'UK has gone to hell like ...': Billionaire John Fredriksen to exit UK, lists $337M Chelsea estate

With an estimated net worth of $17.3 billion, Fredriksen ranks 136th on the global billionaire list.

In a dramatic fashion, shipping magnate John Fredriksen, ranked among Britain’s richest billionaires, is reportedly exiting the UK, blaming recent tax reforms for what he calls the country’s economic decline.

The 81-year-old oil and shipping tycoon has listed his palatial London estate, The Old Rectory in Chelsea, for sale at an estimated $337 million (£250 million), as per a report in The Times, further solidifying his decision to relocate to the UAE.

The 30,000 sq ft Georgian mansion, featuring 10 bedrooms, a ballroom, and two acres of gardens, the third-largest private residential land in London, is considered one of the most expensive homes in the UK. Fredriksen, who bought the property in 2001 for $50 million, has now reportedly dismissed over a dozen staff members and is arranging discreet viewings for prospective buyers.

Once owned by Greek shipping tycoon Theodore Angelopoulos and reportedly eyed by Roman Abramovich in 2004, The Old Rectory has long been a symbol of elite affluence.

It might also soon become a symbol of Britain’s waning appeal among the ultra-wealthy.

Notably, Fredriksen's departure comes on the heels of the UK government’s decision to scrap the non-domicile tax status, which enabled wealthy foreign residents to pay tax only on their UK income.

Speaking to Norwegian publication E24, Fredriksen lashed out at the move: “Britain has gone to hell… like Norway. I try to avoid Norway as much as I can.”

Fredriksen has already shuttered the London office of Seatankers Management, one of his private shipping firms, and confirmed his move to the UAE, citing the broader economic decline of the West, “The entire Western world is on its way down.”

With an estimated net worth of $17.3 billion, Fredriksen ranks 136th on the global billionaire list. His vast business empire includes oil tankers, LNG carriers, dry bulkers, and offshore drilling rigs. The shipping magnate is expected to hand over control to his twin daughters, Cecilie and Kathrine Fredriksen.

The UK is seeing an accelerating exodus of high-net-worth individuals. Henley & Partners estimates that 16,500 millionaires will leave the country in 2025, more than any other wealthy nation. Other prominent billionaires who have relocated include Christian Angermayer and Nassef Sawiris, owner of Aston Villa Football Club.

Countries like the UAE are, meanwhile, emerging as top destinations for the global rich, projecting to welcome nearly 10,000 millionaires this year alone, with their combined wealth exceeding $60 billion.