Billionaire Shravin Bharti Mittal Relocates to UAE Amid UK Tax Reforms
Shravin Bharti Mittal, heir to the Bharti Mittal conglomerate and a key stakeholder in BT Group Plc, has left the UK and established residency in the UAE due to Britain's increasingly stringent tax regime.
Shravin Bharti MittalUk Tax ReformsUaeHighnetworth IndividualsBharti EnterprisesReal EstateMay 25, 2025
Mittal’s departure is part of a wider trend that sees younger billionaires following in the footsteps of older generations, relocating to more tax-friendly jurisdictions. According to a company document from the Bharti Mittal conglomerate—whose total fortune is valued at $27.2 billion by the Bloomberg Billionaires Index—Mittal had previously declared the UK as his residence.
Mittal has long been embedded in the UK’s financial landscape. A graduate in Accounting & Finance from the University of Bath, he began his career as an analyst at JPMorgan Chase in London, later transitioning into private equity before joining the family business, Bharti Enterprises. The conglomerate, founded by his father Sunil Mittal, spans telecommunications, finance, real estate, and hospitality.
He served as managing director of Bharti Global until the family acquired their BT stake from Patrick Drahi. Following that acquisition, and coinciding with his move to the UAE, Shravin’s sister Eiesha Mittal, 41, assumed his former position.
Mittal’s exit underscores how Britain’s tax reforms are prompting an exodus of high-net-worth individuals. In March 2024, the Conservative government sharply curtailed the favorable tax treatment of ‘non-domiciled’ residents’ foreign income, slashing the qualifying period from 15 years to just a few. The situation worsened in July when the newly elected Labour government eliminated inheritance tax exemptions for foreign assets held by non-doms.
The policy shift has already driven other wealthy individuals to relocate. Egyptian billionaire Nassef Sawiris, for instance, now lists Abu Dhabi and Italy as his primary residences. Leonidas and Nicholas Lazari of the British-Cypriot Lazari family have moved their tax domicile to Cyprus to benefit from its more lenient tax regime.
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—further intensifying the debate over the long-term consequences of these reforms.
Frequently Asked Questions
Why did Shravin Bharti Mittal leave the UK?
Shravin Bharti Mittal left the UK due to the country's increasingly stringent tax regime, which has become less favorable for non-domiciled residents.
What sectors does the Bharti Mittal conglomerate operate in?
The Bharti Mittal conglomerate operates in telecommunications, finance, real estate, and hospitality.
Who is assuming Shravin Bharti Mittal's former position in Bharti Global?
Shravin’s sister, Eiesha Mittal, has assumed his former position as managing director of Bharti Global.
How have recent UK tax reforms affected non-domiciled residents?
Recent UK tax reforms have sharply curtailed the favorable tax treatment of non-domiciled residents' foreign income and eliminated inheritance tax exemptions for foreign assets held by non-doms.
What are the potential economic impacts of high-net-worth individuals leaving the UK?
If a significant number of high-net-worth individuals leave the UK, the country could face a substantial loss in tax revenue, potentially impacting the economy.
Related News Articles
Unlocking $48 Billion in Indian Office Space: The Rise of Fractional Ownership
India's fractional ownership market is expected to exceed $5 billion by 2030
Budget 2024: Reviving Affordable Housing - A Sector in Crisis
The real estate sector is seeking 'high-impact' measures to revive affordable housing, including special schemes, tax breaks, and revised pricing definitions.
Can Urbanization and Nature Coexist? A New Vision for Cities
As cities expand, natural spaces are dwindling. But is it possible to create a symbiosis between urbanization and nature? We explore the possibilities.
Market Sentiment Remains Robust Amidst Fresh IPOs: Anand Tandon
Anand Tandon shares his insights on the current market sentiment, IPOs, and sectors to watch out for.
MahaRERA Orders Developers to Refund Buyers Amid Complaints Over Pending Home Sales
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers in Pune, a region heavily affected by pending home sales. MahaRERA has ordered developers to refund buyers to address the growing complaints.
Tayal Corp: Pioneering Architectural Excellence in Pune's Real Estate Market
Led by Ar. Sumit Tayal, Tayal Corp. is not just another real estate developer; it is a collective of thinkers, visionaries, and problem-solvers. Discover how this innovative company is transforming the landscape of Pune's real estate industry.