“It’s not rational to stay” Revolut billionaire quits Britain for Dubai

Another billionaire has packed up and left Britain for the Middle East, in what’s turning into a worrying trend for the Treasury. Nikolay Storonsky, the founder of banking app Revolut, has swapped London for the United Arab Emirates, dealing a fresh blow to Chancellor Rachel Reeves as more of the ultra-rich head for sunnier, lower-tax shores.

It’s only been two weeks since Reeves praised Revolut’s new London headquarters as a show of confidence in the UK economy. But a new filing from Storonsky Family Ltd, his family office, confirms that the UAE is now listed as his “new country or state usually resident” and that he moved there last year.

Storonsky, who was born in Russia and founded Revolut in London back in 2015, has built one of the world’s biggest fintech firms. Revolut is now valued at around £56 billion, with his personal stake said to be worth £13.4 billion, reported the Express.

He’s often described the UK as his “number one market” and only recently announced a £3 billion investment plan in Britain, promising to create 1,000 jobs over the next five years.

But behind the scenes, the relationship between Revolut and UK regulators has been rocky. Storonsky has publicly criticised the slow progress in getting Revolut a UK banking licence and at one point even hinted he might skip a London listing altogether. His frustrations seem to have played a part in his decision to leave.

The Telegraph reports that Storonsky has been drawn to Dubai’s “advanced infrastructure and investor-friendly policies,” as well as its growing reputation as a financial powerhouse. Revolut has already secured a payments licence in the UAE and plans to expand its operations there, strengthening ties with Abu Dhabi’s sovereign wealth fund, which is already an investor and is said to be eyeing an additional $100 million (£75 million) stake.

Despite Reeves’ efforts to persuade Revolut to list in London, the company is now reportedly weighing up a dual listing in both the UK and the US. Storonsky previously told reporters it wouldn’t be “rational” to list solely in Britain because of the stamp duty charged on share purchases — a tax he’s long seen as an unnecessary hurdle for global investors.

His departure adds to a growing list of high-net-worth individuals leaving the UK, which could have significant implications for future investment and tax revenue.

According to a report from Henley & Partners, a residence and citizenship advisory firm, the UK is on track to lose around 16,500 millionaires this year alone — more than any other country.

Dr Juerg Steffen, the company’s CEO, 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.”

So while Reeves may have hoped Revolut’s flashy London office signalled confidence in Britain’s financial future, Storonsky’s quiet move to Dubai tells a different story — one of ambition, frustration, and perhaps a vote of no confidence in the UK’s economic direction.