Mumbai-born tycoons David and Simon Reuben on Thursday emerged as the second richest on a new list of Britain's Tax Haven Elite, who declare in company filings that they are usually resident in low-tax jurisdictions around the world.
The Reuben brothers, who were born in India to a wealthy Iraqi-Jewish family before moving to Britain in the 1950s, made their fortune in metals and property.
They were ranked fourth in The Sunday Times Rich List 2018' with a fortune of 15.09 billion pounds and have now been named by The Times' among a third of British billionaires who make use of offshore tax havens.
The newspaper's investigation claims the UK Exchequer is denied billions of pounds a year as a result of offshore tax havens, while many of the billionaires continue to reap the benefits of British assets.
"The younger brother, Simon, 77, has lived in Monaco for almost 20 years, while David, 80, moved abroad several years ago and splits his time between the French Riviera and Florida, the new list notes.
It adds: They are British citizens but are believed to have non-domicile status. Their property portfolio includes Millbank Tower, where the Tory party used to be based, the John Lewis headquarters in Victoria and the Curtain hotel in Shoreditch."