—a shift that signals a broader exodus of global wealth from Britain.

Last year, Fredriksen quietly shuttered the Sloane Square headquarters of Seatankers Management, one of his key private shipping firms in London. Since then, he has increasingly based himself in the UAE, now managing much of his business empire from there.

"The new British tax system is a major factor behind this move," Fredriksen said, referencing the end of the non-resident, or "non-dom," tax status that had allowed foreign-born wealthy residents to shelter foreign earnings from UK taxes for generations. The abolition of the system, which officially ended on April 6, has been described by critics as a "tax raid" on the global elite.

UAE rises as a billionaire magnet

Fredriksen’s departure underscores the UAE’s growing appeal as a haven for the wealthy. According to the Wealth Migration 2025 report by Henley & Partners and New World Wealth, the country has seen a sharp influx of high-net-worth individuals, particularly from the UK, India, Russia, Southeast Asia, and Africa.

With favourable tax policies and the introduction of long-term "Golden Visas," the UAE—especially Dubai—has emerged as a top destination for global wealth migration, alongside Monaco, Malta, Switzerland, and luxury Mediterranean hubs like Italy, Portugal, and Greece.

The report notes that a rising number of high-income executives are relocating to cities such as Dubai, Milan, Lisbon, Zug, Lugano, and Miami, reflecting a broader shift in global wealth centres.

From humble origins to maritime empire

Born in Oslo in 1944 to modest beginnings, Fredriksen began his career trading oil in Beirut in the 1960s. He amassed his fortune during the Iran-Iraq War of the 1980s, when he capitalised on oil transport amid conflict. Today, he owns more than 70 oil tankers and has vast interests in oil and salmon farming.

In 2014, Lloyd’s List named him among the top 10 most influential people in the global shipping industry.

Wealth exodus

Fredriksen is far from alone in his decision to leave London. Other wealthy expatriates, including Norwegian billionaire Helene Aurdfig and shipping mogul Peter Smedvig, have also recently relocated to tax-friendlier jurisdictions like Switzerland.

Henley & Partners estimate that as many as 16,500 tycoons will leave the UK this year—the highest outflow of wealthy individuals from any country globally during the same period.

The scrapped non-dom regime, a centuries-old fixture of British tax law, had made London a magnet for global capital. Its end, however, has raised fears that foreign investment could follow the capital flight.

As Britain redefines its economic landscape, critics warn that policy shifts targeting the ultra-wealthy may have long-term repercussions for its status as a global financial centre. (Gulf News)