John Fredriksen, the Norwegian-born shipping magnate and the UK’s ninth richest individual, has declared, “Britain has gone to hell,” following his decision to relocate his business operations from London to the United Arab Emirates. At 81 years old, Fredriksen, who is worth an estimated £13.7 billion according to the Sunday Times Rich List, is among a growing number of wealthy expatriates distancing themselves from the UK due to the economic climate and recent tax changes, including the Labour Party’s abolition of the non-dom tax regime. Fredriksen expressed his discontent at the Nor-Shipping event in Oslo, where he criticized the UK’s current trajectory, comparing it unfavorably to Norway.
He has also recently shuttered the London headquarters of his shipping firm, Seatankers Management, which was located in Sloane Square. His decision reflects a broader trend of wealthy individuals, particularly foreign nationals, reevaluating their ties to the UK. Having moved to the UK from Norway in the late 1970s, Fredriksen acquired The Old Rectory in Chelsea for £37 million in 2001.
This property, now valued at approximately £250 million, boasts ten bedroom suites, extensive gardens, and historical significance, being home to former rectors of Chelsea parish church. In his interview, Fredriksen remarked on the general downturn of the Western world and suggested that people should return to traditional work settings instead of opting for home offices. Additionally, he criticized Donald Trump’s trade policies as “completely hopeless.” His successful ventures in oil trading and shipping, particularly during the Iran-Iraq war, have established him as a leading figure in the industry.
This trend of wealthy individuals leaving the UK is not isolated to Fredriksen; other notable figures, including billionaire Helene Odfjell and shipping tycoon Peter T. Smedvig, have also relocated this year, indicating a worrying shift in the landscape of affluence in London.