Naïa Island: the secret Dubai haven attracting the world’s billionaires

After decades in London, billionaire Lakshmi Mittal — the man who reshaped the global steel industry — is reportedly leaving the UK amid new tax reforms targeting Britain’s ultra-rich elite.

The Labour government’s proposed “rich tax” under Chancellor Rachel Reeves triggered panic across boardrooms. For Mittal, inheritance tax — not income tax — was the final straw, sources say.

Before heading east, Mittal quietly shifted his tax residency to Switzerland, a haven for global tycoons seeking discretion, stability, and minimal fiscal interference. Dubai, though, is the long-term plan.

Mittal’s next home? Naïa Island — a private man-made sanctuary off Dubai’s Jumeirah coast. Developed by Shamal Holding, the island promises seclusion, luxury, and tax serenity in equal measure.

Naïa isn’t just another luxury address — it’s Dubai’s newest power enclave. With limited estate plots, private beaches, and villas designed for the world’s richest, it’s the Middle East’s answer to Monaco.

At the island’s heart will stand Cheval Blanc, the region’s first maison from the LVMH luxury empire. Think art galleries, curated gardens, and sunset dining — exclusivity wrapped in architectural poetry.

Mittal joins a growing list of billionaires relocating to Dubai — drawn by zero inheritance tax, global asset transparency, and laws designed to attract wealth, not chase it away.

The ArcelorMittal chairman, with a $22.1 billion fortune and $62.4 billion in company revenue, remains one of the world’s top 100 richest men. His 2024 net income jumped 40% year-on-year.

Naïa Island, still under development, is set to open by 2029. For Mittal, it represents not just a home but a statement — a move from London fog to Dubai sun, and from taxation to tranquility.