Billionaire Lakshmi Mittal, chairman of ArcelorMittal, is planning to relocate from the UK to Dubai amid rising taxes and policy uncertainty under the Labour government. This move follows recent reforms including hikes in inheritance and capital gains taxes. Other wealthy British Indians, such as tech entrepreneur Herman Narula, are also heading to the UAE.
Lakshmi Mittal, the Indian-born steel magnate and chairman of ArcelorMittal, has decided to leave the UK after decades of residence there. According to reports, his departure is driven by the Labour government's recent tax reforms, which include increases in inheritance tax and capital gains tax, as well as discussions around wealth taxes targeting the super-rich. These changes, introduced by Chancellor Rachel Reeves, have sparked concerns among high-net-worth individuals about policy instability.
Mittal, who has a net worth of $21.4 billion as per the Forbes rich list, ranks as the 12th richest Indian and the 104th wealthiest person globally. His son, Shravin Mittal, is also mentioned in connection with business activities, though specifics on family relocation remain unclear. The move to Dubai aligns with a broader trend of wealthy British Indians seeking more favorable tax environments in the UAE.
Tech entrepreneur Herman Narula, founder of the gaming company Improbable, has similarly announced plans to relocate to Dubai, citing the UK's evolving tax landscape as a key factor. This exodus highlights the impact of the Labour government's fiscal policies on the ultra-wealthy, potentially affecting London's status as a global financial hub. While exact timelines for Mittal's departure are not specified, the announcements come amid ongoing buzz about billionaire migration from the UK.