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New Delhi: Lakshmi Mittal, Indian-origin steel tycoon who has been based in the UK for a long time, has exited the country, according to reports. Mittal, who has a regular name on Britain’s billionaire rankings, has reportedly relocated as the Labour government plans a tax overhaul targeting the super-rich.
The India-born founder of ArcelorMittal, based in London, is now a tax resident of Switzerland and will shift much of his time to Dubai, according to a report in The Sunday Times.
Mittal, a Rajasthan-born business, is widely known as the “King of Steel”. He built his multibillion-pound fortune through ArcelorMittal, the world’s second-largest steelmaker, where his family owns close to a 40% stake.
He moved to London in 1995. Since then, he has amassed some of Britain’s most exclusive real estate, including several a number of mansions on Kensington Palace Gardens — dubbed as “Billionaires’ Row”.
Mittal’s fortune is pegged at £15.4 billion, making him the eighth richest person in Britain, according to the 2025 Sunday Times Rich List.
Mittal already owns a mansion in Dubai and has recently purchased “tracts of an intriguing development on nearby Naïa Island,” the report added — indicating a long-term move to shift his base to the UAE.
But Mittal is not alone. There are a number of ultra-rich people who are walking out of the UK. This comes as Chancellor Rachel Reeves readies more tax hikes on the wealthy to plug a £20-billion gap in public finances.
Last year, her debut Budget increased capital gains tax, reduced entrepreneurs’ relief selling their businesses, and imposed fresh charges on family business transfers.
What has sparked anxiety among wealthy individuals is the speculation about more measures, including a 20 per cent exit tax on those leaving the UK.
The Sunday Times report cited advisers saying that inheritance tax, not income or capital gains tax, was the “key issue” forcing Mittal to exit the country. Many wealthy foreign residents, he said, “cannot understand why all of their assets worldwide should fall under UK inheritance tax”, and they had “little choice but to leave”.
“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,” Tory peer and multimillionaire Rami Ranger said according to The Times of India report.
Another entrepreneur who has left the UK is India-born tech founder Herman Narula. Narula hit out at the proposed “exit tax” and called it “completely insane”.
Other noted entrepreneurs who have exited the country include Revolut co-founder Nik Storonsky, who relocated to the UAE, criticising the capital gains tax bill.
