Lakshmi Mittal leaving UK as Labour Party prepares major tax hit on wealthy: Report

INDIAN-origin steel tycoon Lakshmi Mittal has decided to leave the United Kingdom as the Labour Party government prepares a major tax overhaul targeting the ultra-wealthy, The Sunday Times reported on Sunday (November 23).

The India-born founder of ArcelorMittal, based in London, is now a tax resident of Switzerland and will shift much of his time to Dubai, the report said.

Mittal UK’s 8th richest

According to the 2025 Sunday Times Rich List, Mittal’s fortune stands at £15.4 billion, making him the eighth richest person in Britain.

Dubai expansion and Naïa Island investments

Mittal already owns a mansion in Dubai and has recently acquired “tracts of an intriguing development on nearby Naïa Island,” the report said, signalling a long-term shift of his base to the UAE.

Wealth tax fears driving exodus

The move comes amid widespread anxiety over expected tax increases on wealthy residents as Chancellor Rachel Reeves seeks to plug a £20-billion gap in Britain’s finances.

Her first Budget last year raised capital gains tax, cut entrepreneurs’ relief, and introduced new levies on family business transfers.

Speculation of more to come — including a possible 20% exit tax on wealthy individuals leaving the UK —has unsettled high-net-worth families.

Inheritance tax the breaking point

An adviser familiar with the Mittal family’s plans told The Sunday Times that inheritance tax, not income tax, was the decisive factor.

“It wasn’t the tax on income (or capital gains) that was the issue,” the adviser said.

“The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury.”

The adviser added that the looming policy changes have left many global elites feeling forced out.