Lakshmi Mittal decides to leave London before wealth tax! Dubai became a destination

New Delhi. The ‘additional tax on the super-rich’ proposed by Britain’s Labor Party has increased the uneasiness among the country’s big industrialists. Amidst this environment, Indian-origin steel industrialist Lakshmi N Mittal’s decision to leave Britain is in the headlines. According to ‘The Sunday Times’ report, Mittal is considering this big step due to fear of new tax rules, although he has been included in the list of Britain’s richest people for many years.

Dubai becomes new destination, luxurious mansion already exists
According to the report, Mittal is now planning to shift to Dubai, where he already has a grand mansion. Not only this, he has also purchased huge tracts of land in a big development project on Naia Island in UAE. It is estimated that Dubai is fast emerging as a preferred destination among the billionaire class to avoid possible ‘wealth tax’.

Assets worth 15.4 billion pounds, increased commotion before the budget
The net worth of 75-year-old Mittal, founder of ‘ArcelorMittal Steelworks’, has been estimated at 15.4 billion pounds in the ‘Sunday Times Rich List’ of 2025. He has joined the latest high-profile billionaires to leave Britain ahead of the much-anticipated budget to be presented by Chancellor Rachel Reeves, reports have claimed. It is believed that the tax burden on the super-rich may further increase in the budget.

Concern increased due to tax changes, exodus of billionaires continues
The business community in Britain has been expressing concern for a long time about the increasing tax pressure on the rich. The Labor government’s new proposals have deepened this fear. The report says Mittal’s decision comes at a time when many high-net-worth individuals have already moved from Europe to tax-friendly countries. Experts say that if this trend continues, Britain may have to suffer losses in both investment and employment.