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India.com
25-05-2025
- Business
- India.com
Indian-origin billionaire, heir to Rs 2.30 lakh crore business empire, relocates to UAE from UK due to…; know reason behind exodus of uber rich from UK
Shravin Mittal, the son of Indian telecom magnate Sunil Mittal, has relocated to the UAE from the UK. (File) Shravin Mittal UAE Relocation: Shravin Bharti Mittal, the son and heir of Indian telecom tycoon, Sunil Mittal, has relocated to the United Arab Emirates (UAE) from the United Kingdom (UK), joining the growing list of uber-rich individuals who left Britain amid a sweeping tax overhaul that targets the country's non-domiciled residents. Why Shravin Mittal moved to UAE? According to a Bloomberg report, Shravin Mittal, heir to one of India's wealthiest business families and the top shareholder in BT Group Plc, has recently moved to the UAE, presumably to escape UK's new tax reform laws. The 37-year-old, who previously listed the UK as his residence, now calls the UAE his home, as per regulatory filings by Bharti Enterprises. Shravin Mittal's departure from Britain is being seen as part of surging trend among the ultra-rich who have left the country after the British government recently introduced sweeping tax reforms, abolishing the non-domicile (non-dom) status, which previously allowed wealthy foreign-born residents to avoid paying UK taxes on foreign income for up to 15 years. After assuming office in July 2024, the Labour government expanded crackdown by also removing inheritance tax breaks on overseas wealth, as announced by Chancellor Rachel Reeves. Experts believe that these 'discriminatory' tax laws are the reason behind the surging exodus of high-net-worth individuals from the UK, which would have a negative impact on the British economy in the long run. According to the Centre for Economics and Business Research, the economic cost would far any anticipated tax windfall, even if a quarter of the country's estimated 74,000 non-doms left. Why the ultra-rich are moving to the UAE? According to Bloomberg, the primary reason for high-net worth individuals to choose the UAE as their preferred residence are the country's low tax rates, coupled with a favorable environment for investments. The UAE imposes zero personal, in addition to no tax on capital gains, or inheritance tax. In April, Shravin Mittal founded the established an Abu Dhabi branch for his investment firm, 'Unbound', originally founded in London, and while the Mittal family has not publicly commented on the matter, Shravin's sister, Eiesha Bharti Mittal, has taken over her brother position at Bharti Global from April 1, which coincides with the Mittal scion relocation to the UAE, Bloomberg reported. Who is Shravin Bharti Mittal? Shravin Mittal is the younger son of Indian billionaire and telecom tycoon Sunil Bharti Mittal, who heads Bharti Airtel– India's second-largest telecom provider after Mukesh Ambani-owned Jio– which is ranked among the country's 10 most valuable domestic firms, with a market of Rs 10,44,682.72 crore. Sunil Mittal is one of the richest men in India with a net worth of $13.5 billion, as per Forbes, while the combined wealth of the Bharti Mittal family is pegged at $27.2 billion, according to the Bloomberg Billionaires Index . Additionally, Shravin Mittal's family, under Bharti Global, holds a 24.5 percent stake in BT Group, which they acquired from French billionaire Patrick Drahi in 2023.
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Business Standard
25-05-2025
- Business
- Business Standard
Shravin Bharti Mittal joins wealthy exodus as UK tax reforms bite
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.
