Lakshmi Mittal plans to leave UK for UAE amid tax reforms

The billionaire, already a tax resident of Switzerland, buys Naija Island property

- BY LEKSHMY PAVITHRAN Assistant Online Editor

Indian-origin steel magnate Lakshmi N. Mittal, one of Britain’s wealthiest residents, is reportedly planning to leave the UK as the Labour government prepares major tax reforms targeting the super-rich, The Sunday Times has reported.

The Rajasthan-born billionaire, currently a tax resident of Switzerland, will now spend most of his time in Dubai. Mittal, founder and executive chairman of global steel giant ArcelorMittal, has purchased property on Naia Island, a new luxury enclave in the UAE, in addition to his existing Dubai mansion.

Growing wealth exodus

Mittal, 75, is valued at an estimated £15.4 billion on the 2025 Sunday Times Rich List, making him the eighth richest person in Britain. His family moved to London in 1995 and acquired multiple mansions on Kensington Palace Gardens, including the marble-laden “Taj Mittal”.