Indian-origin steel tycoon Lakshmi Mittal has decided to leave the United Kingdom as the Labour Party government prepares a major tax overhaul targeting the ultra-wealthy, The Sunday Times reported on Sunday (November 23).

The India-born founder of ArcelorMittal, based in London, is now a tax resident of Switzerland and will shift much of his time to Dubai, the report said.

Dubai expansion and Naïa Island investments

Mittal already owns a mansion in Dubai and has recently acquired “tracts of an intriguing development on nearby Naïa Island,” the report said, signalling a long-term shift of his base to the UAE.

Wealth tax fears driving exodus

The move comes amid widespread anxiety over expected tax increases on wealthy residents as Chancellor Rachel Reeves seeks to plug a £20-billion ga

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