Lakshmi Mittal Plans to Leave the UK as New Tax Policies Target the Super-Rich

World-renowned steel tycoon Lakshmi Mittal is reportedly preparing to leave the UK after nearly three decades. The Indian-origin billionaire has long been featured among the UK’s wealthiest individuals. However, the new tax policies proposed by the Labour government—especially those affecting high-net-worth individuals—are prompting him to consider relocating.

Why Is He Leaving the UK?

According to The Sunday Times, Lakshmi Mittal—one of the UK’s top billionaires—is planning to exit the country due to increasingly stringent tax regulations.

• The government has raised capital gains tax, reduced benefits offered to entrepreneurs, and introduced new rules for transferring family-run businesses.
• Inheritance Tax (IHT) has become one of Mittal’s biggest concerns. Anyone residing in the UK must pay inheritance tax not only on UK-based assets but also on global assets, something that many wealthy individuals find unacceptable. This is a key reason behind Mittal’s decision to move.
• Reports also mention potential measures such as an “exit tax”, which has created further unease among millionaires and billionaires worldwide.

Building a Global Steel Empire

Mittal moved to London in 1995 and quickly rose to prominence as a leading industrialist. According to Forbes, his net worth stands at $21.4 billion, placing him 104th globally and 12th in India. He is the Chairman of ArcelorMittal, the world’s second-largest steel manufacturer. The group reported $1.3 billion in net income in 2024, a 40% rise compared to 2023.

Handing Over the Leadership to His Son

Born in Rajasthan and raised in a family rooted in the steel business, Mittal aggressively expanded his operations across the world and became one of the most successful entrepreneurs of his generation. Despite living in the UK for decades, he has retained his Indian citizenship.

In 2021, he handed over the company’s leadership to his son, Aditya Mittal, though he continues to play a crucial strategic role as Executive Chairman.

A Unique Presence in the UK

Mittal owns a luxurious mansion on Kensington Palace Gardens, popularly known as “Billionaires’ Row.” The property—nicknamed “Taj Mittal”—was purchased in 2004 for £57 million. Spread across 55,000 sq ft, it features a ballroom, an exclusive swimming pool, and parking for 20 cars. Reports suggest the Mittal family is not planning to sell this prized asset.

Is Dubai the Next Destination?

Mittal already owns a mansion in Dubai and has reportedly purchased land on one of the UAE’s islands. With places like Dubai and Switzerland imposing no inheritance tax, they have become popular choices among wealthy families.

Whether Lakshmi Mittal relocates to Dubai for tax benefits—or perhaps returns to India—remains to be seen.