Times: ArcelorMittal Kryvyi Rih owner left the UK over taxes
Lakshmi Mittal (Photo: EPA)

75-year-old Indian billionaire Lakshmi Mittal, who has topped the list of the richest people in the UK eight times, has left the country due to tax changes introduced by the Labor government. This was reported by the newspaper The Times citing sources close to the businessman.

Mittal has taken up tax residency in Switzerland and plans to spend most of his time in Dubai, where he has bought a $200 million mansion and five plots on the artificial island of Naya.

The founder of the ArcelorMittal mining and metallurgical group, which includes the Ukrainian ArcelorMittal Kryvyi Rih, is the eighth-richest person in the list of The Sunday Times with a fortune of 15.4 billion pounds.

He became the wealthiest person to leave Britain as part of the current "exodus" of the rich.

The reason for emigration was the abolition of the non-dom status, a system that had been in place for more than 200 years and allowed wealthy people to pay British taxes only on income and profits earned in the country.

A source familiar with Mittal's affairs said that he was not so much concerned about income tax as inheritance tax, which is 40% in the UK.

Mittal has lived in the UK since 1995.

He owns several properties, including a mansion in Kensington Palace Gardens, which he bought in 2004 from Bernie Ecclestone for 67 million pounds, the most expensive house in the world at the time.

  • Earlier, Norwegian billionaire John Fredricksen, German investor Christian Angermeier, and the founders of tech companies Improbable and Revolut also left the UK.