Indian-origin billionaire Lakshmi Niwas Mittal has reportedly exited the United Kingdom amid the British government’s move to impose higher taxes on the super-rich. According to international reports, Mittal has shifted his base to Dubai as the Labour Party–led government prepares for major tax reforms targeting wealthy residents. Mittal, who has lived in London for nearly 30 years, ranks eighth among Britain’s richest individuals with an estimated wealth of £15.4 billion (around Rs 1.6 lakh crore), as per the Sunday Times Rich List 2025.
Sources close to the industrialist said the decision was driven primarily by the UK’s proposed inheritance tax policies rather than income or profit taxes. Under the current rules, wealthy foreign residents must pay up to 40% inheritance tax on their global assets. Several foreign billionaires have expressed discontent over being taxed on properties held worldwide. The Labour government’s plan to abolish the 226-year-old “non-dom” tax regime — which exempts foreign earnings from taxation — has also contributed to the exodus of high-net-worth residents.
Reports suggest Mittal selected Dubai due to the absence of inheritance tax and has already purchased luxury properties there. He is expected to spend most of his time in the UAE going forward. Analysts say Mittal’s move reflects a broader trend of wealthy individuals leaving the UK, raising concerns that the departure of high-net-worth residents could negatively impact the British economy.