Billionaire Portelli Flees Australia for Dubai Over Tax Crackdown

Adrian Portelli, a Melbourne-born billionaire with over 1 million social media followers, has relocated his family to Dubai and declared he no longer trusts the Australian government. In a podcast interview with Karl Stefanovic on September 18, Portelli blamed tax changes, regulatory issues, and account freezes for his departure. He warned that Australia is chasing away success and that other entrepreneurs will follow, citing the 2026 federal budget’s sweeping capital gains and property tax reforms.

Why Portelli left Australia

Portelli said the Australian Taxation Office froze his accounts, preventing him from paying wages, staff, and bills. He told Stefanovic: “I don’t trust the government. They’ve really come down on me.” His accountant told him he had never seen anything like it. Portelli cited regulatory issues alongside tax pressures as the breaking point, though he still calls Australia “the best country in the world.”

The tax changes driving departures

The 2026 federal budget introduced sweeping changes to capital gains and property taxes. Young entrepreneurs and business leaders united to lobby against the capital gains tax changes, warning that innovation in Australia would be stifled. Portelli and others argue wealthy Australians are voting with their feet and shifting businesses overseas where the regulatory burden is lighter.

A broader exodus is forming

Approximately 130,000 Australians have already moved to the United Arab Emirates. Last month, Melbourne lawyer Victoria Wells and partner Stephan Roberto, along with influencers Matt Cameron and Felicity Morgan, launched “Project Get Out” to help Australians relocate overseas. The business received 1,000 inquiries shortly after launching, coinciding with Portelli’s viral move. Portelli warned of a mass exodus of young entrepreneurs if conditions do not improve.

Portelli’s Australian business continues

Despite relocating, Portelli’s LMCT+ discount petrol station empire is expanding in Australia. His second petrol station is scheduled to open in Adelaide on October 2, 2026. Portelli said he originally planned to move to Italy before settling in Dubai, which he described as a “massive eye-opener” for his family.

Final Thoughts

Portelli’s high-profile departure signals growing frustration among wealthy Australians over tax policy and regulatory scrutiny. Whether his warnings trigger a broader exodus depends on how the government responds to business concerns about the 2026 budget reforms.

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