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Revolut Billionaire CEO Is The Latest Ultra-Wealthy Founder To Leave London After Tax Change
Nik Storonsky relocated amid UK tax changes that ended non-dom privileges, joining 9,500 high-net-worth individuals who left in 2024, seeking tax-friendly environments like the UAE.
- On October 7, Companies House filings show Nik Storonsky, Revolut co-founder and chief executive, listed the United Arab Emirates as his residence, confirming a change in October 2024.
- Chancellor Rachel Reeves abolished the UK non-dom tax regime in April, closing the offshore trusts loophole and raising capital-gains tax bands from 18 percent to 24 percent, prompting wealthy departures.
- With 65 million users, Revolut has expanded in the Gulf with United Arab Emirates licences and offices while Storonsky remains the largest shareholder with a $14 billion fortune.
- Despite the move, Revolut has pledged �3 billion and plans for 10,000 jobs while Storonsky retains a UK home, amid 9,500 relocations last year.
- Other founders including Nassef Sawiris have relocated, and analysts warn the trend could accelerate if the UK continues policies seen as less favorable to fintech, pressuring competitiveness.
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The IndependentReposted by 
The Independent (US)
The Independent (US)Banking billionaire becomes latest ultra-rich lister to leave UK
Nik Storonsky has moved to the UAE after the UK scrapped a lucrative tax break
·London, United Kingdom
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Revolut’s billionaire CEO is the latest ultra-rich founder to leave London following a tax overhaul. Corporate documents from Nik Storonski’s family office show the billionaire and co-founder of fintech company Revolut has moved from the UK to the United Arab Emirates.
·Ljubljana, Slovenia
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Coverage Details
Total News Sources18
Leaning Left3Leaning Right2Center2Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 29%
R 28%
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