Steel Magnate Lakshmi Mittal Moves to Dubai Amid UK Tax Worries

New Delhi, November 24, 2025: Indian-origin steel tycoon Lakshmi N. Mittal, a long-time resident and one of the wealthiest figures in the UK, has reportedly decided to leave the country. The move comes as the Labour government prepares to announce further tax reforms targeting the super-rich, intensifying an ongoing trend of high-net-worth individuals relocating to more tax-friendly jurisdictions like Switzerland and the United Arab Emirates (UAE).

Mittal, the 75-year-old founder and executive chairman of the global steel giant ArcelorMittal, is already a tax resident of Switzerland. However, reports suggest he plans to spend most of his time in Dubai, where he is significantly expanding his property portfolio, including the purchase of land on the new luxury enclave, Naïa Island, in addition to his existing mansion.

The Tax Tipping Point

The primary driver behind Mittal’s decision, which follows nearly three decades of his family being based in London, appears to be the growing uncertainty and tightening of the UK’s tax laws for the wealthy.

According to advisors familiar with the matter, the most significant concern is the UK’s Inheritance Tax, which can reach 40%. Unlike the UK, both Switzerland and the UAE (Dubai) do not impose this tax, making them far more attractive for global families planning the succession of their wealth.

The Labour government has already taken steps to overhaul the tax landscape. Last year’s Budget abolished the long-standing “non-domicile” (non-dom) tax status, which allowed wealthy foreign residents to avoid paying UK tax on their overseas income and assets.

Furthermore, the anticipation of Chancellor Rachel Reeves’ upcoming Budget, scheduled for later this week, has fuelled anxiety. Rumours of additional levies, such as a possible “mansion tax” or a controversial 20% “exit tax” on individuals leaving the UK, have further unsettled the wealthy elite. While the government may have scrapped the formal “exit tax” proposal, the very discussion has created a climate of instability.

Part of a Larger Exodus

Mittal’s departure, who was ranked eighth on the 2025 Sunday Times Rich List with an estimated fortune of £15.4 billion, is the most high-profile in a noticeable “wealth flight” from the UK. He joins a list of entrepreneurs and investors, including tech founders, who have also chosen to relocate to the UAE or Switzerland, citing the need for greater tax stability and a predictable financial environment for their worldwide assets.

The UK government faces a difficult balancing act. It aims to raise revenue to fund public services and address inequality by ensuring the wealthiest pay a fairer share. However, critics warn that these aggressive tax reforms risk driving away key investors and entrepreneurs, potentially harming the UK’s long-term economic competitiveness and reputation as a stable place for international business.

For Mittal, who once bought one of the world’s most expensive homes—the ‘Taj Mittal’ mansion on Kensington Palace Gardens—the decision signals an end to a long era of UK residency, underscoring the deep unease felt by the ultra-rich over the country’s changing fiscal policies.