{"id":590167,"date":"2025-11-24T05:32:16","date_gmt":"2025-11-24T05:32:16","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/590167\/"},"modified":"2025-11-24T05:32:16","modified_gmt":"2025-11-24T05:32:16","slug":"billionaire-lakshmi-mittal-quits-uk-for-switzerland-dubai-ahead-of-proposed-taxes-on-super-rich","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/590167\/","title":{"rendered":"Billionaire Lakshmi Mittal quits UK for Switzerland, Dubai ahead of proposed taxes on super-rich"},"content":{"rendered":"

Lakshmi Mittal<\/a>, 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.<\/p>\n

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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\u2019s most expensive homes, invested in football club Queens Park Rangers, and contributed over \u00a35 million to the Labour Party. His personal wealth peaked in 2008 at \u00a327.7 billion \u2014 the highest ever recorded by The Sunday Times when adjusted for inflation.<\/p>\n

Sources close to the billionaire confirmed that Mittal\u2019s decision followed the Labour government\u2019s move to abolish the \u201cnon-dom\u201d tax status, which allowed foreign nationals to pay UK tax only on local income. \u201cIt wasn\u2019t the tax on income [or capital gains] that was the issue,\u201d an adviser familiar with the family\u2019s decision told The Sunday Times. \u201cThe 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.\u201d<\/p>\n

Inheritance tax in the UK can reach 40 per cent, compared with none in Dubai and exemptions in Switzerland.<\/p>\n

Move to Dubai and New Investments Mittal already owns a residence in Dubai and recently bought prime plots in the Cheval Blanc development on Na\u00efa Island. The luxury project, set for completion in 2029, is designed to offer greater privacy and exclusivity. A property consultant said, \u201cHe [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 \u2026 just for the sand.\u201d<\/p>\n

Earlier this year, Mittal also purchased a $200 million mansion in Emirates Hills, a high-end enclave often referred to as the \u201cBeverly Hills of the Middle East.\u201d<\/p>\n

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Wealth Exodus Gathers Pace Mittal, valued at \u00a315.444 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.<\/p>\n

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.<\/p>\n

Legacy and Business Footprint Born in Rajasthan into a steelmaking family, Mittal joined his father\u2019s 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<\/a> \u2014 now the world\u2019s second-largest steel producer employing over 125,000 people.<\/p>\n

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.<\/p>\n

Philanthropy and Public Role Throughout his UK stay, Mittal and his wife Usha became known for philanthropy. Their donations included \u00a315 million to Great Ormond Street Hospital, support for Unicef and Oxford University, and \u00a316 million toward London\u2019s Olympic Park observation tower in 2012.<\/p>\n

Despite leaving the UK, there are no immediate plans to sell his properties on Kensington Palace Gardens \u2014 collectively valued at over \u00a3300 million. The largest of them, dubbed \u201cTaj Mittal,\u201d features marble sourced from the same quarry as India\u2019s Taj Mahal.<\/p>\n

Mittal\u2019s departure marks the end of a remarkable chapter in Britain\u2019s business history, as one of its most recognisable industrial figures steps away amid shifting fiscal policies.<\/p>\n","protected":false},"excerpt":{"rendered":"Lakshmi Mittal, the Indian-born steel magnate who dominated rich lists for decades, has decided to leave the United…\n","protected":false},"author":2,"featured_media":590168,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[25233,748,185980,393,4884,185548,1144,712,16,185984,185982,185983,185981,15,1764],"class_list":{"0":"post-590167","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-arcelormittal","10":"tag-britain","11":"tag-dubai-relocation","12":"tag-england","13":"tag-great-britain","14":"tag-lakshmi-mittal","15":"tag-northern-ireland","16":"tag-scotland","17":"tag-uk","18":"tag-uk-tax-laws","19":"tag-uk-taxes","20":"tag-uk-taxes-news","21":"tag-uk-taxes-on-super-rich","22":"tag-united-kingdom","23":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115603042749422561","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/590167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=590167"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/590167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/590168"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=590167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=590167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=590167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}