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Steel Tycoon Lakshmi Mittal Leaves UK for Tax Benefits

11/24/2025

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Summary

Story summary

Lakshmi Mittal, the Indian steel magnate, has left the United Kingdom amid rising taxes on the wealthy.
He relocated to Switzerland for tax benefits and plans to spend time in Dubai.
His fortune peaked at £27.7 billion in 2008 after eight appearances on The Sunday Times Rich List.
The departure follows UK reforms such as abolishing non-dom status and potential inheritance taxes, prompting criticism that wealth is leaving the country.

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Story summary

Lakshmi Mittal, the Indian steel magnate, has left the United Kingdom amid rising taxes on the wealthy.
He relocated to Switzerland for tax benefits and plans to spend time in Dubai.
His fortune peaked at £27.7 billion in 2008 after eight appearances on The Sunday Times Rich List.
The departure follows UK reforms such as abolishing non-dom status and potential inheritance taxes, prompting criticism that wealth is leaving the country.