Nik Storonsky, the co-founder of the global digital banking giant Revolut, has officially relocated to the UAE, becoming the latest high-profile billionaire to move from the United Kingdom. According to a UK corporate filing for his family office, Storonsky now lists the UAE as his primary place of residence, marking a significant win for the region’s growing status as a hub for global tech talent and wealth.
UK Tax Reform Triggers Founder Exodus
Storonsky’s move is part of a broader trend of ultra-wealthy individuals exiting the UK following the government’s decision to abolish the long-standing “non-dom” tax rule. The 200-year-old policy had allowed foreign residents to avoid UK taxes on overseas earnings for up to 15 years. Its removal in April by Chancellor Rachel Reeves has prompted a wave of departures by prominent founders and investors. Other notable figures who have changed their country of residence include Egyptian billionaire Nassef Sawiris and property magnates Ian and Richard Livingstone.
Deepening Ties to the UAE Ecosystem
The relocation underscores Storonsky’s and Revolut’s increasing engagement with the UAE. Over the past year, the co-founder has been a featured speaker at several major events in Dubai. The company itself established an office in the city last year and successfully secured a license to operate in the UAE in September. Furthermore, Abu Dhabi’s sovereign wealth fund, Mubadala, took a stake in the fintech firm in 2024, solidifying Revolut’s strategic ties to the region.
Revolut’s Continued Global Ambitions
Despite the founder’s personal move, Revolut maintains a strong presence in its home market. The company recently unveiled a new global headquarters in London’s Canary Wharf and is reportedly exploring a dual listing in both London and New York. With a reported valuation of over US$65 billion, Revolut stands as the UK’s most valuable startup, surpassing many of the country’s traditional banking institutions. Storonsky, who co-founded the firm in 2015, holds a stake estimated to be worth over US$7.9 billion.
About Revolut
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut is a global financial technology company offering a wide range of digital banking services. Originally focused on money transfers and exchanges, it has expanded to include stock trading, cryptocurrency, and business accounts. Headquartered in London, Revolut serves millions of customers worldwide and is considered one of the world’s most valuable fintech startups.
