Revolut Founder Nik Storonsky Joins UK Billionaire Exodus to UAE Amid Tax Policy Changes

The 41-year-old Revolut co-founder still maintains a residence in the UK but has relocated his primary domicile to the Gulf region.

The United Kingdom is witnessing a significant departure of its wealthiest residents, with Revolut co-founder Nik Storonsky becoming the most recent high-profile entrepreneur to leave. According to Forbes, UK Companies House filings confirm Storonsky has officially changed his residency from the United Kingdom to the United Arab Emirates. This move follows the British government's decision to eliminate the non-domiciled tax status, which previously allowed foreign nationals to protect their overseas earnings from UK taxation.

While Storonsky continues to own property in Britain, he has established his main base in the Gulf region, where Revolut is preparing for a substantial regional expansion. His ties to Dubai have strengthened considerably, with Revolut establishing an office and obtaining regulatory approval in the UAE.

Meanwhile, Revolut's efforts to secure banking authorization in the UK have faced obstacles, with regulatory challenges and delays impeding its growth trajectory. Despite entering the "mobilisation" phase in July 2024, the fintech company still awaits final regulatory approval, with officials citing its considerable size and complexity as factors behind the extended process. Revolut has expressed dissatisfaction with the UK regulatory environment, prompting speculation about its future growth strategies.

Storonsky, who was born in Russia, had previously listed England as his residence where he held British citizenship until October last year. Since co-founding Revolut in 2015, he has transformed it into a fintech powerhouse serving 65 million users with a valuation of $75 billion. As the company's principal shareholder, Forbes estimates Storonsky's stake to be worth approximately $8 billion.

Britain is experiencing a notable exodus of billionaires and millionaires, driven by changes in tax policies, economic uncertainty, and various other factors. Prominent billionaires who have recently departed the UK include Christian Angermayer, Aston Villa owner Nassef Sawiris, and shipping magnate John Fredriksen, who relocated to the UAE. Nations such as the UAE, United States, Italy, and Switzerland are attracting these affluent individuals with advantageous tax systems and investment prospects.

Key factors driving the ultra-wealthy from the UK include the Labour government's comprehensive reform of the non-domicile tax system, a framework dating back to 1799 that permitted wealthy individuals residing in the UK but domiciled elsewhere to avoid British taxes on foreign income and assets.

In April 2025, Chancellor Rachel Reeves abolished this system, implementing a residency-based framework and extending inheritance tax to worldwide assets for foreigners who have resided in the UK for more than a decade. This policy change, combined with increases in capital gains tax (from 10% to 18% for basic rate and 20% to 24% for higher rate) and higher National Insurance contributions, has widely been identified as a disincentive for wealthy residents.

Beyond taxation, Brexit has significantly contributed to this trend, introducing economic uncertainty, currency devaluation, and visa requirements for UK nationals moving to EU countries, diminishing Britain's appeal as a wealth center.

The declining prominence of the London Stock Exchange and the UK's slow recovery from the 2008 financial crisis have also been cited as factors driving millionaires toward competing financial hubs such as Paris, Dubai, and Amsterdam.