Revolut CEO Announces He Is Moving To Dubai: Is The UK Losing Too Many Millionaires?

Just this week, it was revealed that Revolut co-founder Nik Storonsky has changed his residence on Companies House from the UK to the UAE.

But Storonsky’s move, whilst a big blow to the UK, isn’t unique. Only a few months ago, UK Chancellor Rachel Reeves scrapped the UK non-dom tax regime, which allowed UK residents to avoid paying taxes on income and assets overseas. Unsurprisingly, since this announcement, there has been a lot of discussion around a millionaire exodus from the UK, and what it might mean for the country’s economic future.

 

From Russia, To London, To Dubai

 

Storonsky’s rise to one of the UK’s most successful entrepreneurs was an impressive journey. Born in Russia and trained in global banks like Lehman Brothers and Credit Suisse, he later went on to set up Revolut in 2025.

As a 25% owner in the company, his net worth is currently estimated by Bloomberg to be around £10.6 billion.

As Revolt’s chief executive, he has played a ley role expanding the company into new markets. But his move to the UAE may not just be a tax-run.

According to the company’s website in a press release just last month, Revolut secured in-principle approval for a UAE payments licence, allowing them to further expand in the country. And whilst the tax benefits are clear, Storonsky’s move might also be partially operational.

 

The Millionaire Exodus Continues

 

But Storonsky’s move is far from unique. In fact, according to the Henley Private Wealth Migration Report 2025, the UK is set to lose 16,500 millionaires this year…more than any other country in the world. That figure is twice as many as China, and ten times as many as Russia.

But the exodus isn’t just coming out of nowhere. Many have speculated that The Chancellor’s decision to end the UK’s non-dom system, which made the UK a safe haven for wealthy individuals, has played a big part. Under the new rules, anyone who has lived in the UK for more than 4 years will now pay tax on their worldwide earnings. After 10 years, they may also have to pay Inheritance Tax on their global assets.

For many millionaires in the UK who have assets abroad, locations like Dubai, Switzerland, Monaco and Italy have become popular options – with many offering golden visas and lower taxes as incentives.

 

 

The UAE Is Winning The Millionaire Grab

 

But in the global race to draw millionaires in, it’s The UAE that is coming up tops. Research from New World Wealth shows the country gained around 6,700 new millionaires in 2024, with one in six arriving from the UK.

Their lack of personal income tax, combined with their golden visa has made them an attractive option for high net worth individuals.

Alongside that, life in the UAE also comes with political stability and a great environment for business growth.

According to research for Henley and Partners, when it comes to the projected net inflow of millionaires, The UAE tops the list, followed by The USA, Italy, Switzerland, Saudi Arabia, Singapore, Portugal and Greece.

 

Is The UK Set To Lose Its Millionaire Population?

 

Whilst millionaires have always been transient, the latest exodus has been cited by some economists as a big problem. In fact, economists warn that by 2028, Britain could lose a fifth of its millionaire population.

Combine this with stagnant growth, high borrowing costs and a new government, and you can see why the UK is losing its appeal.

And whilst some might look at this and think ‘ah well!’ the truth is that millionaires contribute nearly 30% of all income tax in the UK. This loss of tax revenue could impact public services, increase taxes for other working people and lower appeal for international investors.

 

But Are We Panicking For No Reason?

 

Not everyone thinks that the UK is actually facing a full-blown economic exodus. Rowland Atkinson and Sharda Rozena from the University of Sheffield argue that the numbers aren’t actually as bad as they seem.

Their research says that even if 16,500 millionaires left the UK, that would still be less than 1% of the UK’s total millionaire population.

Still, it’s not a great look and many argue that it’s not just the volume of millionaires leaving that’s the problem – it’s the lack of those coming in.

 

Will The Exodus Continue?

 

Whilst there is no real way of knowing, the truth is, it isn’t looking good. Many are awaiting The Chancellor’s autumn budget with baited breath, wondering if even more tax hikes are coming.

But the actual numbers aren’t the only thing to consider. Reputation matters too, and a big part of this is whether high net worth individuals believe that the UK is a good place to build wealth. Right now, the truth is, many are unsure.

In order to reverse this, The Chancellor will have to think about how to get the economy moving again and incentivise more money in. If she doesn’t, it doesn’t look good.

 

Storonsky’s Move: A Sign Of The UK Economy’s Losing Appeal?

 

Whilst Storonsky’s move to the UAE is undoubtedly practical, it is another sign that the UK might be losing appeal to high net worth individuals – even those that built businesses here.

Whilst Revolut as a company is still operating from London, Storonsky’s move is a sign that the UK needs to do more to attract and retain its most wealthy.