Lakshmi Mittal quits UK for Dubai as tax uncertainty pushes billionaires out: Report
Currently a Swiss tax resident, Mittal reportedly plans to spend most of his time in the UAE, where he already owns a mansion and is acquiring property on Naïa Island. He is ranked the eighth richest person in the UK with an estimated net worth of £15.4 billion.
- Nov 23, 2025,
- Updated Nov 23, 2025 8:33 PM IST
Steel tycoon Lakshmi N Mittal has become the latest billionaire to exit the UK as looming tax changes under the Labour-led government rattle the country’s super-rich. The 75-year-old Indian-origin industrialist, who founded ArcelorMittal and has long featured on Britain’s rich list, is shifting his base to Dubai, according to The Sunday Times.
Currently a Swiss tax resident, Mittal reportedly plans to spend most of his time in the UAE, where he already owns a mansion and is acquiring property on Naïa Island. He is ranked the eighth richest person in the UK with an estimated net worth of £15.4 billion.
The move comes ahead of Chancellor Rachel Reeves’ Budget on Wednesday, expected to introduce further levies on the wealthy to plug a £20 billion gap in public finances. Inheritance tax, rather than income or capital gains tax, was a key concern, a source close to the Mittals told the paper. “People in this situation feel they have little choice but to leave and are either sad or angry to be doing so.”
Dubai and Switzerland levy no inheritance tax, unlike the UK, where assets worldwide can be taxed up to 40%.
Mittal’s departure follows similar moves by other wealthy entrepreneurs, including AI entrepreneur Herman Narula and Revolut co-founder Nik Storonsky. Though a proposed 20% exit tax has reportedly been shelved, ongoing uncertainty has dented confidence in the UK’s tax regime.
Several lobby groups, including a prominent entrepreneurs' think tank, have urged the Chancellor to introduce policies that attract more global wealth creators to the UK.
Meanwhile, the upcoming Budget is expected to tighten the squeeze on the wealthy, with reports suggesting a new “mansion tax” could be on the cards. Homes valued above £2 million may face an additional annual levy on top of their existing council tax bills, particularly those in the highest council tax bands.
(With inputs from PTI)
Steel tycoon Lakshmi N Mittal has become the latest billionaire to exit the UK as looming tax changes under the Labour-led government rattle the country’s super-rich. The 75-year-old Indian-origin industrialist, who founded ArcelorMittal and has long featured on Britain’s rich list, is shifting his base to Dubai, according to The Sunday Times.
Currently a Swiss tax resident, Mittal reportedly plans to spend most of his time in the UAE, where he already owns a mansion and is acquiring property on Naïa Island. He is ranked the eighth richest person in the UK with an estimated net worth of £15.4 billion.
The move comes ahead of Chancellor Rachel Reeves’ Budget on Wednesday, expected to introduce further levies on the wealthy to plug a £20 billion gap in public finances. Inheritance tax, rather than income or capital gains tax, was a key concern, a source close to the Mittals told the paper. “People in this situation feel they have little choice but to leave and are either sad or angry to be doing so.”
Dubai and Switzerland levy no inheritance tax, unlike the UK, where assets worldwide can be taxed up to 40%.
Mittal’s departure follows similar moves by other wealthy entrepreneurs, including AI entrepreneur Herman Narula and Revolut co-founder Nik Storonsky. Though a proposed 20% exit tax has reportedly been shelved, ongoing uncertainty has dented confidence in the UK’s tax regime.
Several lobby groups, including a prominent entrepreneurs' think tank, have urged the Chancellor to introduce policies that attract more global wealth creators to the UK.
Meanwhile, the upcoming Budget is expected to tighten the squeeze on the wealthy, with reports suggesting a new “mansion tax” could be on the cards. Homes valued above £2 million may face an additional annual levy on top of their existing council tax bills, particularly those in the highest council tax bands.
(With inputs from PTI)