UK Billionaire Moves To UAE, Becomes Latest Ultra-Rich CEO To Leave London

The United Kingdom is experiencing a mass exodus of its super wealthy residents with Nik Storonsky, cofounder of digital banking app Revolut, being the latest high-profile departure. Storonsky has officially moved his residency from the UK to the United Arab Emirates (UAE), according to UK Companies House filings, Forbes reported. This decision comes after the UK government abolished the non-domiciled tax regime, which allowed foreign nationals to shield overseas income from UK taxes. 

The 41-year-old still owns a home in the UK but has shifted his primary base to the Gulf, where Revolut is gearing up for a major regional launch. Storonsky's connections to Dubai have grown, with Revolut opening an office and securing a license in the UAE.

In contrast, Revolut's journey to secure a banking license in the UK has been bumpy, with delays and regulatory hurdles slowing its growth. Despite being in the "mobilisation" phase since July 2024, Revolut still awaits final approval, with its size and complexity cited as factors contributing to the prolonged process. The fintech has expressed frustration with the UK's regulatory environment, leading to speculation about its future expansion plans. 

Notably, Storonsky was born in Russia but he listed his residence as England, where he was a British citizen, until last October. He co-founded Revolut in 2015, growing it into a fintech giant with 65 million users and a $75 billion valuation. As the company's largest shareholder, Storonsky's stake is worth around $8 billion, according to Forbes. 

Britain's Billionaire Exodus 

The UK is experiencing a significant exodus of billionaires and millionaires, driven by tax policy changes, economic uncertainty, and other factors. Notable billionaires who have recently left the UK include Christian Angermayer, Nassef Sawiris (owner of Aston Villa), and shipping tycoon John Fredriksen who moved to the UAE. Countries like the UAE, US, Italy, and Switzerland are attracting these wealthy individuals with favourable tax regimes and investment opportunities. 

Key points on why the ultra-rich are leaving the UK:

  • Labour government's overhaul of the non-domicile (non-dom) tax regime, a system dating back to 1799 that allowed wealthy individuals living in the UK but domiciled abroad to avoid UK taxes on foreign income and assets.

  • In April 2025, Chancellor Rachel Reeves abolished this regime, replacing it with a residency-based system and imposing inheritance tax on worldwide assets for foreigners who have lived in the UK for over 10 years. This policy, combined with increases in capital gains tax (from 10% to 18% for the basic rate and 20% to 24% for the higher rate) and a rise in National Insurance contributions, has been widely cited as a deterrent for wealthy residents. 

  • Beyond taxation, Brexit has played a significant role, introducing economic uncertainty, a weaker pound, and visa requirements for UK nationals moving to the EU, which have reduced the UK's appeal as a wealth hub.

  • The dwindling prominence of the London Stock Exchange and the UK's slow recovery from the 2008 recession have also been noted as factors pushing millionaires to rival financial centres like Paris, Dubai, and Amsterdam. 

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