Steel billionaire Lakshmi Mittal has abandoned Britain for Switzerland and Dubai after spending nearly three decades as one of the country's most prominent residents. The ArcelorMittal founder, whose fortune stands at £15.4 billion, cited inheritance tax concerns as the primary driver behind his relocation from London, where he amassed three mansions on Kensington Palace Gardens and topped wealth rankings eight times.
His departure represents the latest high-profile exit following Labour's abolition of the non-dom tax regime and broader fiscal changes targeting affluent households. Advisers confirmed that Britain's 40 percent estate levy proved intolerable compared to zero inheritance taxation in Dubai and Swiss cantons. Norwegian shipping magnate John Fredriksen, German investor Christian Angermayer, and technology entrepreneurs have similarly relocated overseas.
Mittal leaves behind significant philanthropic contributions spanning Great Ormond Street Hospital, Oxford University, and the ArcelorMittal Orbit tower from the 2012 Olympics. His global steel empire employs over 125,000 workers across multiple continents while maintaining operations valued at over £25 billion.
His departure represents the latest high-profile exit following Labour's abolition of the non-dom tax regime and broader fiscal changes targeting affluent households. Advisers confirmed that Britain's 40 percent estate levy proved intolerable compared to zero inheritance taxation in Dubai and Swiss cantons. Norwegian shipping magnate John Fredriksen, German investor Christian Angermayer, and technology entrepreneurs have similarly relocated overseas.
Mittal leaves behind significant philanthropic contributions spanning Great Ormond Street Hospital, Oxford University, and the ArcelorMittal Orbit tower from the 2012 Olympics. His global steel empire employs over 125,000 workers across multiple continents while maintaining operations valued at over £25 billion.
