If you are wondering who is Lakshmi Mittal, he is one of the world’s most successful steel businessmen and the founder of ArcelorMittal, the biggest steel company on the planet. For many years, he lived in the United Kingdom and was counted among its richest residents. But now, Mittal has reportedly decided to leave the UK as the government prepares major tax changes for the super-rich.
This move has become a big talking point, especially as more wealthy people are thinking about moving out of Britain due to possible higher taxes.
Who Is Lakshmi Mittal? A Simple Look at His Background
Lakshmi Mittal was born in Rajasthan, India, and built his career by expanding his family’s small steel business into a global empire. Today, his company, ArcelorMittal, operates in many countries, and he is known worldwide for his success in the steel industry.
As of the 2025 Sunday Times Rich List, he is worth around £15.4 billion, placing him among the richest people in the UK.
Why Lakshmi Mittal Is Leaving the U.K.
The Budget Announcement Sparked the Move
Mittal’s decision to leave comes just days before Chancellor Rachel Reeves is set to reveal a new budget. This budget is expected to include tax increases for wealthy individuals as the government tries to address a £20 billion financial gap.
The possibility of new taxes has created tension among billionaires and business owners.
Inheritance Tax Was the Main Concern
According to advisers close to Mittal, the biggest issue was the UK’s inheritance tax. Many wealthy people who were born outside the UK find it difficult to accept that Britain can tax their global assets after their death. The UK charges up to 40% inheritance tax, which is considered very high.
In comparison:
Dubai has no inheritance tax
Switzerland has no inheritance tax
For someone as wealthy as Mittal, this difference can influence major life decisions.
Where Lakshmi Mittal Is Moving
Mittal already has a home in Dubai and recently bought land on the nearby Naïa Island in the UAE. He is also a tax resident of Switzerland.
Both places offer:
Lower taxes
More financial stability
Favourable rules for wealthy residents
This makes them popular choices for billionaires who want predictable and friendly tax environments.
A Larger Trend: More Billionaires Are Leaving the U.K.
Mittal is not the only one choosing to relocate. There has been a noticeable rise in wealthy people leaving the UK in recent years due to tax-related worries.
Tech Entrepreneur Herman Narula Is Also Leaving
Herman Narula, the founder of the tech company Improbable, has also announced that he is moving to Dubai. Although he has lived in the UK since childhood, he said the government’s discussions around possible “exit taxes” made him worried about the future.
Even though the government eventually stepped back from the idea, Narula said the uncertainty alone made him uncomfortable.
Revolut Co-Founder Nik Storonsky Has Already Moved
Another well-known example is Nik Storonsky, co-founder of the financial company Revolut. He relocated to the UAE and, by doing so, avoided a possible £3 billion capital gains tax if he ever sells his shares.
His move is believed to have contributed to the government first considering an exit tax, which caused even more concern among business owners.
Why the U.K. Tax Climate Feels Unstable
Many wealthy individuals say that the UK has become unpredictable because:
Tax rules keep changing
Policy ideas appear and disappear quickly
Communication from the Treasury seems unclear
For billionaires and investors, clarity and stability matter a lot. If the future feels uncertain, they look for safer options elsewhere.
How This Affects the U.K. Economy
If more wealthy residents leave the country, it can create problems for the UK, including:
Lower investment
Less tax revenue
Reduced confidence among foreign investors
A weaker business environment
The government must now find a balance between raising money and keeping the UK attractive for business.
Who Is Lakshmi Mittal in Today’s World?
Lakshmi Mittal is more than just a steel tycoon. He is a global business figure whose decisions impact industries and countries. His choice to leave the UK at this time highlights the growing pressure on wealthy individuals and the challenges Britain faces as it tries to reshape its tax system.
Conclusion
To put it simply, if you are searching for who is Lakshmi Mittal, he is a billionaire steel leader who built a global empire and spent many years living in the UK. But now, the possibility of new taxes—especially inheritance tax—has pushed him to relocate to places with more favorable financial rules.
His decision reflects a wider trend: more billionaires are rethinking their future in the UK. As the government prepares new tax plans, Britain must work hard to show that it remains a stable and attractive place for business and investment.