Billionaire John Fredriksen Moves Business Out of London, Cites UK's Economic Decline
Norwegian-born shipping tycoon John Fredriksen, the UK's ninth richest man, has relocated his business from London, expressing concerns about the UK's economic prospects and citing the scrapping of the non-dom tax regime.
Fredriksen, who owns a prestigious Chelsea home, now manages his empire from the United Arab Emirates. His decision follows similar moves by other wealthy foreign residents disillusioned with the UK's economic climate.
Fredriksen voiced his criticism at the Nor-Shipping event in Oslo, drawing parallels between the UK and Norway's economic decline.
He has also closed the London headquarters of Seatankers Management, his shipping business located in Sloane Square.
Fredriksen's former Chelsea residence, a Grade II listed mansion, is estimated to be worth £250 million.
