'Lakshmi Mittal quits UK ahead of likely tax on super-rich'

Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and aregular on the country’s richest billionaires tally, has decided to quit the UK as the Labour Party-led government's feared tax shakeup for the super-rich nears, according to a UK media report on Sunday.

- PTI

Rajasthan-born Mittal is a resident in Switzerland for tax and will now spend much of his future in Dubai, according to ‘The Sunday Times’.

The founder of ArcelorMittal steelworks is worth an estimated 15.4 billion pounds as per the 2023 ‘Sunday Times Rich List’, which ranked him the UK’s eighth richest man.

Now, the newspaper references sources close to the 75-year-old industrialist to claim he has become the latest billionaire to leave the UK ahead of a much-anticipated Budget by Chancellor Rachel Reeves on Wednesday.