Indian-born steel magnate Lakshmi Mittal has decided to leave the UK as the Labor government prepares major tax reforms aimed at the ultra-rich, The Sunday Times reported on Sunday (November 23rd).
The London-based Indian founder of ArcelorMittal is now a Swiss tax resident and will shift most of his time to Dubai, a report said.
Mittal UK is the 8th richest
According to the 2025 Sunday Times Rich List, Mittal’s fortune is £15.4 billion, making him the eighth richest person in Britain.
Expansion of Dubai and investment in Naïa Island
Mittal already owns an office in Dubai and recently acquired “tracts of interesting development on nearby Naïa Island”, according to the report, which signals a long-term shift of its base to the UAE.
Fear of wealth tax leads to exodus
The move comes amid widespread anxiety over expected tax rises on the wealthy as Chancellor Rachel Reeves tries to plug a £20bn gap in Britain’s finances.
Her first budget last year raised capital gains tax, cut business allowances and introduced new levies on transfers of family businesses.
Speculation of more to come – including a possible 20% exit tax on wealthy individuals leaving the UK – has unnerved high-net-worth families.
Inheritance tax tipping point
An adviser familiar with the Mittal family’s plans told The Sunday Times that inheritance tax, not income tax, was the deciding factor.
“It wasn’t income (or capital gains) tax that was at issue,” the adviser said.
“Inheritance tax was the problem. Many wealthy people from overseas do not understand why all their assets, wherever they are in the world, should be subject to inheritance tax imposed by the British Treasury.
The adviser added that looming policy changes have left many global elites feeling squeezed out.
