Billionaire Nik Storonsky Shifts Residency to UAE
Billionaire Nik Storonsky has officially moved his residency from the United Kingdom to the United Arab Emirates (UAE), becoming the latest high-profile figure in a wave of ultra-wealthy individuals leaving London. The decision, confirmed through UK Companies House filings, comes in response to recent changes in the UK’s tax system and Revolut’s expansion plans in the Gulf region.
Storonsky, the 41-year-old cofounder of the digital banking platform Revolut, retains ownership of a home in the UK but has established his primary base in the UAE. Revolut has strengthened its presence in Dubai by opening a local office and obtaining a license to operate, signaling the company’s strategic focus on the Middle Eastern market.
Billionaire Nik Storonsky, Tax Reforms and Regulatory Challenges Influence Move
The move is linked closely to the UK government’s decision to abolish the non-domiciled tax regime, which had previously allowed foreign nationals to shield overseas income from UK taxes. This system, in place for centuries, was replaced with a residency-based tax structure and introduced inheritance tax on global assets for long-term residents. Additionally, increases in capital gains tax and National Insurance contributions have made the UK less appealing to high-net-worth individuals.
Storonsky’s frustration with Revolut’s licensing process in the UK further contributed to his decision. Despite being in the “mobilisation” phase since July 2024, the company has yet to receive final approval for its UK banking license due to regulatory delays and the complexity of its operations. In contrast, the UAE offers a faster and more favourable regulatory environment, encouraging Revolut’s regional growth.
Impact on Revolut’s Growth and UK Fintech Landscape
Since cofounding Revolut in 2015, Storonsky has built the fintech into a global platform with 65 million users and a valuation of approximately $75 billion. His personal stake, the largest in the company, is valued at around $8 billion. With the UAE as a new base, Revolut plans to leverage regional opportunities, strengthening its market presence and expanding services in the Middle East.
The UK, meanwhile, faces growing concern over the departure of prominent business leaders. Storonsky joins other billionaires, including Christian Angermayer, Nassef Sawiris, and John Fredriksen, who have relocated to countries with more attractive tax regimes and investment climates. Analysts note that this trend could impact London’s status as a global financial hub if more wealthy individuals and entrepreneurs follow suit.
Global Billionaire Exodus and Future Implications
The exodus of wealthy residents is driven not only by tax changes but also by economic uncertainty, the long-term effects of Brexit, and fluctuating currency values. Countries like the UAE, Switzerland, Italy, and the United States are emerging as preferred destinations for billionaires seeking financial advantages and global mobility.
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Experts suggest that the departure of influential figures such as Storonsky could encourage UK policymakers to reconsider fiscal strategies aimed at retaining high-net-worth individuals. At the same time, it highlights the growing competition among nations to attract top entrepreneurial talent and investment capital. Also Read: CTO Mira Murati Sparks Bold AI Shift as Meta Hires Thinking Machines Cofounder Andrew Tulloch | 2025 Update
Conclusion
The relocation of Billionaire Nik Storonsky to the UAE underscores a wider trend of wealthy entrepreneurs seeking more favourable tax regimes and business environments. As Revolut expands in the Gulf region, the UK faces questions about retaining its elite business talent amid new tax policies and regulatory challenges.
