ArcelorMittal billionaire Lakshmi Mittal leaves UK for Dubai amid tax reforms

London: Indian-origin steel magnate Lakshmi N. Mittal, one of Britain’s wealthiest residents, is reportedly planning to leave the UK as the Labour government prepares major tax reforms targeting the super-rich, The Sunday Times reported on Sunday.

Relocating to Dubai

The Rajasthan-born billionaire, currently a tax resident of Switzerland, will now spend most of his time in Dubai. Mittal, founder and executive chairman of global steel giant ArcelorMittal, has purchased property on Naïa Island, a new luxury enclave in the UAE, in addition to his existing Dubai mansion.

Wealth and UK ties

Mittal, 75, is valued at an estimated £15.4 billion on the 2025 Sunday Times Rich List, making him the eighth richest person in Britain. His family moved to London in 1995 and acquired multiple mansions on Kensington Palace Gardens, including the marble-laden “Taj Mittal.”

Tax uncertainty drives decisions

Sources cited by The Sunday Times said Mittal’s move reflects concerns over Chancellor Rachel Reeves’ upcoming Budget, expected to include fresh levies on wealthy individuals, such as a proposed 20% exit tax and a mansion tax.

Labour’s previous measures, including the abolition of the non-domicile tax regime and restrictions on offshore trusts, are said to have accelerated his decision.

“Many affluent residents feel they have little choice but to leave,” a wealth adviser told the newspaper, citing high inheritance taxes in the UK of up to 40%, compared with zero inheritance tax in Dubai and Switzerland.

Trend among wealthy residents

Mittal is the latest in a growing list of high-net-worth individuals moving from the UK, including tech entrepreneur Herman Narula and Revolut co-founder Nik Storonsky, who relocated to the UAE to avoid potential capital gains and exit taxes.

Advisers say uncertainty over the UK’s tax policy has created unease among wealthy investors, threatening a wider exodus of top earners.

Global assets and UK policy

Experts warn that Labour’s new measures could further prompt wealthy residents to rethink their UK investments. “The uncertainty of Labour’s tax policy, inheritance tax and abolition of the non-dom regime are a big concern for people who have worked hard and built up their wealth in the UK,” said Tory peer Rami Ranger.

Mittal’s empire

Mittal controls a 38% stake in ArcelorMittal, valued at £23.35 billion, and has long been a prominent Labour donor. His exit highlights the broader tension between the UK government’s tax ambitions and efforts to retain top-tier investors and entrepreneurs.

With inputs from Agencies