Billionaire Heir Exits UK Over Taxes, Citing New Tax Regime
Billionaire Heir Joins UK’s Wealthy Exodus
Shravin Bharti Mittal, a 37-year-old heir to India’s Bharti fortune valued at $27.2 billion, has relocated from the UK to the United Arab Emirates. This move comes after the UK implemented sweeping tax reforms targeting wealthy non-domiciled residents, who live in the UK but are originally from elsewhere.
Family Ties to BT Group
Mittal, a top shareholder in British telecommunications giant BT Group Plc, which the Bharti family owns 24.5% of, shifted his residence from the UK to the UAE, according to registry filings. He recently established an Abu Dhabi branch for his London-founded investment firm, Unbound.
Tax Reforms Spark Outflow
The Bharti Mittal family’s decision to relocate is part of a broader trend of wealthy individuals, including millennials, leaving the UK due to the new tax regime. These reforms, introduced by both the Conservative and Labour governments, have impacted non-domiciled residents who previously enjoyed tax benefits on overseas earnings.
The UK government’s goal of attracting top global talent is facing challenges as these tax changes deter wealthy individuals from residing in the country. A study by the Centre for Economics and Business Research even suggests that the UK could lose revenue if a significant portion of its non-domiciled residents emigrate.
Other High-Profile Exits
Mittal is not alone in choosing the Middle East as a new home. Nassef Sawiris, Egypt’s richest person, is also moving to Abu Dhabi, alongside Italy. Meanwhile, two members of the Lazari dynasty, Leonidas and Nicholas, have shifted their primary residence to Cyprus, which offers its own tax advantages for non-doms.
Impact on UK’s Elite Attraction
Financial experts believe that the trend of wealthy individuals leaving the UK will continue. Gianpaolo Mantini, a partner at wealth advisory firm Saltus, states, ‘There will certainly be an exodus. Those doing so are already tax mobile.’
Mittal’s Background
Shravin Bharti Mittal’s move stands in contrast to his previous role as a strong advocate for the UK. He started his career in London over a decade ago, working at JPMorgan Chase & Co. and a private equity firm before joining his family’s investment arm, Bharti Global. He played a key role in Bharti Global’s acquisition of a stake in BT Group last year.
