Shravin Bharti Mittal joins wealthy exodus as UK tax reforms bite

Business Standard

25-05-2025

Shravin Bharti Mittal, 37, heir to one of India's wealthiest families and the top shareholder in BT Group Plc, has joined a growing list of ultra-wealthy individuals leaving the United Kingdom amid a sweeping tax overhaul targeting the country's non-domiciled residents, reported Bloomberg.
Mittal, who previously listed Britain as his residence, now calls the United Arab Emirates home, according to filings for Bharti Enterprises, the conglomerate his family controls. The Bharti Mittal family's combined wealth is pegged at $27.2 billion, according to the Bloomberg Billionaires Index.
Last month, Mittal established an Abu Dhabi branch for his investment firm, 'Unbound', originally founded in London. While the Bharti Mittal family has not publicly commented, Bloomberg reports that his sister, Eiesha, taking over his role at Bharti Global from April 1, coinciding with his UAE relocation.
The timing of Mittal's exit underscores the impact of Britain's new tax policies on wealthy foreign-born residents. In March 2024, the Conservative government dismantled the non-domicile (non-dom) status, which had previously allowed these residents to avoid paying UK taxes on foreign income for up to 15 years. The Labour government, which took office in July, expanded the crackdown by also removing inheritance tax breaks on overseas wealth, as announced by Chancellor Rachel Reeves.
These sweeping changes are prompting a significant exodus of high-net-worth individuals from the UK. The Centre for Economics and Business Research recently warned that if even a quarter of Britain's estimated 74,000 non-doms were to leave, the economic cost would outweigh any anticipated tax windfall.
'The UK's latest tax regime is seen as a trigger for wealthy non-doms to explore more favourable jurisdictions,' said Gianpaolo Mantini, a London-based partner at wealth advisory firm Saltus. 'There will certainly be an exodus — these individuals are already tax mobile.'
Mittal's global journey: From London to Abu Dhabi
Mittal's career has long been anchored in London. After studying accounting and finance at the University of Bath, he began his professional journey at JPMorgan Chase & Co as an investment banking analyst. He later joined a private equity firm in London before taking over as managing director of Bharti Enterprises' investment arm, Bharti Global.
In 2023, Bharti Global acquired a 24.5 per cent stake in BT Group from French billionaire Patrick Drahi, deepening the family's UK investment footprint.
Mittal's move to Abu Dhabi reflects a broader trend among billionaires seeking tax-efficient and investor-friendly jurisdictions. The UAE, for instance, offers zero personal income tax, no capital gains tax, and investor-centric visa programmes, making it a magnet for those prioritising wealth preservation and international expansion.
London's fading lure for the rich
London, once the top city for millionaires, saw an exodus of around 11,300 millionaires in 2024, according to New World Wealth. Henley & Partners' report now places London outside the top five global wealth hubs for the first time in decades.
Other billionaires have also joined the shift: Egypt's Nassef Sawiris has reportedly moved to Abu Dhabi and Italy, while the Lazari family has shifted to Cyprus. Steel magnate Lakshmi Mittal is said to be exploring relocation options including Dubai, Switzerland, and Italy, according to the Financial Times.
Economic implications beyond lost tax revenue
Analysts warn the impact of these departures extends beyond lost tax revenue, highlighting risks to the UK's investment climate and innovation ecosystem.
While the British government argues the reforms will raise £2.7 billion annually by 2028–29 and make the tax system fairer, experts caution the broader economic damage could be worse.
For now, Mittal's move to the UAE stands as both a symbol and a warning: Britain's tax crackdown is reshaping not only its economic landscape, but also the loyalties of those who once saw London as a global financial haven.