UK’S richest man takes his £21bn fortune to Monaco
BRITAIN’S richest man is leaving the country in favour of Monaco, The Daily Telegraph can disclose.
Sir Jim Ratcliffe, the engineer who founded the chemical firm Ineos and was knighted this summer, has complained previously about Britain’s restrictive business and tax environment.
It is understood that the two other billionaire senior executives at Ineos, Andy Currie and John Reece, have also decided to relocate to Monaco. Ineos’ headquarters will remain in London.
The reasons behind the move are not known, although Monaco is a tax haven and Sir Jim owns a large property on the French riviera. He has also failed in a legal bid to overturn Scotland’s ban on shale gas fracking.
The move will be seen as a blow for Theresa May, as Sir Jim is a high-profile supporter of Brexit. He recently began buying well-known British brands including Belstaff, the clothing firm, and planning a “spiritual successor” to the discontinued Land Rover Defender.
In 2016, it was announced to much fanfare that Ineos was returning to the UK from Switzerland in a move that was seen to show that Sir Jim had renewed faith in the UK.
Sir Jim, 65, a joiner’s son who grew up in a council house, was named the richest man in Britain in the Sunday Times Rich List this year with a fortune of £21.05billion. His wealth increased from £15.3billion last year, partly because of a revaluation of assets including property and two super-yachts.
Ineos, the largest privately owned company in Britain, sells more than 60million tons of chemicals annually and employs more than 18,500 staff.
Sir Jim has faced controversy in recent years over a series of industrial disputes and his work in fracking.
In 2010, Ineos moved to Switzerland to save an estimated €450 million (£317.5million) in tax over four years, after Labour ministers refused to let the firm defer a £350 million VAT payment. A source close to the company said at the time: “Britain is no longer competitive.”
Ineos refused to comment on Sir Jim’s latest move, but said the company was “committed” to its base in London.