Another billionaire has quit the UK for the Middle East in a blow to Rachel Reeves amid the increasing exodus of the ultra-wealthy. Nikolay Storonsky, founder of banking app Revolut, has ditched Britain for the United Arab Emirates (UAE) just two weeks after his new London office was hailed as a vote of confidence by the Chancellor.
The UAE was listed as his “new country or state usually resident” and said he moved there last year in a filing from Storonsky Family Ltd, his family office. Revolut is valued at a staggering £56 billion, with Mr Storonsky’s stake in the business worth £13.4 billion. He was born in Russia but set the company up in London in 2015, recently calling the UK his “number one market”. The company also recently announced plans to invest £3 billion in Britain, creating 1,000 jobs over the next five years.
However, Mr Storonsky previously criticised regulators over delays in Revolut getting its UK banking licence and even threatened to not list the company in London.
Even before his move to the UAE, Abu Dhabi’s sovereign wealth fund was already an investor in the fintech company and is reportedly looking to buy a further $100 (£75) million stake in it.
Revolut also secured a payments license in the UAE and has plans to expand in the country.
In particular, Mr Storonsky is said to be a fan of Dubai’s “advanced infrastructure and investor-friendly policies”, and its growth as a financial hub, the Telegraph reports.
Revolut is reportedly considering listing itself in both the UK and US after Ms Reeves’ lobbying for the company to list on the London Stock Exchange.
Mr Storonsky previously said it would not be “rational” to list in the UK because of stamp duty on buying shares.
This comes after a shocking report by residence and citizenship advisory firm Henley & Partners found that the UK is set to lose 16,500 millionaires in the next year.
Dr Juerg Steffen, CEO of Henley & Partners, said: “2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows.
“This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”