Britain’s wealthiest man is leaving the country and taking his £21 billion fortune to Monaco, it was reported last night. The British-born industrialist has failed in a legal bid to overturn Scotland’s ban on shale gas fracking.
Sir Jim Ratcliffe, the petrochemical engineer who was labelled the UK’s richest individual, has decided to move to the tiny Principality on France’s Mediterranean coastline.
The reasons for the relocation are unknown, but recently knighted Sir Ratcliffe has previously complained about Britain’s business and tax environment, the Telegraph reported.
Monaco – famous for its yacht-lined harbour, upscale casinos and the prestigious Grand Prix motor race – is a well-known tax haven and he owns a large property on the French Riviera.
Sir Jim Ratcliffe (pictured) is said to be relocating to the tiny Principality of Monaco on France’s Mediterranean coastline. The reasons behind his move are still unknown
The British-born industrialist has also failed in a legal bid to overturn Scotland’s ban on shale gas fracking.
It is understood that the two other billionaire senior executives at chemicals company Ineos, Andy Currie and John Reece, have also decided to relocate to the area.
Ineos’ headquarters will reportedly remain in London, the Daily Telegraph claimed.
Sir Ratcliffe’s decision to relocate to Monaco could be seen as a blow for Theresa May.