Who is John Fredriksen?
John Fredriksen Michaele Stevsky/Flickr

British shipping magnate John Fredriksen has confirmed he is leaving the United Kingdom and relocating to the United Arab Emirates. The billionaire revealed his decision in an interview with E24, a Norwegian online business publication.

But who exactly is John Fredriksen? And why is his departure significant to the UK? Here's what you need to know.

Who Is John Fredriksen?

John Fredriksen is currently ranked as the ninth richest person in the UK. Born in Oslo, Norway, he is the son of a welder and began his career with humble roots. In his early years, he enrolled in night school but left to work as a courier at a local shipping brokerage.

Despite these modest beginnings, Fredriksen built a vast fortune and became one of the world's most powerful figures in offshore drilling and oil tankers. He started in shipbroking and oil trading, eventually capitalising on opportunities during the Iran-Iraq war, when he began transporting oil—dramatically increasing his wealth.

John Fredriksen's Net Worth

According to The Standard, Fredriksen—often referred to as 'JF' in the shipping world—has an estimated net worth of around £13.7 billion. He owns a number of companies, including Seatankers, Frontline, and Golden Ocean Group. His empire also includes Avance Gas and Flex LNG, and he holds investments in Meisha and Hemen Holdings.

Fredriksen's property portfolio is equally impressive. He owns The Old Rectory, one of the most valuable private residences in London, along with homes in Oslo, Marbella, and Cyprus.

Why Is Fredriksen Leaving the UK?

Fredriksen is reportedly leaving because of Labour's pledge to abolish the UK's non-dom tax regime. This status allows individuals who live in the UK but have their permanent home in another country to limit their UK tax liability.

The Labour Party has vowed to end the scheme and make Conservative plans to reform it even stricter. In 2024, then-Chancellor Jeremy Hunt announced the non-dom regime would be phased out, with new arrivals allowed to avoid tax on overseas income for their first four years in the UK. From April 2025, those remaining in the country would be taxed like all UK residents.

Hunt claimed the policy would generate over £2 billion annually. However, many billionaires, including Fredriksen, have criticised the decision.

'Britain Has Gone to Hell'

In his interview, Fredriksen compared the UK's current direction to that of Norway.

'Britain has gone to hell, like Norway,' he said, adding: 'The entire Western world is on its way down.'

Citing the tax changes and political climate, Fredriksen confirmed he would spend most of his time in the UAE, where he plans to continue running his global business operations.

His departure comes amid a wider billionaire exodus. In March, the UK recorded its largest-ever loss of billionaire residents.

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