Lakshmi Mittal Distances Himself From Rising UK Taxes, Billionaire Shifts Base As New Financial Moves Spark More Exits

Lakshmi Mittal News: Indian-origin steel tycoon Lakshmi N. Mittal has decided to leave the United Kingdom, according to a report by The Sunday Times. The move comes as the Labour government weighs potential tax hikes on the super-rich. Mittal, who has long been counted among Britain’s wealthiest individuals, has now chosen to reside outside the UK.

Where Will Lakshmi Mittal Live Now?

The report states that Mittal, originally from Rajasthan, is already a tax resident of Switzerland and will now spend most of his time in Dubai. According to The Sunday Times Rich List 2025, the ArcelorMittal founder holds a net worth of £15.4 billion, ranking him as the eighth richest individual in Britain.

Citing sources close to Mittal, the newspaper claims the 75-year-old industrialist is among several billionaires who decided to leave the UK ahead of Chancellor Rachel Reeves’ upcoming budget announcement. Mittal already owns a mansion in Dubai and has recently acquired new development properties on Naia Island in the UAE. The news of his departure comes at a time when expectations are high that taxes on the rich could rise further.

Reeves is attempting to bridge a £20 billion gap in the UK’s finances. Her previous budget after Labour’s election victory introduced higher capital gains tax, reduced tax relief for entrepreneurs, and new taxes on the transfer of family businesses to the next generation.

Inheritance Tax Was the Real Trigger

According to the report, an advisor close to Mittal said the core issue was not income tax or capital gains tax, but inheritance tax. Many wealthy individuals find it unreasonable that the UK Treasury imposes inheritance tax on all global assets they own, regardless of location.

This, he said, is forcing many affluent families to move out of the UK. Britain currently levies death duties as high as 40%, while countries like Dubai and Switzerland impose no inheritance tax at all.

Mittal’s exit follows similar decisions by other entrepreneurs, including India-born tech founder Herman Narula, who recently announced his move to Dubai.