UK tax reforms push steel tycoon Mittal toward Dubai

Indian-origin steel tycoon Lakshmi N. Mittal, long considered one of Britain’s wealthiest residents, is reportedly preparing to shift his base away from the UK as Prime Minister Keir Starmer’s Labour government moves ahead with new tax measures targeting the super-rich, The Sunday Times reported.

Mittal, who was born in Rajasthan and built a global empire through ArcelorMittal, is already registered as a tax resident in Switzerland. According to the report, the 75-year-old billionaire will now spend most of his time in Dubai, where he has expanded his real estate footprint.

The steel magnate has recently acquired property on Naïa Island, one of Dubai’s newest luxury enclaves, adding to his existing mansion in the emirate. The move is seen as part of a broader trend among high-net-worth individuals seeking more favourable tax environments.

Mittal, valued at £15.4 billion in the 2025 Sunday Times Rich List, ranks as Britain’s eighth-richest person. His family relocated to London in 1995 and famously purchased several adjacent mansions on Kensington Palace Gardens, including the opulent “Taj Mittal,” known for its extensive marble interiors.

If confirmed, Mittal’s shift away from the UK would add to concerns among business leaders over the potential impact of Labour’s planned tax reforms on the country’s long-standing appeal to global wealth.