DUBAI 32°C GOLD/FOREX PRAYER TIMES NEWSLETTERSEPAPER GOLD/FOREX DUBAI 32°C PRAYER TIMES BUSINESS BUSINESS BANKING & INSURANCE AVIATION PROPERTY TAX NEWS CORPORATE TAX ANALYSIS TRAVEL & TOURISM MARKETS RETAIL CORPORATE NEWS TECH AUTO ArcelorMittal billionaire Lakshmi Mittal leaves UK for Dubai amid tax reforms ArcelorMittal founder Mittal, worth £15.4 billion, is the UK’s eighth richest man in 2025. Last updated: November 24, 2025 | 07:30 Lekshmy Pavithran, Assistant Online Editor 2 MIN READ Add as a preferred source on Google ArcelorMittal, the biggest steelmaker outside of China, recently reported its best-ever quarter since 2008, riding on the back of strong demand from the construction, infrastructure and renewable energy sectors. AFP London: Indian-origin steel magnate Lakshmi N. Mittal, one of Britain’s wealthiest residents, is reportedly planning to leave the UK as the Labour government prepares major tax reforms targeting the super-rich, The Sunday Times reported on Sunday. Also Read: UK tax exodus: Why more Britons are relocating to the UAE in 2025 Relocating to Dubai The Rajasthan-born billionaire, currently a tax resident of Switzerland, will now spend most of his time in Dubai. Mittal, founder and executive chairman of global steel giant ArcelorMittal, has purchased property on Naïa Island, a new luxury enclave in the UAE, in addition to his existing Dubai mansion. Wealth and UK ties Mittal, 75, is valued at an estimated £15.4 billion on the 2025 Sunday Times Rich List, making him the eighth richest person in Britain. His family moved to London in 1995 and acquired multiple mansions on Kensington Palace Gardens, including the marble-laden “Taj Mittal.” Also Read: Wealthy Chinese shift to Dubai over Singapore’s tougher residency rules Tax uncertainty drives decisions Sources cited by The Sunday Times said Mittal’s move reflects concerns over Chancellor Rachel Reeves’ upcoming Budget, expected to include fresh levies on wealthy individuals, such as a proposed 20% exit tax and a mansion tax. Labour’s previous measures, including the abolition of the non-domicile tax regime and restrictions on offshore trusts, are said to have accelerated his decision. “Many affluent residents feel they have little choice but to leave,” a wealth adviser told the newspaper, citing high inheritance taxes in the UK of up to 40%, compared with zero inheritance tax in Dubai and Switzerland. Also Read: UK immigration shakeup: What longer waits, higher costs mean for UAE expats Trend among wealthy residents Mittal is the latest in a growing list of high-net-worth individuals moving from the UK, including tech entrepreneur Herman Narula and Revolut co-founder Nik Storonsky, who relocated to the UAE to avoid potential capital gains and exit taxes. Advisers say uncertainty over the UK’s tax policy has created unease among wealthy investors, threatening a wider exodus of top earners. Global assets and UK policy Experts warn that Labour’s new measures could further prompt wealthy residents to rethink their UK investments. “The uncertainty of Labour’s tax policy, inheritance tax and abolition of the non-dom regime are a big concern for people who have worked hard and built up their wealth in the UK,” said Tory peer Rami Ranger. Mittal’s empire Mittal controls a 38% stake in ArcelorMittal, valued at £23.35 billion, and has long been a prominent Labour donor. His exit highlights the broader tension between the UK government’s tax ambitions and efforts to retain top-tier investors and entrepreneurs. With inputs from Agencies Also In This Package UK weighs 20 per cent exit tax on wealthy emigrants Why Revolut’s billionaire CEO moved from London to UAE How many new millionaires will Dubai take in this year? Why many more Britons are set to move to Abu Dhabi soon Related Topics: ultra luxury property marketindiaIndian marketsUK Get Updates on Topics You Choose Daily UpdatesFinanceBusinessWeekendSportAsk Gulf NewsLuxury TravelEditor's Message By signing up, you agree to our Privacy Policy and Terms of Use. GET UPDATES Up Next Related Stories How skill level in UAE impacts salary, grace period 3m read What is Raksha Bandhan? Is it only for siblings? 4m read A new chapter in global trade and economic connectivity 3m read Lakshmi Mittal-backed steel plant hit by missile strike 2m read Go back to top Network links:GN Store About Gulf NewsTerms & ConditionsReach by GNSitemapContact usPrivacy PolicyGN FocusHave your sayWork with usAdvertise with usGulf News epaperPrinting Services Find us on social Download our app © Al Nisr Publishing LLC 2026. All rights reserved.