Lakshmi Mittal Residential Dilemma- Has he left the UK over the tax scare?

Lakshmi Mittal, one of Britain’s wealthiest individuals, has left the UK amid growing frustrations among elites over changes to tax laws for the super-rich. Worth over £15 billion, according to the Sunday Times Rich List, Mittal has shifted his tax residence from the UK to Switzerland and plans to spend most of his time in Dubai.

Born in Rajasthan, India, Lakshmi Mittal earned a commerce degree before joining his father’s steel business. In his 20s, he established his own steel mill in Indonesia. During the 1970s, he began acquiring underperforming state-owned mills and restructuring them for greater efficiency. 

His major breakthrough came in 2006 when he took control of Luxembourg-based Arcelor, creating ArcelorMittal, now the world’s second-largest steel producer, valued at over £25 billion. Mittal owns nearly 40% of its shares. The company employs over 125,000 people across 60 countries, including Britain.

Mittal moved to the UK in 1995, settling with his wife, Usha, and their children. He purchased luxury properties on London’s Kensington Palace Gardens, notably a mansion called Taj Mittal, bought from Bernie Ecclestone for £57 million in 2004, built with marble from the same quarry as the Taj Mahal. Despite his wealth, Mittal reportedly has no plans to sell the estate. He has also donated over £5 million to the Labour Party and owns stakes in Queen’s Park Rangers football club.

His departure follows reports he planned to leave before the UK abolished the non-domiciled tax status in April, which allowed foreign residents to pay tax only on UK earnings. The change, along with inheritance tax on estates over £325,000, disillusioned Mittal.

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He purchased a mansion in Emirates Hills and bought land in Naïa Island, near the UAE coast. Many wealthy individuals find the UK’s inheritance tax burdens unattractive, and Dubai’s lack of inheritance tax makes it appealing to them and others seeking to preserve their wealth.