LONDON, U.K.: Lakshmi N. Mittal, one of the world's wealthiest businessmen, is preparing to leave the UK after nearly 30 years, according to reports. The Indian-born steel magnate, long a fixture on Britain's billionaire rankings, is said to be relocating as the Labour government moves ahead with major tax reforms affecting high-net-worth individuals.
Mittal, often called the "King of Steel," built his fortune through ArcelorMittal, the world's second-largest steelmaker. His family still owns almost 40 percent of the company. Born in Rajasthan and raised in a steelmaking family, he expanded his business globally and became one of the most influential industrial leaders of his time.
The Sunday Times reports that Mittal, valued at around £15.4 billion and currently ranked eighth on the UK rich list, is among several wealthy individuals considering leaving due to the government's tax plans. Recent policy changes include a higher capital gains tax, reduced entrepreneur relief, and new rules affecting family business transfers. Further measures—such as debate over a potential "exit tax"—have sparked concern among global investors.
Advisers quoted in the report say inheritance tax is Mittal's biggest worry. Many wealthy foreign residents, they noted, are uncomfortable with UK rules that can apply inheritance tax to global assets based on residency and domicile.
According to Forbes, Mittal has a net worth of US$21.4 billion, making him the 12th-richest Indian and the 104th-richest person in the world. ArcelorMittal recorded revenue of $62.4 billion last year and posted net income of $1.3 billion in 2024—up more than 40 percent from 2023. The company made global headlines in 2019 with its purchase of Essar Steel alongside Japan's Nippon Steel.
Mittal handed over the CEO position to his son, Aditya, in 2021, but remains executive chairman and is involved in strategy.
He moved to London in 1995 and became one of Britain's most prominent Indian business figures. His primary residence on Kensington Palace Gardens—nicknamed "Taj Mittal"—was bought in 2004 for £57 million and features marble from the same quarry used for the Taj Mahal, along with a ballroom, jewel-decorated pool, Turkish baths, and a 20-car garage. Reports say he does not intend to sell the property.
Mittal has also been a major donor to the Labour Party and holds a stake in football club Queens Park Rangers. His family continues to support education, healthcare, and sports initiatives worldwide.
He already owns a mansion in Dubai and has reportedly purchased land on Naa Island in the UAE—both locations are popular with global wealth due to zero inheritance tax.
His planned relocation comes as more investors and tech founders exit the UK over concerns about future tax policy. Recent departures include Revolut co-founder Nik Storonsky and Indian-origin tech founder Herman Narula.
