Shravin Bharti Mittal, heir to the $27.2 billion Bharti fortune, has officially relocated from the United Kingdom (UK) to the United Arab Emirates (UAE), citing Britain’s increasingly stringent tax regime. Mittal, a key stakeholder in BT Group Plc with a 24.5% share, had previously declared the UK as his residence but has now shifted to the UAE, following a growing trend among ultra-wealthy individuals seeking tax-friendly jurisdictions.
UK’s Tax Reforms Prompt Wealth Exodus
Mittal’s departure comes amid major tax policy changes introduced by the UK government:
- March 2024: The Conservative government curtailed tax benefits for non-domiciled residents, reducing the foreign income exemption period from 15 years to just a few.
- July 2024: The newly elected Labour government eliminated inheritance tax exemptions for foreign assets held by non-doms, further prompting high-net-worth individuals to relocate.
Impact on UK’s Economy
According to estimates from the Centre for Economics and Business Research, if even a quarter of the UK’s 74,000 non-doms choose to leave, the country could face a significant loss in tax revenue. Other billionaires, including Egypt’s richest person, Nassef Sawiris, and members of the British-Cypriot Lazari family, have also moved their tax domicile to Abu Dhabi, Italy, and Cyprus.
Mittal’s Business Expansion in UAE
Mittal has established an Abu Dhabi branch for his investment firm, Unbound, which was originally founded in London. His sister, Eiesha Mittal, has now assumed his former position at Bharti Global, following the family’s acquisition of their BT Group stake from Patrick Drahi.
