Lakshmi Mittal, the Indian-born steel magnate who dominated rich lists for decades, has decided to leave the United Kingdom as the Labour government prepares further tax reforms targeting the wealthy. Mittal, who topped The Sunday Times Rich List a record eight times, will now divide his time between Switzerland and Dubai, according to The Sunday Times.

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A Three-Decade Era in Britain Ends For more than thirty years, Mittal was a prominent figure in British business and society. During this period, he acquired some of London’s most expensive homes, invested in football club Queens Park Rangers, and contributed over £5 million to the Labour Party. His personal wealth peaked in 2008 at £27.7 billion — the highest ever recorded by The Sunday Times when adjusted for inflation.

Sources close to the billionaire confirmed that Mittal’s decision followed the Labour government’s move to abolish the “non-dom” tax status, which allowed foreign nationals to pay UK tax only on local income. “It wasn’t the tax on income [or capital gains] that was the issue,” an adviser familiar with the family’s decision 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.”

Inheritance tax in the UK can reach 40 per cent, compared with none in Dubai and exemptions in Switzerland.

Move to Dubai and New Investments Mittal already owns a residence in Dubai and recently bought prime plots in the Cheval Blanc development on Naïa Island. The luxury project, set for completion in 2029, is designed to offer greater privacy and exclusivity. A property consultant said, “He [Mittal] has jumped in and bought five of the very best offplan sites at the Cheval Blanc development. Each one was being marketed at $25 million … just for the sand.”

Earlier this year, Mittal also purchased a $200 million mansion in Emirates Hills, a high-end enclave often referred to as the “Beverly Hills of the Middle East.”

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Wealth Exodus Gathers Pace Mittal, valued at £15.444 billion in the 2025 Sunday Times Rich List, is the most affluent individual to leave the UK amid an ongoing exodus of wealthy residents. Other high-profile figures, including tech founders Herman Narula of Improbable and Nik Storonsky of Revolut, have also relocated to Dubai, citing concerns over future tax uncertainty.

The move comes days before Chancellor Rachel Reeves is expected to announce her second Budget. Her previous one in October included increases in capital gains tax, reduced relief for entrepreneurs, and higher levies on family-owned firms. Critics have described the measures as discouraging wealth creation.

Legacy and Business Footprint Born in Rajasthan into a steelmaking family, Mittal joined his father’s firm after completing his commerce degree from the University of Calcutta. In 1976, he established his first steel plant in Indonesia, which later evolved into ArcelorMittal — now the world’s second-largest steel producer employing over 125,000 people.

After his 2006 acquisition of European rival Arcelor, Mittal controlled nearly 40 per cent of the merged company, along with significant stakes in Aperam and HPCL-Mittal Energy.

Philanthropy and Public Role Throughout his UK stay, Mittal and his wife Usha became known for philanthropy. Their donations included £15 million to Great Ormond Street Hospital, support for Unicef and Oxford University, and £16 million toward London’s Olympic Park observation tower in 2012.

Despite leaving the UK, there are no immediate plans to sell his properties on Kensington Palace Gardens — collectively valued at over £300 million. The largest of them, dubbed “Taj Mittal,” features marble sourced from the same quarry as India’s Taj Mahal.

Mittal’s departure marks the end of a remarkable chapter in Britain’s business history, as one of its most recognisable industrial figures steps away amid shifting fiscal policies.