Billionaire heir Shravin Mittal moves to UAE from UK: Why are Britain’s wealthy leaving?

Shravin Bharti Mittal, 37, heir to one of India’s wealthiest families and the largest individual shareholder in UK telecom giant BT Group Plc, has reportedly relocated to the United Arab Emirates, marking another high-profile exit from Britain amid its aggressive tax reforms.

Mittal, a Bloomberg report claims, now lists UAE as his residence, shifting from the UK just as the British government dismantles key tax protections for foreign-born millionaires. 

He also registered an Abu Dhabi branch of Unbound, the investment firm he originally founded in London, last month, according to filings cited by the news agency.

Mittal’s family controls 24.5% of BT Group through their Bharti Global holdings. With a combined fortune of $27.2 billion, their financial clout and global business influence make this move especially symbolic—and costly—for the UK.

The core reason: the UK’s abolition of the non-domicile (non-dom) tax regime. Previously, ultra-wealthy residents could avoid paying taxes on foreign income for up to 15 years. 

That protection has now been scrapped. Starting April, the UK will tax long-term residents like Mittal on their worldwide income, including assets held in trusts, and will remove inheritance tax breaks on overseas wealth.

In contrast, the UAE offers zero personal income tax, no capital gains or inheritance tax, and an investor-friendly ecosystem—complete with long-term residency options under its Golden Visa program. It’s rapidly becoming the jurisdiction of choice for the world’s ultra-rich seeking tax efficiency and mobility.

Mittal’s relocation follows a broader trend of high-net-worth individuals fleeing the UK’s tightening tax net. Reports show a rising number of millionaires exiting the country, prompting warnings from analysts that lost investment and economic contributions may outweigh gains in tax revenue.

Representatives for the Bharti Mittal family have not responded to the report.

This story will be updated as more information becomes available.