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Lakshmi N Mittal, famously known as the “King of Steel,” is one of the world’s richest industrialists, with a net worth of $21.4 billion. The Indian-origin billionaire built his fortune through ArcelorMittal, the world’s second-largest steel company, and has long been a prominent figure in the UK’s business landscape.
However, after nearly three decades in Britain, Mittal is reportedly planning to leave the country amid rising tax concerns and new government policies targeting high-net-worth individuals, marking a significant shift in the global business scene.
According to Reports, Lakshmi N Mittal has a net worth of $21.4 billion, making him the 12th richest Indian and the 104th richest person globally.
One of the world’s most prominent businessmen, Mittal, the “King of Steel,” is reportedly planning to leave the UK after nearly 30 years. The Indian-origin industrialist, long a fixture on Britain’s billionaire lists, is considering relocation due to potential tax changes announced by the Labour government that could impact ultra-high-net-worth individuals.
Mittal built his fortune through ArcelorMittal, the world’s second-largest steel company, where his family still owns close to 40%. Born in Rajasthan into a family of steelmakers, he expanded the business aggressively worldwide, becoming one of the most influential industrialists of his generation.
Reports suggest that Mittal, valued at around £15.4 billion and ranked eighth on the UK rich list, is joining other ultra-wealthy individuals considering leaving the country due to a tougher tax environment.
Recent changes include higher capital gains tax, reduced entrepreneur relief, and new rules on the transfer of family businesses. Discussions about an “exit tax” for departing residents have further raised concerns among global millionaires and billionaires.
Advisers say that inheritance tax is a major issue for Mittal. Many wealthy foreign residents “cannot understand why all of their worldwide assets should fall under UK inheritance tax,” prompting considerations of relocation. Under current rules, inheritance tax may apply to global assets depending on residency and domicile status.
Mittal serves as chairman of ArcelorMittal, which generated $62.4 billion in revenue in 2024, with net income rising to $1.3 billion, up more than 40% from $919 million in 2023.
In 2019, Mittal and Japan’s Nippon Steel completed the Rs 5.9 billion acquisition of Essar Steel, formerly owned by Shashi and Ravi Ruia. In 2021, he handed over the CEO role to his son, Aditya Mittal, while remaining executive chairman, overseeing company strategy and expansion.
Mittal moved to London in 1995 and quickly became one of the most prominent Indian businessmen in the UK. His properties on Kensington Palace Gardens, known as “Billionaires’ Row,” are among the country’s most expensive homes.
His main mansion, Taj Mittal, purchased for £57 million in 2004, spans 55,000 sq ft and features marble from the same quarry as the Taj Mahal. It includes a ballroom, jewellery-adorned swimming pool, Turkish baths, and parking for 20 cars. Reports indicate Mittal does not plan to sell this property.
Over the years, he has donated over £5 million to the Labour Party and holds a stake in Queens Park Rangers football club. His family actively contributes to education, health, and sports initiatives in India and abroad.
Mittal reportedly already owns a mansion in Dubai and has acquired land on Naa Island in the UAE. Cities like Dubai and Switzerland are increasingly popular with wealthy individuals because they do not impose inheritance tax, making them attractive destinations for global families.
His planned relocation coincides with a trend of entrepreneurs and investors leaving the UK due to policy instability and potential tax hikes. Notably, Revolut co-founder Nik Storonsky moved to the UAE to avoid a large capital gains tax bill, while India-born tech entrepreneur Herman Narula publicly criticised the proposed exit tax.
Mittal’s decision highlights growing concerns that the UK’s changing tax rules may push out long-term wealth creators and investors, adding his name to a list of high-profile departures.
