Shravin Bharti Mittal exits Britain as new tax rules drive billionaires to friendlier shores

Mittal, who had earlier declared the UK as his country of residence, has now listed the UAE as his home, as per recent disclosures by Bharti Enterprises, the family-run conglomerate.

The combined fortune of the Bharti Mittal family is valued at $27.2 billion, based on the Bloomberg Billionaires Index.

Last month, Mittal opened an Abu Dhabi branch of his investment firm, Unbound, which was originally established in London.

Although the family has not made any public statement on the matter, Bloomberg reported that his sister Eiesha has stepped into his role at Bharti Global from April 1 — a move that coincides with his shift to the UAE.

Mittal’s decision to leave the UK underscores the growing impact of Britain’s new tax rules on affluent foreign-born residents.

In March 2024, the then Conservative government abolished the long-standing non-domicile status that had allowed such individuals to avoid UK taxes on overseas income for up to 15 years.

The Labour government, which came to power in July, further expanded the clampdown by eliminating inheritance tax relief on foreign assets, a move outlined by Chancellor Rachel Reeves.

These policy shifts have triggered a wave of departures among the wealthy.

The Centre for Economics and Business Research recently warned that if even a quarter of the UK’s estimated 74,000 non-doms were to relocate, the resulting economic fallout could outweigh any expected gains from the new tax measures.

A shift from London to Abu Dhabi

Mittal’s professional roots were firmly planted in London. A graduate in accounting and finance from the University of Bath, he began his career as an investment banking analyst at JPMorgan Chase & Co., before joining a London-based private equity firm.

He later took charge as managing director of Bharti Global, the investment arm of Bharti Enterprises.

In 2023, Bharti Global deepened its presence in the UK by acquiring a 24.5% stake in BT Group from French billionaire Patrick Drahi.

His move to Abu Dhabi reflects a growing trend among billionaires who are seeking jurisdictions that are more favourable from a tax and investment perspective.

The UAE, for instance, offers zero personal income tax, no capital gains tax, and investor-oriented visa programmes — factors that continue to attract those looking to preserve wealth and expand globally.

London loses its sheen for the ultra-rich

Once regarded as the prime destination for millionaires, London witnessed the departure of around 11,300 high-net-worth individuals in 2024, according to New World Wealth.

Henley & Partners’ latest rankings place London outside the top five global wealth hubs — a first in decades.

Others are following suit. Egypt’s richest man, Nassef Sawiris, has reportedly moved to Abu Dhabi and Italy, while the Lazari property family is said to have relocated to Cyprus. Steel tycoon Lakshmi Mittal is also exploring options that include Dubai, Switzerland, and Italy, according to the Financial Times.

Fallout goes beyond taxes

Economists have cautioned that the consequences of this exodus extend beyond the immediate loss in tax revenues. Many warn of potential long-term damage to the UK’s investment landscape and innovation ecosystem.

The British government maintains that the reforms will yield an additional £2.7 billion annually by 2028–29 and help create a fairer tax system. However, experts have expressed concern that the wider economic toll could surpass those projections.

For now, Shravin Mittal’s move to the UAE serves both as a symbol and a signal — reflecting how the UK’s new tax strategy is not just reshaping the financial priorities of the wealthy, but also pushing them to reconsider where they anchor their lives and investments.