UK (Commonwealth Union)_ Lakshmi Mittal, the Indian-born steel magnate who became one of Britain’s most recognizable billionaires, is quietly stepping away from the UK after nearly three decades. The sudden shift comes as the country prepares for sweeping tax reforms aimed at high-net-worth residents. According to reports, Mittal is already a tax resident in Switzerland and is now expected to divide most of his time between the Alpine nation and Dubai. Often called the “King of Steel,” Mittal built his fortune through ArcelorMittal, the world’s second-largest steelmaker. The family continues to hold close to 40 percent of the company, which remains the backbone of the Mittal empire.
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Although the billionaire has not made any public statement, the decision appears closely tied to the UK’s move to scrap the long-standing “non-domiciled” tax status. For decades, this system allowed wealthy foreign residents to pay tax only on the income they brought into the UK, shielding their international assets from inheritance tax. The Labour government is now preparing to overhaul that system. A new “super-rich tax,” expected to be formalized in the November 26 budget, would require the global income and overseas wealth of UK residents to be taxed more heavily. Earlier drafts even included a potential 20 percent tax on individuals who moved abroad to avoid higher payments, although this so-called “exit tax” was later dropped.
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For Mittal, advisers say the biggest concern is not income or capital gains but inheritance tax. Under current UK rules, estates worth more than £325,000 are taxed at a hefty 40 percent on the amount above that threshold. For billionaires with significant international assets, the liability can be enormous. Cities like Dubai and countries such as Switzerland do not impose inheritance tax at all, making them natural destinations for global families looking to preserve wealth across generations.
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Born in Rajasthan, Mittal studied commerce at the University of Calcutta before joining his family’s steel business. In 1976, he set up his first plant in Indonesia. Three decades later, his company grew into ArcelorMittal after a landmark merger with Europe’s Arcelor in 2006. Today, the steel major generates more than $60 billion in annual revenue and employs over 125,000 people worldwide. Mittal moved to London in 1995 and quickly became part of Britain’s elite circle. His 55,000-square-foot Kensington Palace Gardens residence, nicknamed “Taj Mittal,” was bought for £57 million in 2004 and is famous for its lavish features, including Turkish baths, a jewelled swimming pool, and a ballroom. Over the years, he has donated millions to the Labour Party and supported charities such as Great Ormond Street Hospital, UNICEF, and Oxford University.
Furthermore, Mittal’s departure adds to a growing list of entrepreneurs and investors who say the UK’s evolving tax landscape is making it less attractive. Tech founders Herman Narula and Nik Storonsky have already shifted abroad, while former footballer Rio Ferdinand and Egyptian billionaire Nassef Sawiris are among others who have relocated. Mittal’s move, though quiet, signals a deeper concern among global business leaders: that Britain’s policy climate is becoming unpredictable, and long-term wealth creators may be opting for stability elsewhere.
