Exodus of Wealth Lakshmi Mittal Departs UK Amid Tax Policy Shifts

After decades as one of the most influential figures in Britain’s financial landscape, steel mogul Lakshmi Mittal has opted to leave the United Kingdom, marking a decisive response to significant changes in the nation’s tax policies targeting the super rich.

Mittal, known for presiding over the global steel giant ArcelorMittal and topping the Sunday Times Rich List on eight occasions, has shifted his residence to Switzerland. Plans indicate he will spend substantial time in Dubai, a destination that has become increasingly popular among the global elite due to its favourable tax regime and luxury developments. His recent acquisitions include a mansion in Dubai’s Emirates Hills and multiple prime sites on Naia Island, reflecting a long term commitment to the region.

This departure comes shortly before Chancellor Rachel Reeves is expected to introduce further tax increases for the wealthy in her latest budget. Reeves’s previous policy moves included raising capital gains tax, curbing entrepreneurial tax reliefs, and removing the historic non domiciled status. These measures have been described by critics as an assault on wealth creation in Britain, prompting concern among high net worth individuals regarding their global assets’ exposure to UK inheritance tax, which is levied at up to 40 per cent.

For international families such as the Mittals, ongoing reforms proved decisive. Consultations cited inheritance tax as the primary impetus for relocation, as there is neither inheritance tax in Dubai nor comparable levies for most heirs in Switzerland. Mittal’s withdrawal from the UK follows a broader trend; other business leaders such as Norwegian shipping magnate John Fredriksen and technology entrepreneurs Herman Narula and Nik Storonsky have similarly transferred their residencies to jurisdictions with more favourable tax climates.

During his three decades in the UK, Mittal amassed a property portfolio valued at more than £300 million, including several homes on Kensington Palace Gardens. He was a major benefactor for a range of charitable causes, contributing to Great Ormond Street Hospital, Oxford University, and numerous social initiatives. His philanthropy and business investments had a material impact on British society, benefitting both the economy and multiple public institutions.

While the Mittal family has not announced immediate plans for their London real estate holdings, their significant investments in Dubai signal a shift in their centre of gravity away from the UK. As the British government maintains its current trajectory on taxation, the country faces the prospect of further departures by high profile investors who have shaped the economic and philanthropic landscape for decades.