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Why would a fintech billionaire swap London for Dubai? That question is buzzing after news that Nik Storonsky, co-founder and CEO of Revolut, has officially moved from the UK to the UAE.
With a personal fortune estimated at $7.9 billion, his move signals more than just a lifestyle shift, it underscores Dubai’s rise as a magnet for global entrepreneurs, investors, and high-net-worth individuals. Let’s find out more about it.
Revolut CEO, The Latest Billionaire to Shift their Residence Away from the U.K
Corporate filings released on October 7 confirm that Revolut CEO, Nik Storonsky, now lists the UAE as his place of residence. The documents, filed through his family office, indicate that the move took place in October 2024.
Storonsky’s relocation represents one of the most high-profile exits of ultra-wealthy residents from the UK following the government’s decision to end long-standing tax benefits for non-domiciled individuals.
For over two centuries, this special tax status had turned London into a preferred base for global billionaires, allowing them to legally avoid UK taxes on overseas income for up to 15 years.
To understand why more British investors are exploring the UAE, read our guides:
Strategic Business Move: Expanding Revolut’s Global Footprint
Storonsky’s relocation is part of his larger corporate strategy. Revolut, the digital banking app, is scaling globally, targeting 30 new markets by 2030, with the Middle East as a key growth region.
Revolut has already opened a Dubai office and secured a UAE operating license, aligning its regional presence with the city’s growing fintech ecosystem.
It’s worth noting that Abu Dhabi’s Mubadala sovereign wealth fund took a stake in Revolut, further strengthening its UAE ties. Storonsky’s growing participation in Dubai tech events and the launch of his new venture, Utopia Design, show a clear long-term commitment to the region.
For UK entrepreneurs interested in doing the same, here are some useful insights and tips:
How UK Citizens Can Make Property Investments in Dubai: Key Insights and Tips
Financial Motives: Tax Changes and Wealth Planning
The scrapping of the 200-year-old tax break in the UK was intended to promote tax fairness, but it prompted many wealthy entrepreneurs and investors to look for a friendlier tax climate. And when it comes to tax-friendly destinations, few can rival the UAE.
While the UK increased levies on capital gains, dividends, and business sales, the UAE offers 0% personal income tax, no capital gains tax, and no inheritance tax.
For founders and investors managing international portfolios - from fintech to luxury real estate in Dubai - this is a decisive advantage.
Experts predict that nearly 10,000 millionaires will relocate to the UAE in 2025, making it the top global destination for high-net-worth migration.
If you’re a UK investor considering a move, you may also find our guide helpful:
Dubai Expat Guide for UK Citizens
Lifestyle & Personal Considerations
Beyond numbers, there’s the human side.
Dubai’s appeal goes far beyond tax efficiency. For many global founders, it’s about quality of life, safety, and freedom.
Storonsky, who spent over a decade in London, joins a growing wave of professionals choosing a lifestyle defined by year-round sunshine, world-class dining, pristine beaches, and luxury real estate.
The city offers a vibrant expat community, English-speaking schools, top healthcare, and one of the safest environments in the world, all of which make relocating families seamless.
It’s no surprise that properties such as villas for sale in Dubai, luxury apartments for sale in Dubai, and Dubai penthouses are increasingly in demand among global executives making the UAE their new home.
Part of a Broader Trend: Millionaires Flocking to Dubai
Revoult CEO’s move from London to the UAE is not an isolated case; it’s emblematic of a much larger trend of wealthy individuals.
According to Henley & Partners’ Global Wealth Migration Report, the UAE continues to attract the highest number of millionaires worldwide, ahead of the United States and Singapore.
2024 saw a historic surge in millionaire movement, with over 134,000 millionaires changing countries. And where are many of these rich migrés headed? The UAE stands out at the epicenter.
The world’s elite are coming from places like China, India, Russia, and beyond. Even Europeans are relocating for what they perceive as greater freedom and opportunity in Dubai’s low-tax, high-growth environment.
A Move That Mirrors the Market
Nik Storonsky’s decision to relocate from London to Dubai isn’t just a personal move; it’s a symbol of where global wealth, innovation, and opportunity are converging.
As founders, investors, and families look for new hubs of stability and growth, Dubai continues to stand out as the world ’s preferred destination, for both living and investing.
FAQs
Dubai offers a unique mix of incentives: no income tax, political stability, investor-friendly regulations, and luxury living. The government’s Golden Visa program and ease of doing business make it especially appealing to global entrepreneurs and high-net-worth individuals.
Yes. With its supportive financial regulations, advanced digital infrastructure, and growing pool of investors, Dubai is emerging as one of the top destinations for fintech innovation.
The UAE imposes 0% personal income tax and no tax on capital gains, making it one of the most tax-efficient places for entrepreneurs to live and run businesses. This is a major advantage over higher-tax jurisdictions like the UK or the U.S.
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