Archive · 28 Nov 2025
Lakshmi Mittal Moves to Dubai
Lakshmi Mittal, a very rich businessman, might be moving from the UK to a special island in Dubai called Naia Island.
He has been living in Switzerland for tax reasons, but the UK is making taxes harder for very wealthy people.
The new taxes include a 20% exit tax, a 40% inheritance tax, and other changes.
Naia Island is a private, luxurious place just off the coast of Dubai.
It has private beaches, marinas, and fancy hotels.
Many rich people are moving to places like Dubai because there are no income taxes, no capital gains taxes, and no inheritance taxes.
This makes it a great place for them to live and invest their money.
Mittal has already bought a very expensive mansion in Dubai's Emirates Hills, which is a very fancy and private area.
His new home is worth $116 million and has lots of luxurious features like gold decorations and big suites.
Lakshmi Mittal, UK's eighth-richest man, may move to Naia Island in Dubai due to UK's stricter wealth taxes.
UK's new taxes include a 20% exit tax, 40% inheritance tax, potential mansion tax, and the end of the non-domicile tax regime.
Naia Island is an exclusive, luxurious private island developed by Shamal Holding, catering to ultra-high-net-worth individuals.
Mittal has already purchased a $116 million baroque-style mansion in Dubai's Emirates Hills, known as 'Dubai’s old-money enclave'.
Billionaires are choosing Naia Island and other places like Dubai for its tax-free model, financial freedom, luxury living, high security, and strong economy.
- Who
- Lakshmi Mittal, UK's eighth-richest man and founder of ArcelorMittal
- What
- Potential move to Naia Island in Dubai due to UK tax changes
- When
- Reported by the Sunday Times, exact timeline not specified
- Where
- From UK/Switzerland to Naia Island, Dubai
- Why
- UK's stricter wealth taxes on the ultra-wealthy, including a 20% exit tax, 40% inheritance tax, potential mansion tax, and the end of the non-domicile tax regime
UK Government
Ultra-Wealthy Individuals
Tax Policies
UK Government
Implementing stricter tax measures to increase revenue from the ultra-wealthy, including the end of the non-dom regime, a 20% exit tax, and a 40% inheritance tax.
Ultra-Wealthy Individuals
Finding these tax policies burdensome and unfair, leading to considerations of relocating to more tax-friendly jurisdictions like the UAE.
- Person
- Lakshmi Mittal
- Net Worth
- 22.7 billion USD
- Current Residence
- Switzerland (for tax purposes)
- Potential New Residence
- Naia Island, Dubai
- UK Tax Changes
- 20% exit tax, 40% inheritance tax, potential mansion tax, end of non-domicile tax regime
- Naia Island Developer
- Shamal Holding
- Naia Island Features
- Private beach fronts, private marinas, nature-inspired architecture, Cheval Blanc Maison
- UAE Tax Benefits
- No income tax, no capital gains tax, no inheritance tax
- Mittal's Dubai Mansion
- 116 million USD, baroque-style, gold leafing, classical artwork, sprawling suites
- Emirates Hills
- Dubai's elite and private gate community, known as 'Dubai’s old-money enclave'
Sources
Inside the billionaire-only Naia Island where Lakshmi Mittal plans his next chapter
Lakshmi Mittal Is Reportedly Relocating To LVMH-Backed Naia Island — Here’s A Detailed Travel Guide To Reaching This Exclusive Haven From Delhi
