‘Britain Has Gone to Hell’: Billionaire to Sell Rs 2,800 Crore London Mansion, Move to UAE

In a move that has sent ripples through London’s elite circles, Norwegian-born shipping magnate John Fredriksen, one of the UK’s wealthiest residents, is selling his iconic £250 million (approximately Rs 2,800 crore) Chelsea mansion, The Old Rectory, and relocating to the United Arab Emirates (UAE). The 81-year-old billionaire, with a net worth of $17.3 billion (Rs 1.44 lakh crore) according to Forbes, cited Britain’s economic decline and unfavorable tax reforms, bluntly declaring to Norwegian outlet E24, “Britain has gone to hell.” His departure is part of a broader exodus of high-net-worth individuals from the UK, driven by recent policy changes and a shifting economic landscape. Here’s the inside story of Fredriksen’s exit, the significance of his mansion’s sale, and what it means for Britain’s status as a global wealth hub.

The Old Rectory: A Historic Gem on the Market

The Old Rectory, nestled on Chelsea’s oldest street in West London, is a 300-year-old Georgian manor that ranks among Britain’s most expensive private residences. Spanning 30,000 square feet, the estate boasts 10 bedrooms, a grand ballroom, a black marble indoor swimming pool, a tennis court, and two acres of landscaped gardens—the third-largest private garden in London, surpassed only by Buckingham Palace and Witanhurst. Originally built in the 1720s as the residence for the rector of Chelsea parish church, the property was refurbished in the 1990s and sold to Greek shipping magnate Theodore Angelopoulos in 1995 for £22 million (Rs 256 crore). Fredriksen acquired it in 2001 for £37 million (Rs 431 crore) and reportedly rejected a £100 million (Rs 1,165 crore) offer from Russian oligarch Roman Abramovich in 2004.

Now valued at £250 million (Rs 2,911 crore), the mansion’s sale is being handled discreetly through “off-market” agreements, with private viewings already underway for ultra-wealthy buyers. Local residents have reported that Fredriksen has let go of over a dozen domestic staff, signaling his firm intent to leave. If sold at its asking price, The Old Rectory would mark one of the most expensive residential transactions in UK history, underscoring the property’s prestige and the high stakes of Britain’s luxury real estate market.

Why Fredriksen Is Leaving: Tax Reforms and Economic Frustration

Fredriksen’s decision to sell and relocate stems from his dissatisfaction with the UK’s economic policies, particularly the Labour government’s abolition of the non-domicile (non-dom) tax status in April 2025. The non-dom regime previously allowed wealthy foreigners to pay taxes only on UK-based income, shielding their global earnings from British taxation. Its scrapping, led by Chancellor Rachel Reeves, alongside tightened inheritance tax rules and higher National Insurance contributions for employers, has sparked outrage among the UK’s elite. Fredriksen, a Cypriot citizen who first moved to the UK in 1978 to escape Norway’s high taxes, told E24, “It’s starting to remind me more and more of Norway. Britain has gone to hell, like Norway. The entire Western world is on its way down.”

His frustration is not isolated. The UK is projected to lose 16,500 millionaires in 2025, up from 10,800 in 2024, according to Henley & Partners, making it the global leader in millionaire outflows. Other prominent figures, including billionaires Christian Angermayer, Nassef Sawiris (owner of Aston Villa), steel magnate Lakshmi Mittal, and property tycoons Ian and Richard Livingstone, have also left or are planning to leave, citing tax changes and economic uncertainty. The closure of Fredriksen’s London-based Seatankers Management headquarters in Sloane Square last month further cemented his shift to the UAE, where he now manages his vast oil-and-shipping empire.

The UAE: A New Haven for the Ultra-Rich

The UAE, particularly Dubai, has emerged as a global magnet for millionaires, with an estimated 9,800 high-net-worth individuals expected to relocate there in 2025, bringing $63 billion (Rs 5.23 lakh crore) in wealth. Over the past decade, the UAE’s millionaire population has grown by 98%, second only to Montenegro. Dubai’s appeal lies in its tax-free environment, business-friendly policies, and thriving ecosystem of financiers, tech founders, and shipping magnates. For Fredriksen, whose empire spans oil tankers, offshore drilling, LNG shipping, and aquaculture, the UAE offers a seamless platform to manage his global operations with fewer regulatory hurdles. He is reportedly preparing to hand over control of his businesses to his twin daughters, Cecilie and Kathrine Fredriksen, who already serve on several company boards.

A Broader Trend: Britain’s Billionaire Exodus

Fredriksen’s exit is part of a historic decline in the UK’s billionaire population, which dropped from 165 in 2024 to 156 in 2025, the sharpest fall in the Sunday Times Rich List’s 37-year history. The UK has lost 18 dollar billionaires over the past two years, more than any other country, according to New World Wealth. Factors beyond tax changes, including the London Stock Exchange’s dwindling prominence and a sluggish recovery from the 2008 recession, have pushed wealth to rival hubs like Dubai, Paris, and Amsterdam. Posts on X reflect public sentiment, with users like @JimFergusonUK and @2028_zimbabwe highlighting the “mass exodus” of the super-rich and linking it to “tax chaos” and “cultural decline.”

The Labour government’s policies, backed by Prime Minister Keir Starmer, aim to increase revenue but risk alienating wealth creators. Analysts warn that an “exit tax” could further accelerate departures, as advisors urge clients to leave before such measures areხ

Implications for the UK

Fredriksen’s departure and the sale of The Old Rectory highlight a critical moment for the UK. The loss of high-net-worth individuals could lead to reduced investment, job creation, and economic influence, raising concerns about Britain’s competitiveness as a global financial hub. While the UK remains a top destination for the wealthy, its shrinking millionaire population—driven by tax reforms and perceived economic decline—suggests challenges ahead. Fredriksen’s blunt assessment, echoed by other departing billionaires, underscores the urgency for policymakers to address these concerns to retain the country’s economic elite.

For now, The Old Rectory’s sale marks a symbolic end to Fredriksen’s London chapter, as he joins a growing wave of wealth migrating to the UAE’s tax-friendly shores. Whether Britain can reverse this narrative of decline remains uncertain, but the exodus of figures like Fredriksen signals a pivotal shift in the global wealth landscape.