Last Updated on November 24, 2025 10:10 pm by BIZNAMA NEWS
BIZ DESK
Indian-born steel magnate Lakshmi N. Mittal is set to leave the United Kingdom as the Labour government prepares tax measures aimed at the ultra-wealthy.
Mittal, long regarded as one of Britain’s most prominent industrial figures and currently ranked the country’s eighth-richest individual with an estimated £15.4 billion fortune, is already a tax resident of Switzerland. He is now expected to shift most of his time to Dubai, where he has recently bought property near Naïa Island, adding to an existing luxury mansion.
The move comes ahead of Chancellor Rachel Reeves’ Budget scheduled for Wednesday, where she is expected to announce additional tax hikes for the rich in an effort to address a £20 billion fiscal shortfall.
According to sources close to the family, the primary trigger for Mittal’s relocation is the U.K.’s inheritance tax, which can reach as high as 40 percent. In contrast, Dubai and Switzerland levy no inheritance tax, making them increasingly attractive to high-net-worth individuals.
Mittal is not alone. A wave of entrepreneurs has begun reassessing their future in Britain amid policy uncertainty. Among them is Herman Narula, the India-born tech founder, who recently confirmed his intention to move to Dubai as well.