Lakshmi Mittal Leaves the UK for Dubai as Labour’s Tax Reforms Rattle the Super-Rich

Indian-origin steel tycoon Lakshmi Mittal, one of Britain’s wealthiest residents and the executive chairman of ArcelorMittal, is reportedly relocating from the UK to Dubai amid sweeping tax reforms proposed by the Labour government. The move, first reported by The Sunday Times, is the latest sign of mounting anxiety among high-net-worth individuals over potential tax burdens targeting the ultra-rich.

Lakshmi Mittal, valued at £15.4 billion on the 2025 Sunday Times Rich List, has been a defining fixture of London’s billionaire community for three decades. But as Chancellor Rachel Reeves prepares an aggressive new Budget, the 75-year-old magnate is shifting his financial footprint toward the UAE—a country that imposes zero inheritance tax, no wealth tax, and no exit tax.

Relocating to Dubai: A Strategic Wealth Move

Although currently a tax resident of Switzerland, Lakshmi Mittal is now expected to spend most of his time in Dubai, where he has expanded his property portfolio. In addition to an existing mansion, he has reportedly purchased a new residence on Naïa Island, one of the emirate’s most exclusive new luxury enclaves.

Dubai has become a magnet for global billionaires due to its tax-friendly policies, political stability, and booming ultra-luxury real estate sector. For someone with Mittal’s extensive global holdings—including a 38% stake in ArcelorMittal, valued at £23.35 billion—the tax advantages are substantial.

UK Tax Reforms Fuel an Investor Exodus

According to sources cited by The Sunday Times, Mittal’s relocation is directly tied to concerns over Labour’s upcoming tax measures, which reportedly include:

• A 20% exit tax

• A new mansion tax

• Stricter rules on offshore trusts

• The already-enacted abolition of the non-dom regime

Wealth advisers say uncertainty over the government’s direction—combined with Britain’s inheritance tax rate of up to 40%—is pushing affluent residents to seek more predictable and favorable jurisdictions.

“Many affluent residents feel they have little choice but to leave,” a wealth advisor told the newspaper. For wealthy families, Dubai and Switzerland have become the top alternatives.

A Growing Trend Among UK’s High-Net-Worth Elite

Mittal is not alone. Several prominent entrepreneurs have already exited the UK, including:

• Herman Narula, tech founder

• Nik Storonsky, Revolut co-founder

Both moved to the UAE to shield themselves from potential capital gains and exit taxes.

Conservative peer Rami Ranger warned that Labour’s approach is “a big concern for people who have worked hard and built up their wealth,” suggesting that the policy shift could deter investment and accelerate capital flight.

Implications for Britain’s Economic Landscape

Mittal, a longtime Labour donor, has played a visible role in the UK’s business ecosystem since moving to London in 1995, notably owning the marble-filled “Taj Mittal” mansion on Kensington Palace Gardens. His departure symbolizes the growing tension between Labour’s tax ambitions and the need to keep top investors anchored in Britain.

With more wealthy residents considering their options, the UK may face mounting challenges in retaining global capital—while Dubai stands to benefit from an influx of elite investors seeking stability and tax efficiency.