Revolut CEO Proclaims He Is Shifting To Dubai: Is The UK Shedding Too Many Millionaires?

Simply this week, it was revealed that Revolut co-founder Nik Storonsky has modified his residence on Firms Home from the UK to the UAE.

However Storonsky’s transfer, while a giant blow to the UK, isn’t distinctive. Just a few months in the past, UK Chancellor Rachel Reeves scrapped the UK non-dom tax regime, which allowed UK residents to keep away from paying taxes on revenue and property abroad. Unsurprisingly, since this announcement, there was numerous dialogue round a millionaire exodus from the UK, and what it would imply for the nation’s financial future.

From Russia, To London, To Dubai

Storonsky’s rise to one of many UK’s most profitable entrepreneurs was a powerful journey. Born in Russia and skilled in world banks like Lehman Brothers and Credit score Suisse, he later went on to arrange Revolut in 2025.

As a 25% proprietor within the firm, his internet price is presently estimated by Bloomberg to be round £10.6 billion.

As Revolt’s chief government, he has performed a ley position increasing the corporate into new markets. However his transfer to the UAE might not simply be a tax-run.

In line with the corporate’s web site in a press launch simply final month, Revolut secured in-principle approval for a UAE funds licence, permitting them to additional develop within the nation. And while the tax advantages are clear, Storonsky’s transfer may additionally be partially operational.

The Millionaire Exodus Continues

However Storonsky’s transfer is much from distinctive. In actual fact, based on the Henley Personal Wealth Migration Report 2025, the UK is ready to lose 16,500 millionaires this yr…greater than another nation on the planet. That determine is twice as many as China, and ten instances as many as Russia.

However the exodus isn’t simply popping out of nowhere. Many have speculated that The Chancellor’s resolution to finish the UK’s non-dom system, which made the UK a secure haven for rich people, has performed a giant half. Below the brand new guidelines, anybody who has lived within the UK for greater than 4 years will now pay tax on their worldwide earnings. After 10 years, they could additionally must pay Inheritance Tax on their world property.

For a lot of millionaires within the UK who’ve property overseas, places like Dubai, Switzerland, Monaco and Italy have grow to be fashionable choices – with many providing golden visas and decrease taxes as incentives.

The UAE Is Successful The Millionaire Seize

However within the world race to attract millionaires in, it’s The UAE that’s arising tops. Analysis from New World Wealth exhibits the nation gained round 6,700 new millionaires in 2024, with one in six arriving from the UK.

Their lack of private revenue tax, mixed with their golden visa has made them a gorgeous possibility for top internet price people.

Alongside that, life within the UAE additionally comes with political stability and an incredible atmosphere for enterprise progress.

In line with analysis for Henley and Companions, on the subject of the projected internet influx of millionaires, The UAE tops the record, adopted by The USA, Italy, Switzerland, Saudi Arabia, Singapore, Portugal and Greece.

Is The UK Set To Lose Its Millionaire Inhabitants?

While millionaires have at all times been transient, the most recent exodus has been cited by some economists as a giant drawback. In actual fact, economists warn that by 2028, Britain may lose a fifth of its millionaire inhabitants.

Mix this with stagnant progress, excessive borrowing prices and a brand new authorities, and you may see why the UK is dropping its attraction.

And while some may have a look at this and suppose ‘ah properly!’ the reality is that millionaires contribute practically 30% of all revenue tax within the UK. This lack of tax income may influence public companies, enhance taxes for different working folks and decrease attraction for worldwide buyers.

However Are We Panicking For No Purpose?

Not everybody thinks that the UK is definitely going through a full-blown financial exodus. Rowland Atkinson and Sharda Rozena from the College of Sheffield argue that the numbers aren’t really as dangerous as they appear.

Their analysis says that even when 16,500 millionaires left the UK, that might nonetheless be lower than 1% of the UK’s complete millionaire inhabitants.

Nonetheless, it’s not an incredible look and plenty of argue that it’s not simply the quantity of millionaires leaving that’s the issue – it’s the dearth of these coming in.

Will The Exodus Proceed?

While there is no such thing as a possible way of realizing, the reality is, it isn’t wanting good. Many are awaiting The Chancellor’s autumn funds with baited breath, questioning if much more tax hikes are coming.

However the precise numbers aren’t the one factor to contemplate. Repute issues too, and a giant a part of that is whether or not excessive internet price people consider that the UK is an effective place to construct wealth. Proper now, the reality is, many are not sure.

So as to reverse this, The Chancellor must take into consideration the way to get the financial system transferring once more and incentivise extra money in. If she doesn’t, it doesn’t look good.

Storonsky’s Transfer: A Signal Of The UK Financial system’s Shedding Attraction?

While Storonsky’s transfer to the UAE is undoubtedly sensible, it’s one other signal that the UK may be dropping attraction to excessive internet price people – even those who constructed companies right here.

While Revolut as an organization continues to be working from London, Storonsky’s transfer is an indication that the UK must do extra to draw and retain its most rich.