Norwegian Billionaire John Fredriksen Moves His Business Empire to the UAE

Norwegian Billionaire John Fredriksen Moves His Business Empire to the UAE

Source: Gulf News

UK’s ninth-richest man cuts ties with London as Labour scraps tax breaks for the wealthy

Dubai – John Fredriksen, the Norwegian-born shipping magnate and the UK’s ninth-richest individual, has relocated a significant part of his business operations from London to the United Arab Emirates. The main reason? The abolition of the UK’s non-dom tax regime.

Fredriksen, who built one of the world’s largest oil tanker empires and has a fortune exceeding $10 billion, confirmed that various parts of his business have now been moved to the UAE. This strategic relocation highlights a broader trend of capital flight from the UK.

UAE Growing in Popularity Among Billionaires

Fredriksen’s departure underscores the UAE’s rising appeal as a safe haven for high-net-worth individuals. According to the Wealth Migration 2025 report by Henley & Partners and New World Wealth, the UAE has seen a sharp increase in wealthy individuals, particularly from the UK, India, Russia, Southeast Asia, and Africa.

Thanks to its favourable tax policies and the introduction of long-term Golden Visas, the UAE—especially Dubai—has emerged as a top destination for global wealth migration, alongside Monaco, Malta, Switzerland, and luxury Mediterranean hubs like Italy, Portugal, and Greece.

The report notes a growing number of high-income professionals are relocating to cities such as Dubai, Milan, Lisbon, Zug, Lugano, and Miami, reflecting a broader shift in the global wealth landscape.

From Humble Beginnings to a Maritime Empire

Born in Oslo in 1944, Fredriksen started his career trading oil in Beirut in the 1960s. He built his fortune during the Iran-Iraq War in the 1980s, capitalising on the high demand for oil transport in times of conflict.

Today, he owns more than 70 oil tankers and has significant interests in both oil and salmon farming. In 2014, Lloyd’s List named him one of the 10 most influential figures in the global shipping industry.

Wealth Exodus from the UK

Fredriksen is far from the only wealthy individual turning his back on London. Other affluent expats, including Norwegian billionaire Helene Aurdfig and shipping tycoon Peter Smedvig, have also recently relocated to more tax-friendly jurisdictions such as Switzerland.

Last year, Fredriksen quietly closed the Seatankers Management office on Sloane Square in London—one of his key private shipping firms. Since then, he has increasingly based himself in the UAE, where he now manages much of his business empire.

“The new British tax system is a major reason behind this move,” Fredriksen stated, referring to the end of the non-dom status that allowed foreign-born residents to shield overseas earnings from UK tax.

The abolition of this centuries-old regime—officially ending on April 6—has been labelled by critics as a “tax raid on the global elite.”

Henley & Partners estimate that as many as 16,500 high-net-worth individuals will leave the UK this year—the largest outflow of wealthy individuals from any country worldwide.

Impact on the UK’s Financial Centre

The now-defunct non-dom regime once made London a magnet for global capital. With its removal, critics warn that international investment may also begin to evaporate.

As the UK redefines its economic future, experts are sounding the alarm: new fiscal policies targeting the ultra-wealthy could have long-term consequences for London’s position as a global financial hub.