New Delhi : One of the world’s richest businessmen, Lakshmi N Mittal, is preparing to leave the UK after nearly three decades. The Indian-origin steel tycoon, long seen as a permanent name on Britain’s billionaire lists, is reportedly relocating as the Labour government plans major tax changes that could impact the super-rich.
Mittal, known globally as the “King of Steel,” built his wealth through ArcelorMittal, the world’s second-largest steelmaker, where his family still owns close to 40% of the company.
Born in Rajasthan and raised in a family of steelmakers, Mittal expanded his empire aggressively across the world and became one of the most influential industrialists of his generation.
WHY IS LAKSHMI MITTAL LEAVING UK
According to The Sunday Times, Mittal, who is valued at around £15.4 billion and ranks eighth on the UK rich list, is the latest ultra rich individual planning to leave after the Labour government signalled a tougher tax environment for high-net-worth individuals.
The government has already increased capital gains tax, reduced relief for entrepreneurs, and brought in new rules on the transfer of family businesses. Reports suggest more tax measures may follow, including debates over an “exit tax” for people leaving the UK, which raised concerns among global millionaires and billionaires.
Advisers quoted by The Sunday Times said inheritance tax was the biggest concern for Mittal. Many wealthy foreign residents, they noted, “cannot understand why all of their assets worldwide should fall under UK inheritance tax,” forcing them to consider moving out. Under current rules, inheritance tax can apply to global assets depending on residency and domicile status.
HIS GLOBAL BUSINESS EMPIRE
As per the Forbes rich list, Mittal has a net worth of $21.4 billion. He is the 12th richest Indian and the 104th richest person in the world. He serves as the chairman of ArcelorMittal, a company that generated $62.4 billion in revenue last year.
ArcelorMittal reported net income of $1.3 billion in 2024, which was more than a 40% jump from $919 million in 2023. The group also made headlines in 2019 when Mittal and Japan’s Nippon Steel completed their Rs 5.9 billion acquisition of Essar Steel, earlier owned by Shashi and Ravi Ruia.
In 2021, Mittal handed over the CEO role to his son, Aditya Mittal, but continues to serve as executive chairman, keeping him closely involved in the company’s strategy and expansion.
Mittal moved to London in 1995 and quickly became one of the most prominent Indian businessmen in Britain. His properties on Kensington Palace Gardens, often called “Billionaires’ Row”, are among the most expensive homes in the country.
His main mansion, known as “Taj Mittal,” was bought for £57 million in 2004. The home covers 55,000 sq ft and is designed with marble sourced from the same quarry as the Taj Mahal. It includes a ballroom, a jewellery-covered swimming pool, Turkish baths, and parking for 20 cars. According to The Sunday Times, Mittal does not plan to sell this property.
He has also donated over £5 million to the Labour Party during the Tony Blair and Gordon Brown years and holds a stake in football club Queens Park Rangers. His family regularly contributes to education, health, and sports initiatives in India and abroad.
MOVING TO DUBAI?
Mittal already owns a mansion in Dubai and has reportedly bought land on Naa Island in the UAE. Dubai and Switzerland have become popular among wealthy individuals because they do not impose inheritance tax, making them attractive destinations for global families.
His relocation comes at a time when several entrepreneurs and investors are leaving the UK over concerns about policy stability and possible future tax changes.
Revolut co-founder Nik Storonsky shifted to the UAE, avoiding a large capital gains tax bill, and India-born tech entrepreneur Herman Narula publicly criticised the idea of an exit tax, calling it “completely insane,” despite the government later dropping the proposal.
Mittal’s decision adds to the growing list of high-profile departures and highlights concerns that the UK’s changing tax rules may be pushing out long-term wealth creators and investors.
