John Fredriksen Sells Chelsea Mansion, Moves to UAE After UK Tax Changes
- William J
- Jul 23
- 2 min read
July 22, 2025
London, UK-John Fredriksen, a shipping billionaire with an estimated net worth of $17.3 billion, is selling his Chelsea mansion, The Old Rectory, for about £250 million (approximately $337 million USD). He is relocating from the United Kingdom to the United Arab Emirates (UAE), citing recent tax changes in the UK as a major factor behind his decision.
Fredriksen has expressed dissatisfaction with the UK’s new tax policies, particularly those impacting non-domiciled residents and high-net-worth individuals. The British government’s reforms include changes to rules for non-doms, as well as increases in capital gains and inheritance taxes. These policy adjustments have led many wealthy individuals to reconsider their residency and investments in the UK.
The Old Rectory, located in Chelsea, is one of the most valuable residential properties in London. The property has been listed for sale, with real estate agents confirming the asking price is approximately £250 million, making it one of the highest-priced homes on the UK market.
Reports confirm that Fredriksen has closed his London office and is moving his business operations to the UAE. The UAE, especially Dubai and Abu Dhabi, is known for its favorable tax environment, no personal income tax, and attractive conditions for global entrepreneurs and investors. This has made it a popular relocation destination for international business leaders in recent years.
There has been an increase in high-value property listings in London as other wealthy individuals look to leave the UK following tax changes. Market analysts note that the outflow of high-net-worth residents could impact investment and tax revenues in the long term.
UK officials state that the new tax reforms are intended to create greater fairness in the system. However, critics argue that these changes may make the UK less attractive to global investors, potentially affecting London’s position as a financial and business hub.
Fredriksen’s relocation and the sale of his Chelsea estate highlight a broader pattern of ultra-wealthy individuals moving out of the UK in response to tax reforms. Sources:
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