Why Billionaire Lakshmi Mittal Is Leaving the UK: Inheritance Tax Concerns Drive Steel Tycoon to Dubai

Nov 24, 2025 09:02 pm CST

Steel magnate Lakshmi Mittal is reportedly leaving the UK for Dubai due to new tax reforms eliminating the non-domiciled status. With a net worth of $21.4 billion, the ArcelorMittal chairman joins other wealthy individuals departing Britain as the Labour government prepares to implement inheritance tax changes targeting high-net-worth residents on November 26.