Adrian Portelli built his fortune in Australia, but says the country that made him a billionaire has become the very place that’s driven him – and 130,000 other Aussies – to Dubai.
Adrian Portelli has launched a fresh spray at Australia, declaring he’s fled to Dubai because he no longer trusts the government and warning the country is driving out its next generation of young entrepreneurs.
In an explosive podcast interview with Karl Stefanovic, the billionaire businessman said Australia was “chasing away success”, claiming tax changes, red tape and scrutiny from regulators had pushed him to move his family to the United Arab Emirates.
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“I don’t trust the government. They’ve really come down on me,” Portelli said on The Karl Stefanovic Show.
“Like, I think once you start making a bit of noise … you’ll find the system cracks down and they don’t like it.
“I’ve had regulatory issues to ATO issues, and I just can’t handle it. I’m just like, I just don’t feel comfortable having all my eggs in one basket in Australia.
“They froze my accounts, couldn’t pay my wages, couldn’t pay staff, couldn’t pay my bills. They just froze it all and my accountant said he’s never seen anything like this.”
Adrian Portelli has opened up about why he has left Australia for Dubai.
The Melbourne-born entrepreneur said the decision was painful because he still believed Australia was “the best country in the world”, but argued it was punishing ambition rather than rewarding it.
“It’s unfortunate when they’re chasing away success,” he said.
“They’re frowning upon ambition, when we should be celebrating it.”
The broadside comes as Portelli continues to expand his business footprint in Australia, with his second discount petrol station due to open in Adelaide on October 2 as part of his growing LMCT+ empire.
Karl Stefanovic interviews Adrian Portelli.
Portelli said he had originally planned to move to Italy before ending up in Dubai, which he said had proved the right fit for his family.
“Going to Dubai has been a massive eye-opener,” he said.
“I didn’t really want to go to Dubai, but it’s a place that works for me and my family.”
Stefanovic agreed Australia risked losing more young business people under the weight of recent capital gains tax changes, saying many would simply pack up and leave — and Portelli agreed.
“My worry is we’re going to, and we have featured on the show already, so many young people are just going to leave,” Stefanovic said.
“Young entrepreneurs are going to pick up and leave the country, which is exactly what you’re doing.”
Billionaire Adrian Portelli has moved to Dubai. Source: Instagram
Portelli backed that view.
“They are chasing young entrepreneurs, very talented…Australia’s got excellent skilled entrepreneurs here and just in the Middle East, we’ve lost 130,000 Australians,” he said.
“These aren’t average people. These are people of wealth and success that are moving, they are fleeing – and then we’re replacing them with people that are dependent on the government and taking resources away from Australians that need it. It’s quite sad.”
The billionaire also reflected on his upbringing in Melbourne’s St Albans, saying he came from a working-class family where both parents worked hard to keep food on the table.
“My mum worked two jobs. My dad had a full-time job,” he said.
“I love it because it’s made me the person I am. We grew up with my parents instilling good values in me and my two sisters. We worked hard. We grew up surrounded by them working hard to keep food on the table and bills paid. They always put us first, so I’m very grateful for my upbringing.”
Self-made billionaire Adrian Portelli had humble upbringings.
Portelli said time spent living alone in Los Angeles also helped shape him, recalling how difficult it was being overseas without the support of family.
“I think it was just living … when you’re in a country by yourself, you don’t have the support network of your family,” he said.
“I remember calling my mum just crying because I was just like, ‘Oh man, this is horrible’.”
He said there were times he did not know how he would cover rent and bills, and remembered sleeping on the floor while getting by on discounted food.
“Got an apartment, and just not knowing how I’m going to afford to pay the monthly bills or the rent,” he said.
“Sleeping on the floor and eating food that I didn’t want to eat because it was on special. It was a difficult time.”
Portelli said the experience gave him a lasting sense of gratitude.
“But you know what? All these times shape you to what you are now,” he said.
“They’ve instilled these values in me where I’m grateful, no matter what position I’m in.”
In a statement posted to Instagram, Portelli implied he had considered running for high office
The interview follows Portelli’s fiery social media posts in August confirming he had relocated to Dubai after planning the move for three years.
At the time, he said the move had been declared to the Australian Taxation Office and denied it was tied to pressure over new gambling reforms that could hit LMCT+.
He later took aim at the cost of living by posting a photo of Australian scotch steak bought in Dubai for just over $20, asking how local beef could be as cheap, or cheaper, overseas than it was in Australian supermarkets.
Portelli has also flagged political ambitions, saying he wants to help “run the show” and hold the country’s leaders accountable.
“Australians deserve better and we should never be afraid to demand better from the people entrusted to lead us,” he wrote.