Why is billionaire Lakshmi Mittal preparing to leave the UK?

Billionaire industrialist Lakshmi N Mittal is reportedly planning to move out of the United Kingdom after nearly 30 years, according to multiple media reports. The Indian-origin steel magnate, long regarded as a fixture on Britain’s wealth rankings, is said to be considering relocation as the Labour government introduces tax changes affecting high net-worth individuals.

Mittal, often referred to as the King of Steel, built his global empire through ArcelorMittal, the world’s second-largest steelmaker, in which his family reportedly holds close to a 40% stake. Born in Rajasthan into a family of steelmakers, he expanded aggressively across continents and became one of the most influential figures in the global metals industry.

As per The Sunday Times, Mittal valued at around £15.4 billion and currently eighth on the UK rich list is the latest among ultra-wealthy residents contemplating departure amid concerns over the government’s evolving tax regime. Recent policy changes include higher capital gains tax, reduced entrepreneur relief, and new rules governing the transfer of family-owned businesses. Reports suggest additional measures are being discussed, including the possibility of an exit tax, which has reportedly heightened unease among wealthy residents.

Advisers quoted in media reports indicated that inheritance tax is one of the biggest concerns for Mittal. Many affluent foreign residents, they noted, struggle to accept that their worldwide assets could fall under UK inheritance tax rules based on residency and domicile, prompting them to explore alternatives.

According to Forbes, Mittal’s net worth stands at $21.4 billion, placing him 12th among India’s richest and 104th globally. He serves as executive chairman of ArcelorMittal, which reported $62.4 billion in revenue last year. The company recorded net income of $1.3 billion in 2024 over 40% higher than the previous year.

Mittal and Japan’s Nippon Steel also made headlines in 2019 with their ₹5.9 billion acquisition of Essar Steel from the Ruia brothers. In 2021, Mittal stepped down as CEO, handing the position to his son Aditya Mittal, while continuing to guide the company’s overall strategy as chairman.

Mittal has been based in London since 1995 and quickly emerged as one of the most prominent Indian business figures in the UK. His opulent properties on Kensington Palace Gardens—nicknamed “Billionaires’ Row” are among the costliest homes in the country. His main residence, known as ‘Taj Mittal’, was bought for £57 million in 2004 and spans 55,000 sq ft, featuring marble sourced from the same quarry as the Taj Mahal, along with a ballroom, jewellery-themed pool, Turkish baths, and parking for 20 cars.

As per reports, Mittal does not intend to sell the property, even if he decides to relocate.