The migration of millionaires and billionaires from Britain is continuously increasing. The main reasons for this are changes in the tax policy, economic uncertainty and investment related challenges. Recently, many big billionaires like Christian Angermayer, Aston Villa owner Nassif Sawiris and shipping tycoon John Frederickson have left Britain and moved to the United Arab Emirates (UAE).

Where are the rich people going?

Countries like UAE, America, Italy and Switzerland are proving to be more attractive for wealthy individuals, because the tax rules in these countries are relatively simple and better opportunities are available for investment.

Why are billionaires running away?

Now another name has been added to this list – that of Nik Storonsky. forbes According to the report, Britain’s Companies House Filings Information has come to light that Nick Storonsky, co-founder of digital banking app Revolut, has changed his official residence from Britain to UAE.
The move comes at a time when the UK government has scrapped the “non-domiciled tax” system, which exempted foreign nationals from paying UK tax on their overseas income.

Who is Nick Storonski?

41-year-old Nick Storonsky was originally born in Russia. Although he still has a home in the UK, his official residence is now registered in the UAE, where Revolut is launching its new business.

Storonsky’s business and investment ties in the UAE are also continuously growing. He founded Revolut in 2015, which has today become a global fintech company with 65 million users and a valuation of $75 billion. According to Forbes, as the largest shareholder in the company, Nick Storonsky’s total stake is worth about $8 billion.

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London Millionaires: Millionaires from London are going in large numbers. This number has not reached hundreds but now in thousands. In the year 2024, more than 11,000 millionaires left London and went to live in countries like Asia or America. This has been happening for the last few years, but now it has gained momentum.

According to the information gathering property -related advice every year, there are some major reasons behind it such as increasing tax, non -recovery of the 2008 economic recession and the Britain is separated from the European Union.

Know what came out in the report

Once London was considered to be the home of the world’s most rich people, but after 2014 there has been a decline in the number of rich people. In the last 10 years, London has lost 12% of its rich people. Now London has also been out of the list of ‘top 5 richest cities in the world’.

According to a report by the advice firm Henley & Partners, more than 11,300 millionaires have left London between January and December last year. The data gathering company New World Wealth has also confirmed this.

Los angels benefited

Although the condition of London is somewhat impaired, the situation is not completely bad. London, often called ‘Square Mile’, still lives 2,15,700 millionaires while the number was 2,27,000 a year ago. For the first time in many years, London could not make a place in the list of ‘top 5 richest cities in the world’. This time Los Angeles has arrived at number five.

The truth is that London has lost more millionaires from any other city in Europe. About 11,300 millionaires have left the city. Despite being involved in the Russia war, Moscow stood second in this list, from where 10,000 millionaires went.

Learn what is the reason behind this

There are many reasons behind the migration of millionaires from London. One of them is the big reason that now there are no business and job opportunities as before, especially in IT (Technology) sector. New World Wealth Research Head Andrew Amoils says that Asia’s growing dominance and America’s technology world has forced many rich traders and technology people to change their place.

He told the news agency AFP that Brexit (Britain’s separation from Europe) made the situation worse. Andrew also said that taxes in London are among the highest taxes in the world. Capital Gains Tax and Property Tax are very high in the UK, due to which rich people, big businessmen and retired people are not preferring to live in London or UK.

Another reason is the low importance of London Stock Exchange. Now it is not even in the list of the top 10 stock exchanges in the world. At the same time, cities like Dubai in Asia and Frankfurt in Europe are now becoming very popular as new financial centers.

Asia and America benefited

Asia and America are now becoming a favorite place for millionaires. In the last 10 years, the number of millionaires has increased by 98% in the US San Francisco Gulf region (Bay Area). At the same time, this increase in Singapore of Asia has been 62%. Of the 10 cities of the world, out of the most millionaires, 7 cities are in America or Asia. New York, Bay Area, Los Angeles and Chicago of the US are included in the list, while Asia from Tokyo, Singapore and Hong Kong are in the top 10. The number of dollars millionaires is increasing rapidly in cities like Dubai, Tokyo and Los Angeles. New York City still remains the world of rich in the world with 3,84,500 millionaires.