Why Lakshmi Mittal Is Leaving the UK: A Billionaire’s Strategic Move to Dubai

Why Lakshmi Mittal Is Leaving the UK: A Billionaire’s Strategic Move to Dubai

Lakshmi Mittal

For nearly three decades, Lakshmi Mittal has been a fixture on Britain’s billionaire list. The Indian-origin steel magnate, heading the global steel giant ArcelorMittal, built a multibillion-dollar empire and made London his base since the mid-1990s.

But in 2025, a shift is underway: Mittal is preparing to leave the UK, ending an era. The move is triggered not by personal whims alone, but by a changing tax landscape in Britain – one that has high-net-worth individuals reassessing their countries of domicile.

The driver is clearly spelled out: under the incoming Labour government in the UK, major tax changes are being signalled – higher capital gains tax, reduced relief for entrepreneurs, new rules around transfer of family businesses and even talk of an “exit tax”. These changes matter acutely for someone like Mittal: the global assets held by ultra-wealthy individuals make them vulnerable to inheritance tax claims, especially when deemed domiciled in the UK. Advisers reportedly told newspapers that inheritance tax is the biggest concern for Mittal.

In terms of scale, Mittal remains one of the richest Indians—and one of the richest people globally. According to Forbes, he was valued at US$21.4 billion, making him the 12th richest Indian and around the 104th richest globally. His company ArcelorMittal generated US$62.4 billion in revenue in 2024, with net income jumping over 40 % from 2023.

His London residence on Kensington Palace Gardens—famously dubbed “Billionaires’ Row”—is a mansion purchased for £57 million in 2004, covering 55,000 sq ft, with marble from the same quarry as the Taj Mahal. Yet, despite relocating, he reportedly doesn’t plan to sell the property.

The destination for his relocation points toward the UAE. Mittal already owns a mansion in Dubai and has purchased land on the Naa Island in the UAE. One of the attractions: countries like the UAE and Switzerland do not impose inheritance tax, which significantly increases their appeal to wealthy global families.

Mittal’s move is not unique. It comes at a time when other entrepreneurs and investors — such as the founder of Revolut — are leaving Britain over concerns about tax and domicile status. Analysts say that the shift signals a broader trend: changing tax policies may be pushing out long-term wealth creators and global investors from the UK.

In sum, what we see here is the intersection of individual wealth strategy and macro tax policy. Mittal’s decision to move is rooted in legacy planning, global asset exposure and domicile rules that affect inheritance, capital gains and cross-border tax liabilities. It’s as much about protecting generational wealth as about domicile status. His relocation underscores the reality that, for ultra-rich individuals, the choice of where one resides is increasingly influenced not just by lifestyle but by tax jurisdictions, wealth preservation, and legacy considerations.