Steel magnate Lakshmi Mittal, one of the world’s wealthiest individuals and executive chairman of ArcelorMittal, is reportedly contemplating leaving the United Kingdom after more than three decades of residence.
The potential move stems from the UK government’s decision to scrap the centuries-old “non-domiciled” (non-dom) tax regime, a change that could significantly impact high-net-worth individuals like Mittal.
The move, originally revealed in March 2024 by previous Chancellor Jeremy Hunt and bolstered by current Chancellor Rachel Reeves, would plug tax loopholes and tighten rules around inheritance tax, specifically around offshore trusts. For global high-net-worth individuals such as Mittal, it would mean a sizeable bill to pay.
According to sources cited in a Financial Times report, Mittal has privately informed close associates of his intention to explore relocation options. While no final decision has been made, insiders suggest he is “seriously reconsidering” his UK tax residency and may reach a conclusion later this year.
At the core of Mittal’s discontent is the abolition of the non-dom tax framework—established over 200 years ago, which allowed foreign nationals residing in the UK to avoid paying taxes on overseas income, provided their permanent domicile remained outside Britain. The change could make the UK less attractive for ultra-wealthy global citizens who have historically used the regime to manage their global assets efficiently.
Mittal was ranked seventh on the 2024 Sunday Times Rich List, with an estimated net worth of £14.9 billion. His property empire covers continents, ranging from London’s Kensington Palace Gardens iconic homes to Swiss luxury chalets. He has substantial real estate investments in the United Arab Emirates, the US, and elsewhere in Europe and Asia.
Mittal, who built his fortune through aggressive global expansion in the steel sector, handed over the CEO role of ArcelorMittal to his son Aditya in 2021. The company remains the world’s second-largest steelmaker with revenues exceeding €24 billion and is still largely controlled by the Mittal family, which owns around 40% of its shares.
The significance of his departure should it happen are symbolic rather than economic. For years, Mittal has been the most visible non-dom resident of Britain, throwing extravagant parties, frequenting state occasions, and being a high-profile giver to charitable causes.
The announcement has rekindled debate over the UK’s attraction to international investors and ultra-high net worth individuals, with critics warning that the reform of tax policy would encourage a flight of funds. Critics of the policy claim it’s a long-awaited move toward tax fairness.
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