Billionaires choose London as a tax haven
Tax laws encourage billionaires to reside in London, according to new survey
London attracts the most wealthy people from around the world due to its mild
tax laws.
The city has 23 resident billionaires, of which 11 are not homegrown.
Although New York can claim 34 billionaires residing in the city, most are from
the US, according to a survey by
Forbes.com
Lakshmi Mittal of Mittal Steel, Chelsea FC owner Roman
Abramovich, and Dutch heiress Charlene de Carvalho-Heineken are the richest
billionaires residing in London.
Forbes.com’s Paul Maidment said that UK tax laws enabling foreigners to be
taxed only on UK earnings meant that the
UK
was viewed as a tax haven by the ‘mega-rich’.
Further reading:
High-income earners under IRS radar
Monaco millionaires face crackdown
Seychelles entrepreneur’s heart ‘remained
in England’