Businessman David Reuben, whose net worth has been reported at around £27.9 billion, has left the UK for Monaco.
His move out of the country follows steel baron Lakshmi Mittal, who moved to Switzerland, and hedge fund manager Chris Rokos, who has moved to Athens.
A spokesman for Mr Reuben, 88, confirmed he had made the move to the principality which does not impose income tax, capital gains tax or inheritance tax.
His younger brother Simon, 85, moved there decades ago while suffering from cancer.
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The Reuben brothers were reported to be ‘non-doms’ – a tax status which allowed wealthy individuals to pay UK tax only on income earned in the UK.
However the system was scrapped by former Chancellor Rachel Reeves last April.
The decision has been blamed for the departure of many high wealth individuals from the UK.
Labour’s changes to capital gains tax and inheritance tax have also been blamed for pushing the wealthy out of the UK.
Further changes to capital gains tax are expected in the Budget on October 28.
