Billionaire Lakshmi Mittal leaves UK for Switzerland over wealth tax plans

Indian-origin steel tycoon Lakshmi Mittal has relocated from the UK to Switzerland and Dubai, becoming the latest billionaire to depart Britain ahead of Chancellor Rachel Reeves’ budget announcement on Wednesday, which is expected to introduce further tax increases targeting the wealthy. Mittal, worth an estimated £15.4 billion and ranked the UK’s eighth richest person, is now a tax resident of Switzerland and plans to spend most of his time in Dubai, according to The Sunday Times. The 75-year-old executive chairman of ArcelorMittal, who has lived in the UK since 1995, holds a 38% stake in the world’s second-largest steelmaker.Read more…