The Indus Zone Tech Desk | Updated: November 24, 2025 | Lakshmi Mittal Reportedly Leaves the U.K.
In a major development within the global business community, Indian-origin steel tycoon Lakshmi N. Mittal has reportedly exited the United Kingdom amid concerns over the Labour government’s proposed tax increases targeting the ultra-wealthy. According to The Sunday Times, the billionaire has shifted his base to Switzerland and is expected to spend more time in Dubai, a destination increasingly preferred by high-net-worth individuals seeking a tax-efficient environment.
Why Lakshmi Mittal Is Leaving the U.K.
Mittal, the founder of ArcelorMittal, has long been counted among the United Kingdom’s richest residents. The 2025 Sunday Times Rich List estimates his net worth at £15.4 billion, ranking him eighth in the country.
However, the Labour government under Chancellor Rachel Reeves is reportedly weighing fresh taxes aimed at plugging a £20-billion deficit in national finances. With rumours of an upcoming “exit tax”, coupled with higher capital gains tax and reduced reliefs for business owners, several wealthy families are reconsidering their stay in Britain.
A senior adviser familiar with the situation noted that inheritance tax was the main trigger rather than income or capital gains tax.
According to them, many global entrepreneurs feel uneasy about the U.K.’s approach of taxing worldwide assets under inheritance laws—something they don’t face in Dubai or Switzerland.
Dubai: The New Billionaire Destination
The report mentions that Mittal, who already owns a mansion in Dubai, has recently purchased significant land on the UAE’s emerging Naïa Island project. With zero inheritance tax, streamlined regulations, and a business-friendly ecosystem, Dubai continues to lure some of the world’s most influential entrepreneurs.
Entrepreneurs Following the Same Path
Mittal is not alone in his move. Several business leaders—particularly from tech and finance—have recently left or announced plans to relocate from the U.K.:
Herman Narula, the India-born co-founder of AI company Improbable, confirmed his decision to move to Dubai, calling the proposed exit tax “insane.”
Nik Storonsky, co-founder of fintech giant Revolut, also shifted to the UAE, avoiding potential capital gains liabilities that could exceed £3 billion.
Even after the U.K. Treasury reportedly scrapped the exit tax plan temporarily, Narula and others remain unconvinced, citing the government’s “flip-flops” and unpredictable policy environment.
Tax Policies Raising Global Concerns
Under Labour’s first Budget, the government increased:
Capital gains tax
Restrictions on tax relief for entrepreneurs
Taxes related to family-run businesses and generational transfer
With additional levies expected in the upcoming Autumn Statement, business leaders fear continued instability, undermining the U.K.’s appeal as a long-term investment hub.
A Turning Point for Wealth Migration?
Mittal’s departure marks a significant moment in the ongoing debate over how the U.K.’s wealthy are responding to aggressive tax reforms. As more billionaires seek stability in global financial hubs like Dubai and Switzerland, experts warn that Britain may face a long-term challenge in retaining top investors and innovators.
