London: Indian-origin steel magnate Lakshmi N. Mittal, long regarded as one of Britain’s wealthiest residents, has reportedly decided to leave the UK as the Labour government prepares major tax changes targeting the super-rich, according to a UK media report on Sunday.

The Sunday Times reported that the Rajasthan-born billionaire, currently a tax resident of Switzerland, will now spend most of his time in Dubai. Mittal, the founder of global steel giant ArcelorMittal, is valued at an estimated 15.4 billion pounds on the 2025 Sunday Times Rich List, ranking him as the eighth richest person in Britain.

Citing sources close to the 75-year-old industrialist, the newspaper said Mittal has become the latest billionaire to relocate ahead of Chancellor Rachel Reeves’ Budget announcement scheduled for Wednesday. The report adds that Mittal, who already owns a mansion in Dubai, has also acquired property in an “intriguing development” on nearby Naïa Island in the UAE.

The move comes amid widespread expectations of higher taxes on wealthy individuals, as the UK government attempts to plug a 20 billion pound gap in public finances. Reeves’ first Budget last year introduced increases in capital gains tax, reduced tax relief for business owners selling their ventures, and imposed new levies on inheritance transfers within family-run companies.

Rumours of further measures in the upcoming Budget, including a possible 20 per cent exit tax on those leaving the UK, have reportedly alarmed affluent residents.

“It wasn’t the tax on income (or capital gains) that was the issue,” one adviser familiar with the Mittals' relocation was quoted as saying.

“The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury.

“People in this situation feel they have little choice but to leave and are either sad or angry to be doing so,” the adviser said.

While inheritance tax in the UK can reach up to 40 per cent, Dubai and Switzerland impose no such levy.

Mittal’s departure follows similar moves by other prominent entrepreneurs, including India-born tech founder Herman Narula. The 37-year-old recently confirmed plans to move to Dubai.

“It’s completely insane. I’m being told I’d have to pay a tax if I leave even if I haven’t sold the shares,” Narula said.

“I’m still leaving. The thing is, they’re clearly thinking about it, right? What if they change their mind? What stops them doing it in the next Budget,” he questioned.

The speculation around an exit tax reportedly began after Nik Storonsky, co-founder of Revolut, relocated to the UAE—potentially avoiding a capital gains liability of about 3 billion pounds if he sells his shares.