Billionaire Lakshmi Mittal relocating to Dubai amid UK tax reforms, says report

As of October 2025, steel mogul Lakshmi N Mittal has a net worth of $20 billion — but that's not why he is in news. One of the world’s richest businessmen is preparing to leave the UK after nearly three decades and reportedly plans to move to Dubai.

The Indian steel tycoon, a longtime London resident and fixture on Britain’s billionaire lists, is reportedly relocating as the Labour government plans major tax changes that could impact the super-rich.

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Mittal, who ranks eighth on the UK rich list and 12th on India's list, is the latest ultra-rich individual planning to leave after the Labour government signalled a tougher tax environment for high-net-worth individuals, according to The Sunday Times. The newspaper referenced sources close to the 75-year-old industrialist to claim he has become the latest billionaire to leave the UK ahead of a much-anticipated Budget by Chancellor Rachel Reeves on Wednesday.

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Lakshmi Mittal's Dubai property

The billionaire, who already owns a mansion in Dubai, has reportedly now acquired large portions of a new development on Naia Island in the UAE.

According to Kroft Realty, Mittal purchased a palatial residence in the Emirates Hills community. The Baroque-style home, listed in 2023 for around Dh735 million, is lavishly adorned with gold leaf. Sources familiar with the transaction said it sold earlier this year for roughly half the asking price, around Dh367 million.

The Naia Island is a new, ultra-luxury man-made island being developed off the coast of Jumeirah in Dubai, near the Burj Al Arab. The island has been designed as a resort masterplan shaped around open green spaces and coastal terrain. The project is currently under construction with a speculative completion date in 2029.

UK tax law

The UK government has already increased capital gains tax, reduced relief for entrepreneurs, and brought in new rules on the transfer of family businesses. Reports suggest more tax measures may follow, including debates over an “exit tax” for people leaving the UK, which raised concerns among global millionaires and billionaires.

Mittal, known globally as the “King of Steel,” built his wealth through ArcelorMittal, the world’s second-largest steelmaker, where his family still owns close to 40 per cent of the company.

The Sunday Times quoted advisers saying that inheritance tax was Mittal’s primary concern. Many wealthy foreign residents, they noted, “struggle to understand why all their global assets should be subject to UK inheritance tax,” prompting some to consider relocating. Under current regulations, inheritance tax can apply to worldwide assets depending on an individual’s residency and domicile status.

Ultra-rich individuals moving to Dubai

Ultra-high-net-worth individuals (UHNWIs) are moving to Dubai for a mix of financial, lifestyle, and strategic reasons.

Dubai is cementing its status as the world’s leading destination wealthy individuals, attracting more millionaires than any other city globally. A powerful mix of tax advantages, political stability, and cosmopolitan lifestyle is transforming the emirate from a regional banking hub into a global wealth migration magnet.

Here are the key drivers why wealthy individuals are moving to Dubai:

1. Tax advantages

Zero income tax, capital gains tax, and inheritance tax make Dubai one of the most tax-efficient jurisdictions globally. This allows UHNWIs to preserve and grow wealth without fiscal erosion. This straightforward tax regime allows investors and entrepreneurs to maximise returns and reinvest profits with ease.

2. Golden Visa & residency options

Long-term residency (5–10 years) through investment starting at Dh2 million in real estate offers stability and global mobility. The UAE Golden Visa is attractive to UHNWIs for long-term residency, tax planning, and the ability to establish a long-term presence in the country without frequent visa renewals.

3. Political stability & safety

As geopolitical uncertainty and economic shifts reshape global investment behaviour, Dubai’s appeal as a safe haven is driving both settlement and strategic financial structuring among the world’s wealthiest. Dubai offers low crime rates, political neutrality, and strong rule of law, critical for wealthy families seeking security.

Positioned at the crossroads of Europe, Asia, and Africa, Dubai provides unmatched global access for business and leisure within an 8-hour flight radius.

4. Dubai’s legal and economic advantage

The UAE’s legal and regulatory frameworks are also contributing to the rise of family offices. The country offers institutional infrastructure for family governance, including family charters and business-friendly conditions. This makes it easier for international families to settle and operate here.

Dubai’s fiscal advantages, geopolitical neutrality, and proactive policy-making further enhance its appeal.

Real estate trends underscore this momentum. The luxury property market is booming and high-end developments are selling off-plan, reflecting strong demand from UHNWIs at a time when developed markets are struggling to retain them.

5. A bold future for family wealth

As Dubai continues to attract global wealth, the rise of family offices is likely to accelerate. With robust infrastructure, favourable regulation, and a forward-looking investment climate, the emirate is positioning itself not just as a destination  —  but as a platform for intergenerational wealth creation and preservation.

• Dubai

Ajanta Paul

Senior Editor

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ajanta@khaleejtimes.com

Ajanta Paul is a Senior Editor on the Digital team. A natural leader and newshound, she thrives in breaking news and high-pressure situations — and enjoys reporting on community issues that matter to UAE residents.