Idan Ofer, Israel's richest man, is relocating to London in a move likely to inflame debate about unfettered wealth and inequality in his country.
Mr. Ofer, 57, who has an estimated net worth of $6.5 billion, is making the move for what an associate said were personal reasons. His mother lives in London and his son recently left the Israeli army and plans to study abroad, possibly in the UK.
"There are a number of family reasons which mean it makes sense for him to spend more time in London than he has previously and make that more of a base," a person close to the Israeli billionaire told the Financial Times on Monday.
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Through Quantum Pacific Group, Mr. Ofer is controlling shareholder in Israel Corp, the country's largest holding company, which has interests in turn in container shipping, automotive, energy, and the fertilizer company Israel Chemicals. Potash Corp of Canada hopes to acquire the latter in what would be the biggest business deal in Israeli history.
Like Israel's other "tycoons", he has suffered a beating from the Israeli media and in public opinion since the 2011 social protests, when hundreds of thousands of middle-class citizens demonstrated against high living costs and an economy largely controlled by a few rich family conglomerates.