Business

UK’s wealthiest man Jim Ratcliffe relocates to Monaco

The country's wealthiest man Sir Jim Ratcliffe is relocating to the tax haven of Monaco.

The founder and chief executive of chemicals giant Ineos, who topped this year's Sunday Times Rich List with an estimated fortune of £21bn, is relocating alongside his company's two other top executives, Andy Currie and John Reece, according to the Telegraph.

Ineos will remain headquartered in the UK.

The firm said in a statement: "Ineos is committed to its business base in London and plans to remain headquartered in London for the foreseeable future."

Ratcliffe has previously backed Brexit, saying at the time that Brits are "perfectly capable of managing the Brits and dont need Brussels telling them how to manage things. I just dont believe in the concept of a United States of Europe. Its not viable.”

In 2016, it was announced that Ineos was returning to the UK from Switzerland in a move designed to underline the businessman's renewed faith in the UK.