After nearly thirty years in the UK, Lakshmi N Mittal, a prominent global business magnate, is reportedly preparing to depart the country. The Indian-born steel tycoon, renowned as the “King of Steel,” amassed his fortune through ArcelorMittal, the world’s second-largest steel producer, with his family holding a significant stake in the company.
Having originated from Rajasthan and brought up in a family deeply involved in the steel industry, Mittal aggressively expanded his business worldwide, establishing himself as a leading figure in the industrial sector. Recent reports indicate that Mittal, valued at approximately £15.4 billion and ranked eighth on the UK’s list of wealthiest individuals, is contemplating leaving due to anticipated tax revisions by the Labour government that could adversely affect high-net-worth individuals.
The government’s recent adjustments, including increased capital gains tax rates and modifications to relief for entrepreneurs, have sparked concerns among affluent individuals. Speculation about potential future tax policies, such as the introduction of an “exit tax” for departing individuals, has caused unease among global millionaires and billionaires. Inheritance tax, in particular, has become a significant worry for Mittal and other wealthy non-UK residents, as the current regulations may impose taxes on global assets based on residency and domicile status.
Ranked as the 12th wealthiest Indian and the 104th richest person globally by Forbes, Mittal boasts a net worth of $21.4 billion. As the chairman of ArcelorMittal, a company that generated $62.4 billion in revenue last year, Mittal oversees a successful business empire. The firm reported a substantial increase in net income in 2024, following the acquisition of Essar Steel in 2019, solidifying Mittal’s position in the industry.
Mittal’s decision to relocate coincides with a trend of entrepreneurs and investors leaving the UK amid concerns about policy consistency and potential tax alterations. With Dubai and Switzerland emerging as favored destinations for the wealthy due to their lack of inheritance tax, Mittal’s reported ownership of property in Dubai signals a strategic move in response to changing tax environments.
This move by Mittal aligns with a broader pattern of high-profile individuals departing the UK, raising questions about the impact of evolving tax policies on long-term wealth creation and investment within the country.