Indian-origin steel king Lakshmi N Mittal is one of the richest businessmen and a household name in the global industry. Now, Lakshmi Mittal is preparing to leave the United Kingdom after 30 years.
According to the UK Media reports, the founder of ArcelorMittal has decided to exit Britain as the Labour government prepares a major tax overhaul to target super-rich individuals in the country. Hence, this move reflects another high-profile billionaire choosing Dubai as a safe, stable, and tax-friendly global base.
Who Is Lakshmi Mittal?
He is globally popular as the king of steel. In addition, he is the executive chairman of ArcelorMittal, which is the second-largest steel producer in the world. Moreover, you can learn the key highlights about him below:
- Net worth: £15.4 billion (2025 Sunday Times Rich List)
- Global rank: 104th richest person (Forbes)
- UK rank: Eighth richest
- Industry: Steel, infrastructure, global manufacturing
- Major assets: Iconic London mansion “Taj Mittal”, properties in Dubai, and global investments
He was born in Rajasthan, India. In addition, Mittal has expanded his steel empire across the continent and has become one of the most influential industrialists after moving to London in 1995.
Why Is Mittal Leaving the UK?
- Growing concern over the UK’s tax policies
The upcoming budget of the Labour government is expected to be announced this Wednesday. However, it is set to bring the tax hikes for wealthy residents. Yet, the government had already imposed tougher rules and tax policies in the previous year. You can read the highlights of those reforms below:
- Higher capital gains tax
- Reduced entrepreneur relief
- New rules restricting the transfer of family businesses
- Increased levies on wealth and investment
Reports also suggest that a potential 20 per cent exit tax on people who are leaving the country. However, this prediction has caused much tension in the country.
- Inheritance tax – the bigger issue
According to advisor quotes in The Sunday Times, wealthy foreign residents are concerned that the UK’s inheritance tax applies to all global assets, not just UK-based wealth. Moreover, it could go up to 40 per cent.
On the other hand, Dubai or the UAE has no inheritance tax at all. Hence, Mittal’s advisers say this global tax reach left the billionaire with little choice but to leave.
- Policy Instability Driving Ultra-Rich Out
Many of the UK Treasury U-Turns, especially the proposed UK exit tax, have signalled policy unpredictability and undermined investors. Besides Lakshmi Mittal, other wealthy entrepreneurs have already left or announced to leave the nation. You can see the list of those billionaires.
- Nik Storonsky, Revolut co-founder (moved to the UAE)
- Herman Narula, India-born tech founder (moving to Dubai)
Now, Mittal has joined this list. However, you can expect more popular names to join this list, as the UK tax policies are becoming more complicated.
Is Mittal Moving to Dubai?
Yes, reports confirm that Mittal already owns a mansion in Dubai. In addition, he has purchased land on the exclusive Naa Island in the UAE. However, he is officially a tax resident in Switzerland, but he is set to spend much of the future in Dubai.
Why did Lakshmi Mittal choose Dubai to move?
There are countless reasons to live in Dubai. However, you can see the top reasons behind Lakshmi Mittal choosing Dubai:
- No income tax
- No capital gains tax
- No inheritance tax
- World-class infrastructure
- A luxury lifestyle suitable for global billionaires
This milestone is another strategic win for the UAE as it is continuously attracting global leaders.
Mittal’s Business Legacy
- Chairman of a company recording $62.4 billion in revenue in 2024
- His net income jumped 40% YoY to $1.3 billion
- He has successfully acquired Essar Steel with Nippon Steel
- He remains involved in strategy after handing the CEO role to his son, Aditya Mittal, in 2021
His London home, “Taj Mittal”, is worth £57 million. It features 55,000 sq ft, a ballroom, Turkish baths, and marble from the Taj Mahal quarry. However, he reportedly does not have any plan to sell it.
What This Means for the UAE
The relocation of Lakshmi Mittal has strengthened the position of the UAE as a global magnet for high-net-worth individuals with a safe and predictable investment hub. Plus, the country has become the top choice for tax-efficiency residency.
Dubai policies are attracting the wealth creators who are looking for stability. So, the city has become a top destination for the global billionaires.
Read more:
Nik Storonsky’s Relocation to UAE: A Strategic Move Amid UK Tax Reforms
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