Time of India
25-05-2025
- Business
- Time of India
Heir to $27 billion Bharti fortune joins UK's wealth exodus
By Ben Stupples and Max Harlow An heir from one of India's richest families, the top shareholder in UK telecommunications giant BT Group Plc , has relocated from Britain amid tax hikes on the nation's wealthy residents. Shravin Bharti Mittal , 37, now lists the United Arab Emirates as his residence after previously listing the UK, according to a registry filing for part of his billionaire family's namesake conglomerate, which owns 24.5% of one of Britain's largest mobile and broadband companies. He set up an Abu Dhabi branch last month for an investment firm, Unbound, he founded in London, other filings show. Representatives for the Bharti Mittal family, who have a combined fortune of $27.2 billion, according to the Bloomberg Billionaires Index, didn't immediately respond to emails and calls seeking comment. The move shows how some of the world's richest millennials are joining their older counterparts in exiting the UK after it introduced sweeping tax reforms targeting its wealthy non-domiciled residents, who live in the UK but originally hail from abroad. It's also a blow to the British government's ambitions to attract top global talent, part of broader efforts to improve the UK's immigration system outlined by Keir Starmer's Labour administration in a wide-ranging policy document released this month. In March 2024, the then-ruling Conservative government scrapped a preferential regime for non-doms that allowed them to avoid UK taxes on their overseas earnings for as long as 15 years, replacing it with a shorter timeframe. Labour mirrored that policy after winning the UK general election in July, but Chancellor Rachel Reeves went a step further and eliminated inheritance tax breaks on non-doms' overseas assets, causing many of them to leave or consider leaving. A study this month from the Centre for Economics and Business Research think-tank said the changes will end up costing the UK money if at least a quarter of its roughly 74,000 non-doms exit. Other individuals leaving the UK for the Middle East include Egypt's richest person, Nassef Sawiris, who is relocating to Abu Dhabi as well as Italy. Two members of the billionaire Lazari dynasty – Leonidas, 58, and Nicholas, 54, whose namesake investment firm owns swathes of London properties – are now usually living in Cyprus, other filings show. A spokesperson for Lazari Investments, whose late founder Christos was born in the Mediterranean nation that offers its own non-don regime, declined to comment. 'There will certainly be an exodus,' said Gianpaolo Mantini, a London-based partner and financial planner at wealth advisory firm Saltus. Those doing so 'are already tax mobile.' UK Ties Shravin Bharti Mittal is a high-profile example of a scion from an ultra-rich family putting down roots and investing in Britain, a nation that's traditionally been a leader in luring the global elite . He started his career in London more than a decade ago, working at JPMorgan Chase & Co. as an investment banking analyst after studying accounting and finance at the University of Bath, according to his LinkedIn profile. He then worked at a private equity firm in London before becoming a managing director for an investment arm of New Delhi-based Bharti Enterprises , which was founded by his father Sunil and has other holdings spanning finance, real estate and hospitality. He still held that role at Bharti Global when it bought a stake in BT last year from billionaire Patrick Drahi. His 41-year-old sister, Eiesha, who continues to lists the UK as her residency, took on that position from April 1, when Shravin's relocation to the UAE also took place, filings show.
Economic Times
25-05-2025
- Business
- Economic Times
Heir to $27 billion Bharti fortune joins Britain's wealth exodus
Agencies Shravin Bharti Mittal An heir from one of India's richest families, the top shareholder in UK telecommunications giant BT Group Plc, has relocated from Britain amid tax hikes on the nation's wealthy residents. Shravin Bharti Mittal, 37, now lists the United Arab Emirates as his residence after previously listing the UK, according to a registry filing for part of his billionaire family's namesake conglomerate, which owns 24.5% of one of Britain's largest mobile and broadband companies. He set up an Abu Dhabi branch last month for an investment firm, Unbound, he founded in London, other filings show. Representatives for the Bharti Mittal family, who have a combined fortune of $27.2 billion, according to the Bloomberg Billionaires Index, didn't immediately respond to emails and calls seeking move shows how some of the world's richest millennials are joining their older counterparts in exiting the UK after it introduced sweeping tax reforms targeting its wealthy non-domiciled residents, who live in the UK but originally hail from also a blow to the British government's ambitions to attract top global talent, part of broader efforts to improve the UK's immigration system outlined by Keir Starmer's Labour administration in a wide-ranging policy document released this month. In March 2024, the then-ruling Conservative government scrapped a preferential regime for non-doms that allowed them to avoid UK taxes on their overseas earnings for as long as 15 years, replacing it with a shorter timeframe. Labour mirrored that policy after winning the UK general election in July, but Chancellor Rachel Reeves went a step further and eliminated inheritance tax breaks on non-doms' overseas assets, causing many of them to leave or consider leaving.A study this month from the Centre for Economics and Business Research think-tank said the changes will end up costing the UK money if at least a quarter of its roughly 74,000 non-doms individuals leaving the UK for the Middle East include Egypt's richest person, Nassef Sawiris, who is relocating to Abu Dhabi as well as Italy. Two members of the billionaire Lazari dynasty – Leonidas, 58, and Nicholas, 54, whose namesake investment firm owns swathes of London properties – are now usually living in Cyprus, other filings show. A spokesperson for Lazari Investments, whose late founder Christos was born in the Mediterranean nation that offers its own non-don regime, declined to comment. 'There will certainly be an exodus,' said Gianpaolo Mantini, a London-based partner and financial planner at wealth advisory firm Saltus. Those doing so 'are already tax mobile.' UK Ties Shravin Bharti Mittal is a high-profile example of a scion from an ultra-rich family putting down roots and investing in Britain, a nation that's traditionally been a leader in luring the global elite. He started his career in London more than a decade ago, working at JPMorgan Chase & Co. as an investment banking analyst after studying accounting and finance at the University of Bath, according to his LinkedIn profile. He then worked at a private equity firm in London before becoming a managing director for an investment arm of New Delhi-based Bharti Enterprises, which was founded by his father Sunil and has other holdings spanning finance, real estate and hospitality. He still held that role at Bharti Global when it bought a stake in BT last year from billionaire Patrick Drahi. His 41-year-old sister, Eiesha, who continues to lists the UK as her residency, took on that position from April 1, when Shravin's relocation to the UAE also took place, filings show.
