Lakshmi Mittal Leaves UK for Dubai Amid Major Tax Reforms
Indian-origin billionaire and global steel industry icon Lakshmi N. Mittal is reportedly preparing to shift his primary base from the United Kingdom to Dubai, as the UKās new tax reform proposals create uncertainty for high-net-worth individuals. According to a report by The Sunday Times, the 75-year-old chairman of ArcelorMittalāthe worldās largest steelmaker outside Chinaāhas chosen to relocate due to mounting concerns about the Labour governmentās strategy to impose heavier tax burdens on the super-rich.
Relocation Plans to Dubai
Mittal, who is currently registered as a tax resident in Switzerland, intends to spend most of his time in Dubai moving forward. He has already expanded his real estate presence in the UAE by purchasing property on NaĆÆa Island, an exclusive luxury development in Dubai, in addition to a previously owned high-end mansion in the city. The decision reflects a growing trend among wealthy individuals who are increasingly choosing the UAE for its tax-friendly environment, stable economic policies and luxurious lifestyle offerings.
Wealth, Influence and UK Connections
Ranked as the 8th richest person in Britain, Mittal holds an estimated fortune of Ā£15.4 billion, as listed in the 2025 Sunday Times Rich List. The Mittal family has long been prominent in the UKās business and social landscape. They moved to London in 1995 and purchased multiple mansions on Kensington Palace Gardens, one of the worldās most expensive residential streets. Among the familyās famed properties is the luxurious home nicknamed āTaj Mittalā, known for its elaborate marble interiors and lavish design.
Tax Reform Concerns Driving Wealth Exodus
Sources quoted in the report reveal that Mittalās decision is fueled by growing anxiety over Chancellor Rachel Reevesā upcoming Budget, which is expected to include new tax measures targeting wealthy individuals. These may include a 20% exit tax, a possible mansion tax, and further restrictions around offshore assets and trusts.
Recent policy actions under the Labour governmentāincluding eliminating the non-domicile tax status and restricting benefits related to offshore wealthāhave contributed to fears of financial penalties for high-net-worth residents. Wealth advisors quoted by the publication claim that many affluent residents feel compelled to leave the UK due to rising inheritance taxes, which can reach up to 40%, compared to 0% inheritance tax in countries like Dubai and Switzerland.
One adviser stated that people who have built large fortunes believe they are being unfairly targeted, leading them to seek countries with clearer, more supportive tax structures.
Part of a Larger Trend
Mittal is not alone in his decision. Several successful entrepreneurs and investors have already left the UK in the past two years. Among them are Herman Narula, founder of Improbable, and Nik Storonsky, co-founder of Revolut, who relocated to the UAE to avoid growing tax burdens and protect future capital gains.
Financial analysts warn that the UK may witness a significant exodus of talent and capital, potentially impacting investment levels, job creation and economic competitiveness. āThe uncertainty surrounding Labourās tax strategy and the end of the non-dom regime are serious concerns,ā said Conservative peer Rami Ranger, arguing that these policies could discourage major investors who contribute heavily to the economy.
Mittalās Business Empire
Lakshmi Mittal controls approximately 38% of ArcelorMittal, currently valued at around Ā£23.3 billion. The company recently reported its strongest quarterly results since 2008, supported by global demand from infrastructure, energy and construction sectors. Despite his move, Mittal continues to be an influential figure in global industry and has historically been a high-profile supporter and donor to the Labour Party.
A Signal of Whatās Next
Mittalās relocation underscores the broader challenge facing the UK government: balancing ambitious tax reform plans with the need to retain top investors and economic contributors. With more wealthy individuals exploring options in Dubai, Switzerland and other low-tax jurisdictions, the UK risks losing billions in future investment if the trend accelerates.
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