Steel billionaire Lakshmi Mittal reportedly leaves UK

Published: 24 November 2025. The English Chronicle Desk. The English Chronicle Online.

Billionaire Lakshmi Mittal has reportedly moved his tax residence to Switzerland, ending nearly thirty years in the United Kingdom. The industrial magnate, often dubbed the “King of Steel” by the media, is the latest ultra-wealthy individual to seek a more favourable fiscal environment amid proposed tax changes for high earners.

Mittal’s business empire, ArcelorMittal, is a Luxembourg-based steel giant in which his family controls approximately forty per cent of the company. Over decades, he transformed the firm from a modest family operation into one of the world’s leading industrial conglomerates, with operations spanning more than sixty countries and employing over 125,000 people globally, including substantial manufacturing presence in the UK.

Sources close to the Mittal family told The Sunday Times that the move was primarily motivated by inheritance tax concerns rather than income or capital gains. “Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury,” an adviser said. “People in this situation feel they have little choice but to leave and are either sad or angry to be doing so.”

The timing of Mittal’s departure coincides with heightened political sensitivity for the Labour Party, with Chancellor Rachel Reeves preparing a budget that could introduce several tax measures targeting high earners. These proposals are intended to plug a £20bn fiscal gap and bolster economic growth, but they have already sparked concerns among the ultra-rich about the UK’s attractiveness as a base for global wealth.

Valued at over £15bn according to the Sunday Times Rich List, the 74-year-old Mittal is expected to spend significant time in Dubai. Reports suggest he has acquired additional property on Naïa Island, further expanding his real estate footprint in the region, which complements his existing Emirates Hills Baroque-style villa purchased for $200m.

Mittal’s decision follows a series of high-profile departures by wealthy individuals, including Revolut founder Nik Storonsky and tech entrepreneur Herman Narula, whose combined departures highlight growing anxiety among internationally mobile business leaders. Earlier rumours of a potential 20 per cent “exit tax” further exacerbated these concerns, though the proposal was ultimately shelved.

Under Ms Reeves, the Labour government has also taken steps to overhaul the non-domiciled tax regime, historically a key incentive for wealthy foreign residents to establish their UK base. Changes to inheritance rules, combined with tightened capital gains taxation and reduced entrepreneurial reliefs, have been viewed by critics as a potential deterrent to wealth creation and investment in Britain.

The Mittal family’s ties to London remain strong despite his relocation. Lakshmi Mittal has owned several high-profile properties on Kensington Palace Gardens, famously known as “Billionaires’ Row.” His 55,000-square-foot mansion, the Taj Mittal, purchased in 2004 for £57m, features marble imported from the Taj Mahal’s quarry, a Turkish bath, a ballroom, a jewel-lined swimming pool, and garage space for twenty cars. Reports indicate he does not intend to sell the London estate.

Mittal’s philanthropic and political contributions have been significant. A major donor to the Labour Party during the premierships of Tony Blair and Gordon Brown, he has previously contributed more than £5m. The billionaire’s departure comes amid speculation that other wealthy donors may also reconsider their positions in light of the forthcoming fiscal landscape.

Industry analysts note that while Mittal’s move may raise public concern about tax flight, the industrialist remains committed to his UK operations. ArcelorMittal continues to supply essential steel products, including high-strength wires and chain-link fencing, vital to UK infrastructure and construction projects. Nonetheless, the symbolic impact of his relocation underscores the delicate balance governments face when designing tax policies for high-net-worth individuals.

Financial commentators warn that Britain’s global competitiveness may be at stake if a wave of ultra-rich individuals follow Mittal’s lead. They argue that the combination of inheritance, income, and capital gains taxation could make the UK less attractive for international entrepreneurs and industrial leaders. Meanwhile, ministers stress that reforms are necessary to ensure fairness, close loopholes, and sustain public finances in a challenging economic environment.

The Mittal departure story reflects a broader debate about taxation, mobility, and economic strategy. Supporters of the government’s approach argue that those with extraordinary wealth have a responsibility to contribute proportionally to the economy that has facilitated their success. Critics, however, warn that overly aggressive taxation may encourage capital flight, discourage investment, and weaken long-term industrial growth.

As the UK prepares for the next budget, attention remains on how Rachel Reeves balances fiscal necessity with the retention of influential business leaders. Mittal’s move, whether temporary or permanent, serves as a high-profile example of the tensions between government policy and the decisions of global business magnates, a dynamic likely to influence debates for years to come.

The steel billionaire’s reported departure underscores the growing complexities of wealth management in an era of evolving taxation, public scrutiny, and global competition for elite talent and capital. How this trend develops may have significant consequences for both the UK’s industrial landscape and its international reputation as a hub for high-value enterprise.