News · 24 November 2025
Britain's 8th richest person moves to Dubai over UK taxes
Ricardo Stuckert/PR via Wikimedia Commons (CC BY 3.0 BR)
ArcelorMittal founder Lakshmi Mittal, worth £15.4 billion and Britain's eighth richest person, has relocated from the UK to Dubai ahead of Chancellor Rachel Reeves' upcoming budget. The 75-year-old steel magnate joins other billionaires fleeing the country over concerns about inheritance tax reforms and proposed exit taxes. Mittal, already a Swiss tax resident, cited the Labour government's tax shake-up targeting the super-rich as the primary reason for his departure.
Reported by Sunday Times · How we write briefs