UK No Longer a Safe Bet": Billionaire John Fredriksen Quits London for UAE Over Economic Concerns
London | June 30, 2025
John Fredriksen, one of Britain’s wealthiest residents and a towering figure in global shipping, has officially relocated from London to the United Arab Emirates, citing deep dissatisfaction with the UK’s economic trajectory.
Worth an estimated $18 billion, the Norwegian-born tycoon has long maintained a presence in London, notably owning the lavish Old Rectory in Chelsea—once considered among the most elite addresses in the capital. But now, Fredriksen says he has had enough.
In a candid interview with Norwegian outlet E24, the 81-year-old billionaire didn’t hold back. "Britain has gone to hell," he declared, drawing stark comparisons between the UK and his native Norway, which he also harshly criticised. "It’s starting to remind me more and more of Norway… I try to avoid Norway as much as I can."
Fredriksen’s move reflects a broader trend of ultra-wealthy individuals seeking more favourable business environments. The UAE, with its tax advantages and pro-investment policies, has become a major magnet for billionaires fleeing Western economies they see as unstable or overly regulated.
The shipping magnate took particular issue with the UK's trade stance and political direction, describing British policy—especially in dealing with the United States under Donald Trump—as “completely hopeless.”
But his criticisms extended beyond politics. Fredriksen also took aim at Western work culture, calling for a return to office life. “The entire Western world is on its way down,” he said. “People should get up and work even more, and go to the office instead of having a home office."
His remarks have sparked debate about the UK’s appeal to global investors and whether its post-Brexit economic policies have discouraged business confidence. As the UK continues to grapple with inflation, slow growth, and rising public debt, Fredriksen’s departure sends a clear signal to policymakers.
While some have dismissed his comments as out of touch, others see them as a wake-up call—a high-profile reflection of how Britain’s changing economic climate may be driving out some of its wealthiest contributors.
As for Fredriksen, his empire now operates from Dubai, where he says the environment is more conducive to business and global trade. “The UK isn’t what it used to be,” he concluded. “And I won’t wait around to watch it decline further.”