Shravin Bharti Mittal, a member of an Indian family residing in the UK, has decided to relocate from the UK to the United Arab Emirates (UAE).
Shravin Bharti Mittal Left UK: Recently, Shravin Bharti Mittal, son of Indian industrialist Sunil Bharti Mittal and a telecom investor, decided to leave the UK and settle in the UAE. Shravin Bharti Mittal, the largest shareholder in BT Group Plc, a leading UK telecom company, cited stricter tax policies as the primary reason for his move.
His family’s net worth is approximately $27.5 billion (approximately ₹2.30 lakh crore), placing them high on the list of the world's wealthiest individuals.
Changes in Tax Regulations Increased Difficulties
The UK Conservative government repealed a significant tax rule in March 2024. This rule exempted non-UK citizens from UK taxes on their foreign earnings for up to 15 years. Under this rule, foreign investors and wealthy citizens could reside in the UK without paying taxes on their international income. However, the Labour Party, which came to power in July 2024, completely revised this rule, tightening tax restrictions on foreign income.
These changes have made it difficult for wealthy expatriate investors to remain in the UK. Several wealthy Indian families, including Shravin Bharti Mittal, have decided to leave the UK because of this. According to media reports, Shravin has opened a branch of his investment firm, Unbound, in Abu Dhabi, and his activities are now primarily centered in the UAE.
Who is Shravin Bharti Mittal?
37-year-old Shravin Bharti Mittal is the son of Sunil Bharti Mittal, chairman of Airtel. He holds a BSc in Accounting and Finance from the University of Bath and an MBA from Harvard Business School. During his time at Harvard, he also interned at Dropbox. Shravin began his investment career with prominent firms like SoftBank and Better Capital.
Currently, Shravin is the founder and CEO of Unbound, an investment firm that makes long-term investments in technology and startups. His father, Sunil Bharti Mittal, is the 72nd richest person in the world, with an estimated net worth of around $27.5 billion.
Family and Personal Life
Shravin Bharti Mittal married Sakshi Mittal in 2015. Sakshi is a school friend; they both attended the British School in Delhi. Sakshi also pursued higher education at Wharton School and has worked for prestigious organizations such as Pfizer and EPIC Private Equity. An MBA graduate, Sakshi is considered highly experienced in her field.
The Bharti Mittal family holds approximately 24.5% stake in BT Group Plc, a significant influence in the telecom sector. Shravin established Unbound, an investment firm in London, focusing on startups and the technology sector. However, due to recent tax regulations, he has now opened a branch of his company in Abu Dhabi and shifted his focus to the UAE.
Expert Opinions
Economic experts believe that changes in tax regulations are reducing the interest of foreign investors in countries like the UK. Wealthy families are now turning to countries with more favorable tax policies, offering better benefits and security for investors. Countries like the UAE are becoming attractive alternatives due to their lower tax burden and a better investment climate.
Shravin Bharti Mittal's move is not only a measure to protect his family's wealth but also signals a search for new global investment opportunities. By leveraging the growing potential for business and technological investment in the UAE, he plans to further strengthen his company and family wealth.
