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UK Economy in Turmoil: Tycoon John Fredriksen Announces Exit

UK Economy in Turmoil: Tycoon John Fredriksen Announces Exit Image reproduced from 風傳媒

The economic landscape in the UK is deteriorating, prompting the renowned shipping magnate John Fredriksen to voice his strong dissatisfaction and announce the closure of his company in Britain, with plans to shift his business operations to the United Arab Emirates.

Reports indicate that Fredriksen, whose wealth is estimated at £13.7 billion (approximately NT$550 billion), originally hails from Norway. He relocated to the UK in 1978 and built his fortune in the oil industry. At 81 years old, he owns Seatankers Management, a private shipping company, and holds substantial stakes in Frontline, a tanker shipping firm, and Mowi, a prominent salmon production company. In a recent interview, he expressed his disappointment with the UK government's performance in trade negotiations, stating that there is 'no hope at all' for negotiations with the United States under President Trump.

Fredriksen noted that the economic situation in the UK has significantly worsened due to Trump's tariffs and that the government's taxation policies for foreign entities have further driven wealthy individuals to leave the country. Reflecting on his own experiences when leaving Norway, he remarked, 'The UK is increasingly reminding me of Norway; the country has really fallen.' Reports from the Evening Standard reveal that he has shut down the London headquarters of Seatankers Management and intends to establish a new commercial base in the UAE.

Consulting firm Henley & Partners has predicted that the UK could lose 16,500 high-net-worth individuals by the year 2025, a figure that surpasses that of other nations, highlighting the urgent need for the UK to tackle the ongoing exodus of its wealthy residents. For many affluent people, the economic troubles and policy shifts in the UK have become significant drivers for reconsidering their decisions to remain in the country.