Lakshmi Mittal Relocates from UK to Switzerland & Dubai Citing Inheritance Tax | Wealthy Exodus Continues
Nov 24, 2025
United Kingdom
Business & Finance
United Kingdom
Business & Finance
Steel tycoon Lakshmi Mittal has left the UK for Switzerland and Dubai, reportedly due to concerns over inheritance tax and the end of non-dom status for the wea
Lakshmi Mittal Relocates from UK to Switzerland & Dubai Over Inheritance Tax Concerns
The United Kingdom is reportedly experiencing an exodus of its wealthiest residents, with Indian-origin steel magnate Lakshmi Mittal among the latest prominent figures to depart. Citing concerns over the Labour government's inheritance tax policies and the recent abolition of the non-domicile status, Mittal has reportedly relocated his primary residence to Switzerland, with future plans firmly set in Dubai.
UK's Changing Tax Landscape Spurs Wealthy Departures
This significant move unfolds amidst a shifting tax landscape in the UK, particularly under Chancellor Rachel Reeves. In April, the controversial non-dom status – a system that permitted affluent individuals living in the UK to pay tax solely on their UK-generated income, excluding offshore earnings – was officially abolished. This policy change, coupled with anticipated further tax hikes in the forthcoming budget, has generated considerable apprehension within the country's super-rich community.
An unnamed advisor to Mittal was quoted, articulating a central grievance: "The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury." The advisor underscored the sentiment that individuals in this situation feel they have "little choice but to leave" and often do so with feelings of sadness or anger.
Mittal, the visionary founder of the global steel giant ArcelorMittal group, secured the eighth position on this year’s Sunday Times Rich List, with an estimated fortune of £15.444 billion. His reported departure marks him as the most affluent individual to have left the UK during this ongoing wave of wealthy emigration.
New Horizons: Switzerland and Dubai Offer Tax Advantages
According to reports, Mittal is now establishing residence in Switzerland, a nation renowned for its appealing tax framework. Moreover, he is reportedly planning to spend a substantial portion of his future in Dubai, United Arab Emirates, where he already possesses a luxurious mansion and has invested in developments on Naïa Island. Dubai, the UAE's most populous city, is increasingly drawing high-net-worth individuals, partly due to the absence of inheritance tax. Similarly, Switzerland provides notable fiscal benefits, with offspring generally not subject to taxation on inherited assets.
Mittal's exploration of international relocation options commenced earlier in the year, with initial reports emerging in March. At that time, many within the affluent circles had expressed hope that the Chancellor might reconsider the proposed alterations to the non-dom rules.
This trend is not isolated; other prominent figures joining the exodus include Norwegian shipping billionaire John Fredriksen, who has moved to Dubai, and German investor Christian Angermayer, who has opted for Switzerland. This pattern highlights a growing preference among the ultra-wealthy for jurisdictions perceived as more tax-friendly, consequently reshaping the economic landscape for countries like the UK.
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