VOIWORLD
Indian-origin steel tycoon Lakshmi N Mittal, long considered one of Britain’s wealthiest residents, has reportedly left the United Kingdom as the Labour government prepares major tax measures targeting the ultra-rich. According to a Sunday Times report, the 75-year-old billionaire has shifted his tax residency to Switzerland and plans to spend most of his time in Dubai.
Mittal, founder and executive chairman of ArcelorMittal, is worth an estimated £15.4 billion and ranked eighth in the 2025 Sunday Times Rich List. The newspaper said sources close to Mittal confirmed he has become one of several high-net-worth individuals exiting the UK ahead of Chancellor Rachel Reeves’ keenly watched Budget on Wednesday.
The report said Mittal already owns a mansion in Dubai and has recently purchased large parcels of land on Naia Island in the UAE, signalling a long-term shift away from the UK.
The move comes amid concerns among wealthy residents over expected tax increases as the Labour government attempts to plug a £20 billion gap in public finances. Reeves’ previous Budget included higher capital gains tax, reduced reliefs for entrepreneurs, and new rules affecting the transfer of family businesses.
Speculation about further levies—particularly a proposed 20% “exit tax” on those leaving the UK—has sparked unease among Britain’s rich. Although the government has since scrapped the idea, advisers say the damage is done.
“It wasn’t the tax on income or capital gains that caused concern; it was inheritance tax,” an adviser familiar with the Mittal family’s decision told The Sunday Times. “Many wealthy international residents cannot understand why all their global assets should be subject to UK inheritance tax. They feel they have little choice but to leave, even if they are sad or angry about it.”
The UK imposes inheritance tax at rates of up to 40%, while countries like Switzerland and the UAE levy no such duties.
Mittal’s departure follows similar moves by other prominent entrepreneurs, including India-born tech investor Herman Narula, founder of AI firm Improbable. Despite the UK dropping the proposed exit tax, Narula said he still plans to relocate to Dubai due to concerns about policy instability.
“It’s completely insane,” Narula told the newspaper. “What if they change their mind in the next Budget?”
The debate over an exit tax intensified after Nik Storonsky, co-founder of fintech giant Revolut, moved to the UAE—potentially saving billions in capital gains tax if he chooses to sell his shares.
Analysts say the UK Treasury’s frequent reversals and uncertainty in the run-up to the Budget have undermined confidence among investors and entrepreneurs, raising questions about whether London can continue to position itself as a stable global business hub.
