Archive · 24 Nov 2025
Lakshmi Mittal Leaves UK for Dubai
Lakshmi Mittal is a very rich businessman who has lived in the UK for a long time.
He is moving to Dubai because the UK government is planning to increase taxes on wealthy people.
Mittal is the latest in a series of rich individuals leaving the UK to avoid these new taxes.
He has a net worth of £15.4 billion and is ranked eighth on the UK rich list.
The UK government's first budget already increased capital gains tax and reduced tax relief for entrepreneurs.
The upcoming second budget is expected to include even more tax measures, including an 'exit tax' for people leaving the UK.
Lakshmi Mittal, a steel magnate, is leaving the UK to live in Dubai.
Mittal is valued at £15.4 billion and ranks eighth on the UK rich list.
He is moving ahead of the UK's second budget, which is expected to raise taxes on the wealthy.
The first budget increased capital gains tax and reduced tax relief for entrepreneurs.
There are reports of more tax measures in the second budget, including an 'exit tax' for people leaving the UK.
- Who
- Lakshmi Niwas Mittal, a steel magnate and one of the world's richest businessmen
- What
- Mittal is leaving the UK to live in Dubai
- When
- Ahead of the UK's second budget to be tabled by Chancellor Rachel Reeves
- Where
- From the UK to Dubai
- Why
- Due to proposed tax changes that are likely to impact the super-rich
- Name
- Lakshmi Niwas Mittal
- Age
- 75
- Net Worth
- £15.4 billion
- UK Rank
- 8th
- Company
- ArcelorMittal
- New Residence
- Dubai
- Previous Residence
- Switzerland
- Reason for Move
- Proposed tax changes targeting the super-rich