Lakshmi Mittal’s departure and what it says about Britain

November 25, 2025

Lakshmi Mittal’s departure from the United Kingdom marks a significant moment in the long running discussion about Britain’s changing tax landscape and the growing unease among wealthy residents. One of Britain’s richest men for decades, the India born steel magnate has shifted his tax residence to Switzerland and is expected to spend much of his time in Dubai. His exit adds to a trend of global billionaires reconsidering their ties with the UK as traditional tax advantages come under pressure.

Mittal’s journey to becoming the “King of Steel” began far from London’s wealthiest postcodes. Born in Rajasthan, he grew up in a business family and studied commerce at a college affiliated with the University of Calcutta. After joining his father’s steel operations, he set out on his own path in his twenties by establishing a steel mill in Indonesia. At the time, the world steel industry was fragmented, with many countries operating inefficient state owned mills. Mittal saw opportunity in these struggling assets. He spent the next decades purchasing underperforming plants, reorganising them and integrating them into a global network, creating economies of scale that reshaped the industry.

His most defining takeover came in 2006 when he acquired Luxembourg based Arcelor in a high profile and contentious deal. The merger created ArcelorMittal, which remains the world’s second largest steelmaker and is valued at more than £25 billion on the stock market. The Mittal family holds nearly 40 per cent of the shares, giving them significant influence over a company that employs more than 125,000 people in over 60 countries, including Britain. Beyond ArcelorMittal, the family holds similar stakes in the stainless steel manufacturer Aperam and nearly half of HPCL Mittal Energy, an energy business based in India.

Mittal moved to the UK in 1995 with his wife Usha and their two children, quickly becoming one of the most prominent figures in the country’s business and social circles. His property purchases became the subject of fascination in the British press. Kensington Palace Gardens, also known as Billionaires’ Row, became the location of three Mittal owned homes, including a 55,000 square foot mansion bought from Formula One magnate Bernie Ecclestone for £57 million. The house, built using marble from the same quarry as the Taj Mahal, is known locally as the Taj Mittal and features Turkish baths, a jewel adorned swimming pool, a ballroom and parking for 20 cars. Despite his departure, close associates say he has no plans to sell the estate.

His public and political presence was equally notable. Mittal became one of the most generous donors to the Labour Party during the leaderships of Tony Blair and Gordon Brown, contributing more than £5 million. He also invested in sports through a stake in the London football club Queen’s Park Rangers and has supported philanthropic causes around the world, particularly in education and health.

Reports about his intention to leave the UK first surfaced earlier this year as the Labour Party prepared to end the non domicile tax regime. Under the non dom system, residents whose permanent home was legally considered to be outside the UK paid British tax only on income earned within the country. Foreign income and capital gains remained largely outside the UK tax net, making the system attractive for global business leaders. With the policy now set to be dismantled, many long time non doms are assessing the financial impact. A friend of Mittal told the Financial Times earlier this year that the steel tycoon was weighing his options and was likely to cease being a UK tax resident.

For Mittal, the shift to Switzerland and increased time in Dubai signals a recalculation of his financial and strategic priorities. For Britain, his departure adds to concerns that the country may lose influential investors as it revises its tax rules. While the long term effects remain uncertain, Mittal’s exit underscores a broader trend among global elites seeking jurisdictions that align more closely with their financial plans and business interests.