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
David Reuben's move to Monaco follows a wave of departures since the U.K. scrapped its non-dom regime—and offers a preview of the fight California voters are deciding with Proposition 40.
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# Investing Summary British property tycoon David Reuben, worth $13 billion, has relocated to Monaco following the U.K.'s elimination of its non-dom tax status, joining a exodus of wealthy individuals and signaling potential capital flight risks as California prepares to vote on Proposition 40's billionaire tax. The migration pattern demonstrates how aggressive wealth taxation policies may trigger relocation of high-net-worth individuals and their assets to lower-tax jurisdictions, creating a cautionary precedent for states considering similar wealth-based levies.
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