Beth Ashmead-Latham 9 Aug 2018 03:24pm

UK’s richest man moves to Monaco

Britain's wealthiest man, Sir Jim Ratcliffe, founder and CEO of petrochemicals manufacturer INEOS, is reportedly leaving the UK for Monaco

Sir Jim has been in the news recently for a failed bid to overturn government restrictions on fracking in Scotland and for disputes with unions.

Two other members of his leadership team will also relocate to Monaco alongside him, according to the Telegraph.

INEOS, of which Sir Jim is a 60% shareholder, drew criticism when it moved its headquarters to Switzerland from 2010 until 2016, with some alleging the shift was in order to reduce its tax bill.

Responding to his shift, an INEOS spokesperson said the company was “committed to its business base in London” and would “remain headquartered in the UK”, where it has investments of more than $2bn.

Formula 1 racing drivers Lewis Hamilton and Jenson Button both live Monaco, which does not charge its residents income tax.

In May 2018, Sir Jim moved from 18th to first on the Sunday Times Rich List when his known wealth increased from £15.3bn to £21.05bn in a single year.