Shravin Mittal Relocates to UAE Amid UK Tax Reforms: A Move Reflecting Global Wealth Shifts
Shravin Mittal, son of Bharti Airtel founder Sunil Mittal and a prominent shareholder in BT Group Plc, has moved to the United Arab Emirates (UAE) due to rising taxes on wealthy individuals in the UK. This move is part of a larger trend of billionaires relocating to more tax-friendly jurisdictions.
Tax ReformsWealth ManagementRelocationUnited Arab EmiratesBharti EnterprisesReal Estate NewsMay 25, 2025
Mittal, who previously listed the UK as his residence, now lists the UAE. Last month, he established an Abu Dhabi branch for Unbound, an investment firm founded in London, according to other filings. This strategic move highlights the growing appeal of the UAE as a hub for international business and investment.
Apart from Mittal, several other billionaires have also relocated from the UK. Egypt’s richest person, Nassef Sawiris, has moved to Abu Dhabi and Italy. Members of the billionaire Lazari dynasty, including Leonidas and Nicholas, who own several properties in London, are now living in Cyprus. These moves are indicative of a broader trend of wealthy individuals seeking more favorable tax environments.
The latest developments underscore the impact of the UK's tax reforms on wealthy non-domiciled residents. These reforms, introduced by the Conservative government in March 2024, suspended the preferential tax policy that allowed wealthy individuals to avoid taxes on overseas earnings for almost 15 years. This policy was replaced with a shorter timeframe. Following the Labour Party's victory in the July 2024 election, Chancellor Rachel Reeves eliminated inheritance tax breaks on non-domiciled individuals' overseas assets, further prompting many to leave Britain.
These tax reforms may significantly affect the UK government's revenue if a quarter of its nearly 74,000 non-domiciled individuals relocate. According to a study by the Centre for Economics and Business Research, this could have substantial economic repercussions, challenging the government's goal to attract top global talent.
Shravin Mittal began his career in London over ten years ago. He studied accounting and finance at the University of Bath and worked at JPMorgan Chase & Co. as an investment banking analyst, according to his LinkedIn profile. Mittal subsequently worked at a private equity firm in London and later assumed the role of managing director at the investment division of New Delhi-based Bharti Enterprises, which specializes in sectors such as finance, real estate, and hospitality.
This relocation reflects a strategic decision by Mittal to align his business interests with a more favorable tax regime. The UAE, known for its business-friendly environment and minimal taxation, offers a compelling alternative to the UK for wealthy individuals and investors. As the trend of billionaires leaving the UK continues, it highlights the ongoing competition between nations to attract and retain high-net-worth individuals.
Frequently Asked Questions
Why did Shravin Mittal move to the UAE?
Shravin Mittal moved to the UAE due to rising taxes on wealthy individuals in the UK. The UK's tax reforms, including the suspension of preferential tax policies for non-domiciled wealthy residents and the elimination of inheritance tax breaks, prompted Mittal to seek a more favorable tax environment in the UAE.
What are the key tax reforms in the UK that affected wealthy individuals?
The key tax reforms in the UK include the suspension of the preferential tax policy for non-domiciled wealthy individuals, which previously allowed them to avoid taxes on overseas earnings for almost 15 years. Additionally, the Labour Party's Chancellor Rachel Reeves eliminated inheritance tax breaks on non-domiciled individuals' overseas assets.
Who else has relocated from the UK to the UAE?
Apart from Shravin Mittal, Egypt’s richest person, Nassef Sawiris, has also moved to Abu Dhabi. Members of the billionaire Lazari dynasty, including Leonidas and Nicholas, who own several properties in London, have relocated to Cyprus.
What is the impact of these tax reforms on the UK government's revenue?
The tax reforms may significantly impact the UK government's revenue if a quarter of its nearly 74,000 non-domiciled individuals relocate. According to a study by the Centre for Economics and Business Research, this could have substantial economic repercussions.
What sectors does Bharti Enterprises specialize in?
Bharti Enterprises, founded by Sunil Mittal, specializes in sectors such as finance, real estate, and hospitality. The company is a major player in these industries and has a significant presence in India and other international markets.
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