Meet Indian-origin billionaire Shravin Mittal, heir to Rs 2.30 lakh crore business empire, relocated to UAE from UK due to…; know reason behind exodus of uber rich from UK
Shravin Mittal UAE Relocation: Shravin Bharti Mittal, the son and heir of Indian telecom tycoon, Sunil Mittal, has relocated to the United Arab Emirates (UAE) from the United Kingdom (UK), joining the growing list of uber-rich individuals who left Britain amid a sweeping tax overhaul that targets the country’s non-domiciled residents.
Why Shravin Mittal moved to UAE?
According to a Bloomberg report, Shravin Mittal, heir to one of India’s wealthiest business families and the top shareholder in BT Group Plc, has recently moved to the UAE, presumably to escape UK’s new tax reform laws.
The 37-year-old, who previously listed the UK as his residence, now calls the UAE his home, as per regulatory filings by Bharti Enterprises. Shravin Mittal’s departure from Britain is being seen as part of surging trend among the ultra-rich who have left the country after the British government recently introduced sweeping tax reforms, abolishing the non-domicile (non-dom) status, which previously allowed wealthy foreign-born residents to avoid paying UK taxes on foreign income for up to 15 years.
After assuming office in July 2024, the Labour government expanded crackdown by also removing inheritance tax breaks on overseas wealth, as announced by Chancellor Rachel Reeves.
Experts believe that these ‘discriminatory’ tax laws are the reason behind the surging exodus of high-net-worth individuals from the UK, which would have a negative impact on the British economy in the long run. According to the Centre for Economics and Business Research, the economic cost would far any anticipated tax windfall, even if a quarter of the country’s estimated 74,000 non-doms left.
Why the ultra-rich are moving to the UAE?
According to Bloomberg, the primary reason for high-net worth individuals to choose the UAE as their preferred residence are the country’s low tax rates, coupled with a favorable environment for investments. The UAE imposes zero personal, in addition to no tax on capital gains, or inheritance tax.
In April, Shravin Mittal founded the established an Abu Dhabi branch for his investment firm, ‘Unbound’, originally founded in London, and while the Mittal family has not publicly commented on the matter, Shravin’s sister, Eiesha Bharti Mittal, has taken over her brother position at Bharti Global from April 1, which coincides with the Mittal scion relocation to the UAE, Bloomberg reported.
Who is Shravin Bharti Mittal?
Shravin Mittal is the younger son of Indian billionaire and telecom tycoon Sunil Bharti Mittal, who heads Bharti Airtel– India’s second-largest telecom provider after Mukesh Ambani-owned Jio– which is ranked among the country’s 10 most valuable domestic firms, with a market of Rs 10,44,682.72 crore.
Sunil Mittal is one of the richest men in India with a net worth of $13.5 billion, as per Forbes, while the combined wealth of the Bharti Mittal family is pegged at $27.2 billion, according to the Bloomberg Billionaires Index.
Additionally, Shravin Mittal’s family, under Bharti Global, holds a 24.5 percent stake in BT Group, which they acquired from
French billionaire Patrick Drahi in 2023.
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