A growing wave of wealthy British Indians and other high-net-worth entrepreneurs is preparing to leave the United Kingdom, citing rising taxes, policy instability, and a deteriorating economic environment under the new Labour government. The trend has intensified ahead of an expected Budget announcement, with many fearing that Chancellor Rachel Reeves may introduce an “exit tax” aimed at preventing the super-rich from shifting their assets abroad.
India-born tech entrepreneur Herman Narula, CEO of the £2.5-billion metaverse company Improbable, is among the most prominent figures planning to relocate. At just 37, Narula is Britain’s richest self-made entrepreneur under 40, yet he says the uncertainty surrounding new taxation policies has pushed him to prepare for a move to Dubai. According to him, the rumoured capital gains-based exit levy is “irresponsible” and has already triggered a quiet exodus of talent and capital from the UK. He stressed that the real issue is not one single tax measure but the unpredictability of future budgets and the risk of sudden financial burdens on wealth creators.
Lakshmi N Mittal, the steel magnate and one of the UK’s wealthiest individuals, is also reportedly preparing to leave after nearly three decades in Britain. Mittal, who maintains significant assets in Dubai—including a mansion and land on Naa Island—is reassessing his stay in Britain amid concerns that wealthy residents will be targeted to fund Labour’s fiscal plans. With a net worth of $21.4 billion, his departure would be one of the most symbolic signs of elite flight from the UK.
Narula and Mittal are far from alone. In recent months, prominent business leaders such as BT Group investor Shravin Mittal, Revolut co-founder and billionaire Nik Storonsky, former footballer Rio Ferdinand, Egyptian tycoon Nassef Sawiris, shipping magnate John Fredriksen, and Goldman Sachs vice-president Richard Gnodde have all shifted their residence to the UAE—particularly Dubai, which offers low taxes, relaxed regulation, and a rapidly expanding ecosystem for global entrepreneurs.
The exodus is being fuelled by multiple factors: higher capital gains taxes, changes to entrepreneurs’ relief, increased national insurance contributions, and declining public service quality. Wealthy entrepreneurs say they see no return on the record-high taxes they pay, pointing to an overstretched NHS, stagnant economic growth, and insufficient infrastructure investment.
Reflecting these concerns, more than a dozen wealthy business owners—including British-Indian billionaires Surinder Arora and Ajaz Ahmed—sent an open letter to Chancellor Reeves urging her to reconsider policies that “stifle rather than support” entrepreneurial growth. They warned that continued pressure on innovators and investors could accelerate the capital flight already underway.
Ordinary Indian-origin professionals are also reassessing life in the UK. Ganapati Bhat, an IT consultant who moved from Bengaluru to Britain under the highly skilled migrant programme in 2007, said many long-time residents like him are considering returning to India. He argued that despite paying high taxes, he sees little improvement in public services or the broader economic environment. Several of his PIO friends have already moved back.
According to recent data, 691 millionaires left the UK in April alone—a staggering 79% increase from the previous year. Dubai, Italy, and Greece have emerged as the top destinations for the departing wealthy.
What is unfolding is more than a tax dispute. It is a reconfiguration of Britain’s economic landscape, as entrepreneurs, investors, and affluent diaspora members weigh whether the UK remains a viable base for long-term financial growth.
