A rising number of wealthy British Indians — including some of the UK’s most prominent entrepreneurs — are reassessing their future in Britain amid concerns over rising taxes, policy uncertainty and weakening public services under the Labour government. The trend has accelerated after reports that the Treasury is considering an “exit tax” on high-net-worth individuals, prompting business leaders to relocate to tax-friendly destinations like Dubai.
One of the most significant voices in this shift is Herman Narula, the India-born CEO of the £2.5-billion immersive tech company Improbable. Just 37 and regarded as Britain’s richest self-made entrepreneur under 40, Narula has revealed he is preparing to move to the UAE. He warns that rumours of a new capital gains–linked exit tax are already driving wealthy founders out of the country.
Narula called the plan “irresponsible”, stating that the uncertainty around future budgets and sudden policy changes is damaging confidence. “It has forced a lot of people to leave,” he told The National, adding that Dubai’s predictable tax framework makes it a safer environment for entrepreneurship compared with Britain’s shifting rules.
But Narula is far from alone.
Lakshmi Mittal Also Set to Leave the UK
Even Lakshmi N. Mittal, one of the world’s richest industrialists and among the most influential British Indians, is reportedly preparing to leave London after nearly 30 years. According to The Sunday Times, the Labour government’s signals of a tougher tax regime for the ultra-rich have pushed the ArcelorMittal chairman to reconsider his future in the UK.
Mittal already owns a luxury property in Dubai and has purchased land on Naa Island in the UAE. His exit would be a symbolic blow, highlighting the scale of discomfort among the UK’s wealthy community.
A Wave of Millionaire Exodus
Dubai’s zero-income-tax appeal has triggered a record outflow. In April 2025 alone, 691 millionaires left the UK, a 79% spike from the previous year. High-profile departures include:
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Former England footballer Rio Ferdinand
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Revolut co-founder Nik Storonsky
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Telecom investor Shravin Mittal
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Billionaires and tycoons from Egypt, Norway, Cyprus and South Africa
Many cite the same reasons: rising taxes, a declining NHS, slow growth, and a fear that Labour’s upcoming Budgets may introduce more surprise levies.
British-Indian Tycoons Push Back
Over a dozen business leaders — including Surinder Arora and Ajaz Ahmed — recently wrote an open letter to Chancellor Rachel Reeves, warning that her policies are scaring away job creators. The letter highlighted that frequent tax changes, higher capital gains taxes and rising national insurance contributions are making entrepreneurship unnecessarily burdensome.
Indian-origin professionals, too, are rethinking their future. Ganapati Bhat, a skilled migrant from Bengaluru living in the UK since 2007, told TOI that he sees “no return on the high taxes I pay”, citing worsening public services and weak economic performance.
With Britain’s tax pressures rising and Dubai offering stability and ultra-low taxation, the shift appears set to continue.
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