Revolut CEO Announces He Is Moving To Dubai: Is The UK Losing Too Many Millionaires?
On Tue, Oct 10, 2023, Revolut co-founder Nik Storonsky updated his residential status to the UAE on official records. This change coincides with significant tax policy modifications in the UK.
Revolut co-founder Nik Storonsky has officially changed his residential status from the UK to the UAE, according to Companies House records updated this week. The move coincides with the UK’s recent scrapping of the non-dom tax regime, which previously allowed residents to avoid taxes on overseas income and assets. Storonsky, who owns approximately 25% of Revolut and has an estimated net worth of £10.6 billion, has also played a pivotal role in expanding the company’s global operations. Revolut confirmed in a press release last month that it had secured in-principle approval for a UAE payments licence, a development that may have influenced Storonsky’s relocation.
The UK’s decision to end the non-dom tax policy has sparked widespread speculation about an impending exodus of high-net-worth individuals. Under the new rules, UK residents who have lived in the country for more than four years will now be required to pay taxes on worldwide earnings, with inheritance tax potentially applying to global assets after a decade. This policy shift has prompted many millionaires to consider alternative destinations, with the UAE emerging as a particularly attractive option due to its lack of personal income tax and golden visa programme.
According to the Henley Private Wealth Migration Report 2025, the UK is projected to lose 16,500 millionaires in 2025—the highest number of any country globally. This figure is more than double the projected outflows from China and ten times higher than those from Russia. The UAE, in contrast, gained approximately 6,700 new millionaires in 2024, with one in six arriving from the UK. The country’s appeal is further bolstered by its political stability, business-friendly environment, and absence of personal income tax, making it a top destination for high-net-worth individuals.
Revolut co-founder Nik Storonsky has officially changed his residential status from the UK to the UAE, according to Companies House records updated this week.
Economists warn that the UK’s millionaire exodus could have significant economic consequences. Millionaires currently contribute nearly 30% of all income tax in the UK, and their departure may reduce tax revenue, increase burdens on other taxpayers, and diminish the country’s attractiveness to international investors. Some experts, such as Rowland Atkinson and Sharda Rozena from the University of Sheffield, argue that the numbers are less alarming than they appear, noting that 16,500 departures would represent less than 1% of the UK’s total millionaire population. However, the broader trend of declining appeal to wealthy individuals remains a concern.
The UK’s economic challenges, including stagnant growth and high borrowing costs, have further eroded its appeal to high-net-worth individuals. With the Chancellor’s autumn budget approaching, many are awaiting potential tax hikes that could exacerbate the situation. The loss of millionaires not only impacts tax revenue but also affects the UK’s reputation as a place to build and retain wealth. While Revolut continues to operate from London, Storonsky’s move to the UAE signals broader challenges in attracting and retaining the country’s most affluent residents.
Based on reporting by techround.co.uk.
