UK Loses Another Billionaire | UK’s Tax Crackdown Just Lost Shravin Bharti Mittal—Who’s Next?
In a significant move that highlights the ongoing wealth migration from the UK, Shravin Bharti Mittal, heir to the $27 billion Bharti Enterprises family fortune, has shifted his residence from the UK to the United Arab Emirates. This shift comes amid recent tax reforms targeting wealthy non-domiciled residents in Britain.
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Shravin Bharti Mittal, 37, a major shareholder in UK telecom giant BT Group Plc, now lists Abu Dhabi as his residence, according to recent registry filings. Previously based in the UK, Mittal has also established an Abu Dhabi branch for his investment firm, Unbound, which he originally founded in London.
The Bharti Mittal family, whose combined wealth is estimated at $27.2 billion by the Bloomberg Billionaires Index, did not respond to requests for comment.
This move reflects a broader trend of wealthy individuals relocating from the UK following sweeping changes to tax laws. In March 2024, the Conservative government ended a preferential tax regime that allowed non-doms to avoid UK taxes on foreign earnings for up to 15 years. The new Labour government has since introduced even stricter measures, including the removal of inheritance tax breaks on overseas assets, prompting many high-net-worth individuals to reconsider their UK residency.
Analysts warn that this exodus of non-doms, who number around 74,000, could have adverse financial impacts on the UK economy.
Shravin Bharti Mittal’s departure follows similar moves by other global billionaires, including Egypt’s wealthiest person, Nassef Sawiris, who is relocating to Abu Dhabi and Italy. Members of the Lazari family, major London property investors, have also shifted their base to Cyprus.
Since beginning his career in London over a decade ago, Mittal has held prominent roles Shravin Bharti Mittal’s departure investment banking and private equity before managing Bharti Enterprises’ investment arm. He continues to hold leadership roles in Bharti Global and was involved when the firm acquired a significant stake in BT last year.
While Shravin Bharti Mittal has moved to the UAE, his sister Eiesha Mittal remains a UK resident and recently took over his position at Bharti Global.
This development underscores the challenges the UK faces in retaining wealthy global talent amid changing tax policies, as the government seeks to balance fiscal needs with attracting international investment.
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