Steel magnate Lakshmi Mittal leaves UK to live in Dubai ahead of budget that 'targets' super-rich
&imwidth=600&imheight=450&format=webp&quality=medium "Steel magnate Lakshmi Mittal leaves UK to live in Dubai ahead of budget that 'targets' super-rich")
Steel magnate Laxmi Mittal Photograph: (ANI)
The 75-year-old, who built his empire and wealth through ArcelorMittal, the world’s second-largest steelmaker is a resident in Switzerland for tax and will now be living in Dubai.
Steel magnate and one of world's richest businessman Lakshmi Niwas Mittal has decided to quit the United Kingdom amid the Labour Party-led government’s proposed tax changes that is likely to impact the super-rich, according to a UK media report. Living in the UK for nearly three decades, the Indian-origin steel tycoon has often been named in the list of the country’s richest billionaires.
The 75-year-old, who built his empire and wealth through ArcelorMittal, the world’s second-largest steelmaker is a resident in Switzerland for tax and will now be living in Dubai, where he has a mansion, reported The Sunday Times.
Why is Mittal Leaving UK?
Mittal is valued at around £15.4 billion and ranks eighth on the UK rich list, as per the 2025 ‘Sunday Times Rich List’. He will become the latest ultra rich individual to leave the country ahead of the second budget to be tabled by Chancellor Rachel Reeves in the parliament.
This budget is expected to steeply raise taxes on the wealthy. Last year, when Reeves' presented her first budget it increased capital gains on tax, reduced tax relief for entrepreneurs. Restrictions were also imposed on the way family companies are passed down to future generations.
Trending Stories
&im=FitAndFill=(700,400))
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
Also, there are reports of more tax measures in the second budget, including an “exit tax” for people leaving the UK, raising concerns among global millionaires and billionaires.
According to The Sunday Times, inheritance tax is one of the most important reasons for Mittal leaving the country. A wealth adviser familiar with Mittal’s plans spoke to the media organisation and opined that wealthy foreign residents “cannot understand why all their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury. People in this situation feel they have little choice but to leave”.
