One of the UK’s richest residents, Norwegian-born shipping magnate John Fredriksen, is reportedly putting his 300-year-old Georgian manor in London up for sale, just weeks after declaring that “Britain has gone to hell” following controversial tax reforms.
Fredriksen, worth $17.3 billion (nearly 1.43 lakh crore) according to Forbes, is part of a growing exodus of ultra-rich individuals fleeing the UK. His 30,000-square-foot estate, The Old Rectory in Chelsea estimated at 2,800 crore, is one of Britain’s most expensive private homes, featuring 10 bedrooms, a ballroom and two acres of lush gardens, reportedly the third-largest private garden in London.
The 81-year-old billionaire has fired over a dozen staff and is holding discreet property viewings, confirming his departure. He told Norwegian outlet E24 that he is relocating to the United Arab Emirates, blaming the UK’s scrapping of the non-domicile tax status. “The entire western world is on its way down,” he said.
Fredriksen also shut down the London HQ of his shipping firm, Seatankers Management, earlier this year.
His move is part of a broader trend: according to Henley & Partners, 16,500 millionaires are expected to leave the UK in 2025, more than any other rich country. While the UK still ranks fifth globally in terms of millionaire population, it’s the only one among the top 10 wealthiest nations seeing negative millionaire growth in the past decade. Recent tax policy changes, including a higher inheritance tax, 15 per cent VAT on private school fees, and shifts in residence-based taxation, have made the UK increasingly unattractive to high-net-worth individuals.
Others who’ve recently left Britain include billionaires Christian Angermayer and Nassef Sawiris, the latter of whom owns Aston Villa Football Club.
Fredriksen’s Chelsea mansion, The Old Rectory, dates back to the 1720s and was formerly home to the rector of Chelsea parish church. It was bought by Fredriksen in 2001 for £37 million (approx. 400 crore), after being sold in 1995 for £22 million (approx. 235 crore) to Greek shipping magnate Theodore Angelopoulos. In 2004, Fredriksen reportedly turned down an unsolicited offer of £100 million (approx. 1 thousand crore) from Russian oligarch Roman Abramovich.
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The UAE is fast becoming the world’s top magnet for millionaire migration — 9,800 millionaires are expected to move there in 2025, bringing with them a combined wealth of $63 billion (5.23 lakh crore).
Fredriksen is expected to hand over control of his oil-and-shipping empire to his twin daughters, Cecilie and Kathrine Fredriksen.
