Lakshmi Mittal Leaves the UK for Dubai: What’s Behind the Billionaire Exodus?

The UK is witnessing a quiet but significant wave of wealth migration. Increasingly, high-net-worth individuals are reassessing where they live, invest, and pass on their wealth.

Now, one of Britain’s richest men, Lakshmi N. Mittal, the Indian-origin steel tycoon behind ArcelorMittal, is reportedly preparing to shift much of his life to Dubai. And his decision captures a much bigger global shift.

A Billionaire on the Move

According to The Sunday Times, Mittal, worth an estimated £15.4 billion and currently ranked as the eighth richest person in Britain, is planning to spend most of his time in Dubai.

While he is presently a tax resident of Switzerland, the upcoming UK tax reforms appear to have accelerated his pivot towards the UAE. Mittal already owns a mansion in Dubai and has now purchased a new home on Naïa Island, one of the city’s newest ultra-luxury residential communities.

His move is not just about lifestyle, it is about strategy.

Why Dubai? Why Now?

1. UK Tax Reforms Targeting the Wealthy

The UK’s Labour government is preparing a highly anticipated Budget that may include measures such as:

• A 20% exit tax

• A new mansion tax

• Stricter rules on offshore trusts

• The complete removal of the non-domicile tax regime

For billionaires and global families with diversified assets, these changes translate into significant long-term tax liabilities and reduced flexibility.

As one wealth adviser put it bluntly:

“Many affluent residents feel they have little choice but to leave.”

These reforms are pushing many ultra-wealthy individuals to seek jurisdictions that offer greater certainty, lower tax exposure, and more favourable estate planning environments.

2. Inheritance Tax: A Stark Contrast

One of the most important differences lies in inheritance tax:

• UK inheritance tax: Up to 40%

• Dubai (UAE) inheritance tax: 0%

• Switzerland inheritance tax: 0% at the federal level (with cantonal variations)

For families with multi-generational wealth, this is not a minor detail, it is a defining factor. A 40% erosion of wealth at each generational transfer versus 0% can dramatically alter long-term legacy planning.

For someone like Mittal, whose family wealth spans continents and industries, Dubai offers a far more favourable jurisdiction for succession, preservation, and long-term planning.

ArcelorMittal’s Strong Momentum

It is also important to note that Mittal’s shift comes at a time when ArcelorMittal, the world’s largest steelmaker outside China, is performing exceptionally well.

The company has recently recorded its best quarter since 2008, supported by strong demand from:

• Construction and real estate

• Infrastructure development

• Renewable energy projects and energy transition related investments

So while the business outlook is strong, the personal tax and regulatory environment in the UK is becoming more uncertain. Mittal’s relocation, then, is not a sign of business weakness, but of strategic repositioning.

Dubai: The New Magnet for Global Wealth

Lakshmi Mittal is far from alone in this move.

Over the last several years, Dubai has rapidly evolved into a preferred base for billionaires, ultra-high-net-worth individuals (UHNWIs), and global family offices. The reasons are clear:

• Zero personal income tax

• Zero inheritance tax

• Business-friendly regulations

• Political and economic stability

• World-class real estate, from branded residences to ultra-luxury islands like Naïa

• Global connectivity via one of the world’s busiest airports

• A rapidly maturing luxury lifestyle ecosystem: fine dining, culture, hospitality, education, and healthcare

Increasingly, Chinese, European, British, and Indian ultra-wealthy families are choosing Dubai over traditional wealth hubs like London, Singapore, or Geneva. For many, it offers the right blend of tax efficiency, lifestyle, and geopolitical neutrality.

What Lakshmi Mittal’s Move Really Signals

Mittal’s relocation is more than a personal financial decision, it is symbolic of a wider economic and geopolitical shift.

As Western countries tighten tax rules, scrutinise offshore structures, and raise the cost of wealth ownership, jurisdictions like the UAE are positioning themselves as stable, low-tax, high-opportunity alternatives.

The underlying message from the global elite is becoming increasingly clear:

Flexibility, low taxes, and stability are now worth moving across continents for.

For global investors, entrepreneurs, and family offices, the key questions are no longer just about returns, but about where those returns are generated, managed, and preserved.

Dubai, in this new reality, is not just a sunny destination, it is becoming a strategic home base for global wealth.