Sunil Bharti Mittal’s son, Shravin Bharti Mittal, has relocated from the United Kingdom to the United Arab Emirates (UAE), Bloomberg reported, citing a registry filing. The telecom giant BT Group heir’s move comes amid the UK’s rising taxes on wealthy non-domiciled residents.
A month after Shravin Mittal established the Abu Dhabi branch for his investment firm, Unbound, the 37-year-old heir listed UAE as his residence.
But Shravin Mittal isn’t the only billionaire moving away from the UK. Egypt’s richest man, Nassef Sawiris relocated from the UK to Abu Dhabi and Italy. Billionaire Lazari Dynasty members, who own multiple properties in London, have shifted to Cyprus. Earlier, there was a report suggesting steel tycoon Lakshmi Mittal is considering the possibility of leaving the UK.
What’s Triggering UK’s Billionaire Exodus
The non-domicile tax regime allowed those UK residents who declared their permanent home abroad an exemption from British taxes on foreign earnings for almost 15 years. The regime, which existed for nearly 226 years, attracted many high-net-worth individuals to the UK.
But in March 2024, ahead of the general elections in the UK, former Chancellor Jeremy Hunt abolished the regime, delivering a blow to non-domiciled billionaires living in the country.
The abolition of the tax regime will significantly impact the UK government’s revenues even if a quarter of its nearly 74,000 non-domiciled individuals leave the country, Bloomberg reported, citing a study from the Centre for Economics and Business Research.
Who is Shravin Bharti Mittal?
Shravin Mittal is the son of Bharti Enterprises chairman Sunil Bharti Mittal and heir to one of the richest conglomerates in India. Mittal graduated from the University of Bath in 2009 and later completed his MBA from the Harvard Business School in 2014. He began his career as an investment banking analyst at JPMorgan Chase and subsequently worked at a private equity firm in London. He later took charge as MD at the investment division of Bharti Enterprises. In 2017, he founded his own investment firm, Unbound Advisors Ltd.