Time of India
25-05-2025
- Business
- Time of India
Heir to $27 billion Bharti fortune joins Britain's wealth exodus
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel An heir from one of India's richest families, the top shareholder in UK telecommunications giant BT Group Plc , has relocated from Britain amid tax hikes on the nation's wealthy residents. Shravin Bharti Mittal , 37, now lists the United Arab Emirates as his residence after previously listing the UK, according to a registry filing for part of his billionaire family's namesake conglomerate, which owns 24.5% of one of Britain's largest mobile and broadband companies. He set up an Abu Dhabi branch last month for an investment firm, Unbound, he founded in London, other filings for the Bharti Mittal family, who have a combined fortune of $27.2 billion, according to the Bloomberg Billionaires Index, didn't immediately respond to emails and calls seeking move shows how some of the world's richest millennials are joining their older counterparts in exiting the UK after it introduced sweeping tax reforms targeting its wealthy non-domiciled residents, who live in the UK but originally hail from also a blow to the British government's ambitions to attract top global talent, part of broader efforts to improve the UK's immigration system outlined by Keir Starmer's Labour administration in a wide-ranging policy document released this March 2024, the then-ruling Conservative government scrapped a preferential regime for non-doms that allowed them to avoid UK taxes on their overseas earnings for as long as 15 years, replacing it with a shorter timeframe. Labour mirrored that policy after winning the UK general election in July, but Chancellor Rachel Reeves went a step further and eliminated inheritance tax breaks on non-doms' overseas assets, causing many of them to leave or consider leaving.A study this month from the Centre for Economics and Business Research think-tank said the changes will end up costing the UK money if at least a quarter of its roughly 74,000 non-doms individuals leaving the UK for the Middle East include Egypt's richest person, Nassef Sawiris, who is relocating to Abu Dhabi as well as Italy. Two members of the billionaire Lazari dynasty – Leonidas, 58, and Nicholas, 54, whose namesake investment firm owns swathes of London properties – are now usually living in Cyprus, other filings show. A spokesperson for Lazari Investments, whose late founder Christos was born in the Mediterranean nation that offers its own non-don regime, declined to comment.'There will certainly be an exodus,' said Gianpaolo Mantini, a London-based partner and financial planner at wealth advisory firm Saltus. Those doing so 'are already tax mobile.'Shravin Bharti Mittal is a high-profile example of a scion from an ultra-rich family putting down roots and investing in Britain, a nation that's traditionally been a leader in luring the global elite He started his career in London more than a decade ago, working at JPMorgan Chase & Co. as an investment banking analyst after studying accounting and finance at the University of Bath, according to his LinkedIn profile. He then worked at a private equity firm in London before becoming a managing director for an investment arm of New Delhi-based Bharti Enterprises , which was founded by his father Sunil and has other holdings spanning finance, real estate and still held that role at Bharti Global when it bought a stake in BT last year from billionaire Patrick Drahi. His 41-year-old sister, Eiesha, who continues to lists the UK as her residency, took on that position from April 1, when Shravin's relocation to the UAE also took place, filings show.
