Indian-origin billionaire Lakshmi Mittal, one of the richest tycoons of the United Kingdom, has reportedly decided to leave the country. According to a report by The Sunday Times, the shocking decision comes as the Labour Party government marches ahead to table a tax reform system that targets the untra-rich.
According to the report, Mittal, the India-born founder of ArcelorMittal, is now a taxpaying resident of Switzerland and will move to the Naïa Island in Dubai.
The steel magnate already owns a mansion in Dubai and has recently bought “tracts of an intriguing development on nearby Naïa Island,” as per The Sunday Times report.
Why is Lakshmi Mittal moving to Naïa Island?
Rachel Reeves’ second Budget as UK Chancellor is expected to impose further taxes across the board to address an estimated 20 billion pounds hole in the UK's finances. The move has prompted several billionaires, including Mittal, to shift their bases to other countries.
An adviser familiar with the Mittal family’s plans told The Sunday Times that inheritance tax, not income tax, was the decisive factor.
Dubai on the other hand is more lenient in terms of taxes with zero inheritance tax, clear laws on global assets, and a transparent regulatory and tax regime.
What is Naïa Island, where Lakshmi Mittal is moving?
Naïa Island is an upcoming private, man-made island that is being developed in Dubai, off the coast of Jumeirah.
It is being developed by Shamal Holding in the water at Jumeirah beachfront. The super-luxury destination will feature the region’s first ‘Cheval Blanc’ maison (or home) — a part of the LMVH family.
Located in between Umm Suqeim and Jumeirah 3, the sprawling low-rise project will have suites and private villas.
“A limited number of branded beachfront residences and estate plots will be available, each with private beach access offering a rare opportunity to reside on an island where design, nature, and lifestyle exist together perfectly,” said a statement from Shamal.
The Naïa Island is expected to open by 2029.
Lakshmi Mittal net worth
According to the 2025 Sunday Times Rich List, Lakshmi Mittal’s net worth stands at 15.4 billion pounds, making him the eighth richest person in Britain.
According to Forbes Real Time Billionaires, Lakshmi Mittal has a net worth of $22.1 billion. He is the 103rd richest person in the world as per the list, thanks to his $62.4 billion (revenue) steel empire, ArcelorMittal.
ArcelorMittal reported net income of $1.3 billion in 2024, an over 40% rise from $919 million in 2023.