It’s official: Jim Ratcliffe, the richest man in England, is now a resident of Monaco.
The 67-year-old is registered as living in the kingdom on the French Riviera, where residents do not normally pay income tax or capital income, according to filings this week from a British company he helps manage.
Ratcliffe is worth $ 22.5 billion through a major stake in closely-held Ineos, a London-based chemical producer he has helped build since the 1990s. Relocation details have been circulating since 2018, and last year Sunday Times reported that tax planning around Ratcliffe and other senior Ineos executives caused tension with the company’s auditor, PwC. The accounting firm then resigned as Ineos’ auditor.
A PwC spokesman declined to comment. A representative from Ineos did not respond to requests for comment.
Monaco first emerged as an option for Ratcliffe when he and other Ineos executives considered moving the company’s headquarters about a decade ago after a tax disagreement with the British government. At that time, the prospect of transferring Ineos employees and their young families to a sovereign state prompted company leaders to settle into a larger jurisdiction in Switzerland.
Leaving England for Switzerland “was a sad moment – all three Ineos leaders defined themselves as being very ‘pro-British,’” according to a 2018 biography from the company co-authored by Ratcliffe. “The search for suitable relocation purposes is a mixture of emotion and tax pragmatism.”
Other wealthy supporters of Britain’s exit in the European Union have also shifted their wealth since the country chose to leave the trading bloc in 2016. James Dyson moved to Singapore, and Anthony Bamford, chairman of excavator maker JC Bamford Excavators Ltd., transferred a stake in the holding company. The Caribbean to Switzerland this year, changing the arrangement that grew his family’s fortune for decades.