India, June 29 -- The ninth richest billionaire in the United Kingdom has decided to move his business out of London to the UAE, after claiming that "Britain has gone to hell." Norwegian shipping tycoon John Fredriksen is the latest in a growing exodus of wealthy individuals from the UK capital, according to a report by E24.

The 81-year-old billionaire, who owns one of London's most prestigious private homes, The Old Rectory in Chelsea, is worth $18 billion. Fredriksen now runs his business empire from the United Arab Emirates. Speaking to E24, he openly criticised the UK's economic direction: "It's starting to remind me more and more of Norway. Britain has gone to hell, like Norway. I try to avoid Norway as much as I can," he said.

He ...