Photo: dailymail.co.uk
Boss of banking app Revolut joins Britain's billionaire exodus
Nikolay Storonsky, co-founder of the fintech giant Revolut, has relocated from the UK to the UAE, marking a trend in Britain's billionaire exodus amid tax concerns.
- Nikolay Storonsky, the CEO of Revolut, disclosed his residency change to the UAE in a filing for his family office, increasing scrutiny on UK taxation policies.
- Revolut, valued at £56 billion, is recognized as Britain's largest startup, indicating the significant financial footprint of its co-founder in the fintech sector.
- This move aligns with a growing trend of wealthy individuals leaving the United Kingdom for more favorable tax environments, particularly in places like the United Arab Emirates.
Why It Matters
The departure of high-profile business leaders like Storonsky underscores a worrying trend for the UK's economy, as it may signal a broader flight of capital and innovation. This shift could impact investment and growth in the UK's burgeoning fintech landscape.