Lakshmi N Mittal, one of the world’s wealthiest industrialists and a super-rich businessman, is reportedly set to leave the UK after nearly three decades, amid signals from the Labour government of major tax reforms that could affect the super-rich. Known globally as the “King of Steel,” Mittal built his fortune through ArcelorMittal, the world’s second-largest steel producer, in which his family still holds close to 40% of the company.
Who is Lakshmi N Mittal and Why Is ‘King of Steel’ Leaving The UK?
Born in Rajasthan into a family of steelmakers, Mittal expanded his empire aggressively across the globe, emerging as one of the most influential industrialists of his generation.
According to The Sunday Times, Mittal, who ranks eighth on the UK rich list, is among the latest ultra-wealthy individuals considering relocation. This move follows the Labour government’s policy changes, which have already raised capital gains tax, reduced entrepreneurial relief, and introduced new rules for transferring family businesses. Reports suggest further measures, including an “exit tax” on individuals leaving the UK, are under discussion.
Advisers cited by the publication said inheritance tax is the key concern for Mittal. “Many wealthy foreign residents cannot understand why all of their assets worldwide should fall under UK inheritance tax,” they explained. Currently, inheritance tax can apply to global assets depending on a person’s residency and domicile status.
Lakshmi Mittal Net Worth
Forbes lists Mittal with a net worth of $21.4 billion, making him the 12th richest Indian and the 104th richest individual globally. He continues to serve as chairman of ArcelorMittal, which posted $62.4 billion in revenue last year.
The company’s net income rose sharply to $1.3 billion in 2024, up from $919 million in 2023, marking a growth of over 40%. The group made headlines in 2019 when Mittal, along with Japan’s Nippon Steel, completed the Rs 5.9 billion acquisition of Essar Steel, formerly owned by Shashi and Ravi Ruia.
In 2021, Mittal passed the CEO role to his son, Aditya Mittal, while retaining his position as executive chairman, continuing to influence the company’s strategic direction and expansion plans.
UK Super Rich Leaving The Country
Mittal’s relocation aligns with a broader trend of entrepreneurs and investors leaving the UK due to concerns about policy stability and potential tax changes.
Rumours of the super-rich abandoning the UK have circulated since last year, triggered by the possibility of a Labour government. Since the Keir Starmer-led administration took office in July, media outlets have reported on cases suggesting that Labour policies are prompting wealthy individuals to reconsider their residency.
The first Labour budget in October sparked discontent among high-earning individuals, many of whom felt they were already overtaxed.
Who are the Super-Rich?
“Super-rich” or “ultra-rich” refers to individuals or households with exceptionally high net worth or income. High Net Worth Individuals (HNIs) typically hold assets exceeding $1 million (around Rs 7–8 crore), while Ultra High Net Worth Individuals (UHNIs) possess assets over $30 million (approximately Rs 220 crore). These categories include leading business executives, successful entrepreneurs, and those listed on global wealth rankings.
Also Read: Who Is Lakshmi Mittal? The Indian-Origin Steel Tycoon Leaving The UK For Dubai
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
