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India.com
27-05-2025
- Business
- India.com
Meet Shravin Mittal; Heir To Rs 2.56 Lakh Crore Business Empire, Leaves THIS Country Amid Aggressive Tax Reforms
Bharti Group chairman Sunil Bharti Mittal's son Shravin Mittal has relocated to the UAE from the UK amid increased taxes on the wealthy in the UK. By leaving London, Shravin, the heir of the Rs 2.56 lakh crore empire, has joined the list of people who have left the country amid aggressive tax reforms. Shravin has moved from the UK to the United Arab Emirates, according to a Bloomberg report According to filings cited by the news agency, the 37-year-old billionaire registered an Abu Dhabi branch for Unbound, an investment firm he founded in London. One of India's richest families, the Mittal family owns 24.5 percent of BT Group through their Bharti Global holdings. Sunil Mittal & Family has a net worth of 30.7 billion dollars, according to the Bloomberg Billionaire Index. Shravin is the only child of Sunil Mittal and therefore he is the heir of the Rs 2.56 lakh crore empire. Who Is Shravin Mittal? Shravin Mittal is the founder and CEO of Unbound, an investment firm headquartered in London. The firm specialises in fintech, enterprise software and logistics. The firm is supported by Bharti Global. Shravin started his career as an analyst at J.P. Morgan Cazenove in London. He then served as a manager at Airtel where he oversaw operations in Africa and India. Shravin became the managing director of Bharti Global Limited in 2017 and continues to serve in that capacity. Shravin founded Unbound in 2017 and continues to lead the company as its CEO. Shravin graduated from Harvard Business School with an MBA. He graduated from the University of Bath with a BSc in Accounting and Finance.
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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.
