“Britain has gone to hell”: Salmon tycoon Fredriksen pulls out of UK.
Norwegian shipping and offshore billionaire John Fredriksen, a long-time major shareholder in salmon farming giant Mowi, is reportedly selling his London residence, The Old Rectory in Chelsea, for an estimated £250 million, as part of a broader withdrawal from the UK following tax reforms affecting non-domiciled residents.
The 81-year-old, who was previously the UK’s ninth-richest individual with a fortune estimated at £13.7 billion, has closed the London headquarters of his private firm Seatankers Management, according to The Times. He is now understood to be based in the United Arab Emirates.
‘Britain has gone to hell,’ and ‘the West is finished’ says Mowi’s largest shareholder
Fredriksen, who made his fortune in oil shipping and later became a dominant figure in aquaculture through his investment in what became Mowi (formerly Marine Harvest), has been publicly critical of recent UK fiscal policy. In an interview with Norwegian business outlet E24 in June, he said Britain was “starting to remind me more and more of Norway” and declared that “Britain has gone to hell, like Norway.”
His 30,000-square-foot Chelsea property, built in the early 18th century, includes 10 bedrooms, a private ballroom, and one of central London’s largest private gardens. Fredriksen purchased it in 2001 from Greek businessman Theodore Angelopoulos for a reported £37 million. In 2004, he is said to have turned down a £100 million offer from then-Chelsea FC owner Roman Abramovich.
While Fredriksen has not publicly confirmed the sale, The Times reports that private viewings have begun and that over a dozen domestic staff have been let go. A spokesman declined to comment.
Fredriksen’s departure coincides with a broader shift among ultra-high-net-worth individuals following the abolition of the non-dom regime in April. The new rules, introduced by Chancellor Rachel Reeves, have led to warnings from wealth advisers of an accelerating exodus of capital and global investors from the UK. According to Henley & Partners, the UK is projected to lose 16,500 millionaires this year, up from 10,800 in 2024.
Figures from the Sunday Times Rich List and New World Wealth also indicate the UK has experienced the largest drop in billionaire residency globally over the past two years.
Fredriksen’s departure follows decades of global business activity centred on shipping, oil, and aquaculture. He first left Norway in 1978, citing rising taxes, and has since been a vocal critic of high-tax jurisdictions. In the same E24 interview, he said, “The entire Western world is on its way down,” and urged a stronger work ethic: “People should get up and work even more, and go to the office instead of having a home office.”
While his level of involvement in Mowi has changed over the years, Fredriksen remains one of the most influential figures in the modern salmon industry. His exit from the UK may signal further changes in how global capital engages with British-based aquaculture and infrastructure investments.
