British property tycoon Daren Whitaker joins Monaco amid exodus of UK’s wealthiest
Daren Whitaker © Renaker
The Renaker founder, who transformed Manchester’s skyline, relocates to the Principality as Britain’s ultra-rich flee Labour’s new tax policies.
Daren Whitaker, property magnate and founder of the Renaker group, has joined the ranks of Monaco residents. According to filings with Companies House – as revealed by British daily The Telegraph – the 50-year-old entrepreneur has officially established Monaco as his main residence, leaving the UK where he built his fortune estimated at £698m.
An empire built on Manchester’s towers
Born in Yorkshire, Mr Whitaker began his career at Laing O’Rourke before founding Renaker in 2006. In nearly two decades, he became Manchester’s most prolific developer, dramatically transforming the city’s skyline with luxury skyscrapers. His group has built more than 8,000 homes and has another 8,000 in its pipeline, including the ambitious Lighthouse project: a 71-storey tower containing 642 high-end flats.
Although he was the subject of legal action concerning public loans granted by the Greater Manchester Combined Authority, Mr Whitaker and his company were cleared by UK courts. The Competition Appeal Tribunal sided with local authorities, confirming the legality of the funding.
The exodus of Britain’s ultra-wealthy
Mr Whitaker’s move forms part of a broader trend observed since the Labour government came to power in July 2024. Rachel Reeves, Chancellor of the Exchequer, ended the advantageous “non-dom” tax status and increased taxation on large fortunes.
He joins other British tycoons already established in the Principality, including Sir Philip Green, easyJet founder Sir Stelios Haji-Ioannou, Ineos founder Sir Jim Ratcliffe who owns OGC Nice, and more recently brothers Ian and Richard Livingstone, owners of the Fairmont Monte Carlo and heads of a £9bn property empire.
New Monegasque residents Ian and Richard Livingstone are putting Monaco back at the centre of the game
As Francesco Grosoli, CEO of CMB Monaco, explained in a recent interview: “Monaco, with its favourable taxation, political stability, and amazing quality of life, has become an attractive alternative” in the face of British tax upheaval.
This migration of the ultra-wealthy underscores Monaco’s enduring appeal, which offers not only tax advantages – no personal income tax – but also unparalleled levels of security, confidentiality and quality of life.