Indian-born steel magnate Lakshmi Mittal is preparing to leave the UK after nearly three decades, becoming the latest high-profile billionaire to depart amid the Labour government’s sweeping tax reforms targeting the super wealthy.
The move comes days before Chancellor Rachel Reeves is due to deliver her second budget, intensifying concerns about an accelerating flight of capital and talent from Britain.
Mittal, 75, with an estimated fortune of £15.4 billion according to the 2025 Sunday Times Rich List, has been a fixture of the British business landscape since 1995.
His family owns multiple homes on London’s exclusive Kensington Palace Gardens and he has long been known for his philanthropy, his former stake in Queen’s Park Rangers, and his previous donations of more than £5 million to the Labour Party during the Blair and Brown years.
But sources close to the ArcelorMittal chairman confirmed that he intends to shift his base abroad, with Dubai expected to become his primary residence.
Mittal already owns a mansion in the city and has recently purchased land on the emerging Naïa Island development, suggesting a long-term commitment to the UAE.
Non-dom abolition and inheritance tax concerns spur move
The chancellor’s decision in April to abolish the centuries-old non-dom regime — which allowed wealthy foreign residents to pay UK tax only on domestic income — is believed to be a decisive factor in Mittal’s exit.
While increased capital gains tax and reduced relief for entrepreneurs have angered many high earners, sources say inheritance tax was the central concern for Mittal.
“It wasn’t the tax on income or capital gains that was the issue,” an adviser familiar with the move told The Sunday Times.
The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury. People in this situation feel they have little choice but to leave and are either sad or angry to be doing so.
Reeves’s October budget had already unsettled affluent households, tightening rules on business transfers between generations and increasing taxes for those selling companies.
Rumours of a potential 20% “exit tax” on individuals leaving the UK — even though shelved — contributed to rising anxiety about the direction of policy.
The chancellor is expected to announce further tax rises for high earners on Wednesday in an effort to close a £20 billion public-finance shortfall, adding to fears of an investor exodus.
Wave of billionaires moving abroad
Mittal’s relocation adds to a growing list of wealthy individuals leaving Britain as the investment climate shifts.
Earlier this year, Norwegian shipping tycoon John Fredriksen declared that Britain had “gone to hell” as he moved to Dubai.
German investor Christian Angermayer relocated to Switzerland, calling the non-dom changes the “death blow” for Britain’s competitiveness.
Tech founders Herman Narula of Improbable and Nik Storonsky of Revolut have also moved to Dubai, citing similar concerns.
Their departures underscore what critics describe as a fraying of Britain’s long-standing implicit agreement with global wealth: access to a stable, secure and globally connected country in exchange for a progressive but predictable tax regime.
With policy uncertainty mounting, some argue that the deal no longer holds.
From Indonesia to ‘Billionaires’ Row’: Mittal’s global empire
Mittal began his career in Indonesia in the 1970s, establishing a steel plant that ultimately evolved into ArcelorMittal, now the world’s second-largest steel producer with more than 125,000 employees.
By acquiring and consolidating scattered steel assets across continents, he reshaped a fragmented industry and solidified an empire that today includes major stakes in ArcelorMittal, steel manufacturer Aperam, and energy group HPCL-Mittal Energy.
His move to London in 1995 marked a period of deep entrenchment in the UK.
His flagship residence on Kensington Palace Gardens or the ‘Billionaire’s Row’ — the 55,000sqft “Taj Mittal” mansion — boasts marble from the same quarry as the Taj Mahal, a ballroom, Turkish baths, a jewel-lined swimming pool and parking for 20 cars.
Reports suggest he has no plans to sell the property despite leaving the country.
Mittal’s expanding property interests in Dubai, including a $200 million villa in Emirates Hills and newly acquired land on Naïa Island, indicate where his future base will lie.
The Sunday Times first reported Mittal’s intention to leave in March as Labour advanced its plan to dismantle the non-dom regime.
His final departure now appears imminent, marking another blow to Britain’s standing as a magnet for global wealth.
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