Lakshmi Mittal quits UK as tax on rich looms : Report

INDIAN-ORIGIN STEEL magnate Lakshmi N Mittal, until now based in Britain and a regularon 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.

- ADITI KHANNA

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

The founder of ArcelorMittal steelworks is worth an estimated £15.4 billion as per the 2025 ‘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.