Steel Tycoon Lakshmi Mittal Exits UK as Tax Pressures Rise?

Lakshmi Mittal, one of the world’s most influential steel magnates, has decided to leave the United Kingdom after more than 30 years, marking the end of an era in British business history. 

His decision comes as the Labour government prepares further tax reforms targeting high-net-worth individuals, particularly the abolition of the “non-dom” tax regime. Mittal, once the richest person in Britain and an eight-time topper on The Sunday Times Rich List, will now divide his time between Switzerland and Dubai, as per the news reports.

Inheritance Tax Emerges as the Key Trigger

According to reports, Mittal’s departure was not driven by income or capital gains taxes but by concerns over the UK’s inheritance tax framework. With rates reaching up to 40%, the UK is seen as increasingly unattractive for wealthy global citizens, especially when compared to tax-free Dubai or Switzerland’s favourable exemptions. 

Advisors close to Mittal said many overseas families find it unreasonable that global assets should be subjected to UK inheritance tax, leaving them “sad or angry” but compelled to relocate.

Shift to Dubai and Expanding Property Portfolio

Mittal already owns property in Dubai and has recently doubled down with major acquisitions. He purchased five premium plots in the Cheval Blanc development on Naïa Island, each valued at around $25 million for land alone. 

Earlier this year, he acquired a $200 million mansion in Emirates Hills, one of Dubai’s most prestigious enclaves. These moves reflect a broader trend of wealthy individuals seeking stability, privacy, and favourable taxation.

Part of a Growing Wealth Exodus

Mittal, valued at £15.444 billion in the 2025 Rich List, is the most prominent figure yet to leave the UK amid a rising outflow of ultra-rich residents. Tech founders Herman Narula (Improbable) and Nik Storonsky (Revolut) are among others who have shifted to Dubai citing policy uncertainty. The exodus comes just ahead of Chancellor Rachel Reeves’ second Budget, expected to introduce further tax increases.

Legacy, Business Footprint, and Philanthropy

Born in Rajasthan, Mittal built ArcelorMittal into the world’s second-largest steelmaker with over 125,000 employees. His philanthropic contributions in the UK include major donations to Great Ormond Street Hospital, UNICEF, Oxford University, and London’s Olympic Park. Despite relocating, he will retain his £300 million worth of properties on Kensington Palace Gardens, including the iconic “Taj Mittal.”

Also Read: Are Gifts From Your Brother-In-Law Tax-Free In India?

Conclusion

Lakshmi Mittal’s departure highlights the growing tension between UK fiscal policy and global wealth mobility. As tax reforms intensify, Britain risks losing more high-profile investors to more tax-friendly jurisdictions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.