Steel magnate Lakshmi Mittal has stepped back from full-time UK residency and will spend far more time in Dubai and Switzerland as Britain tightens tax rules for the super-rich. The move follows Labour’s package of wealth and inheritance tax changes that have prompted several high-net-worth individuals to rethink their tax residency.
Why did the World’s wealthiest choose Dubai?
The exodus of Lakshmi Mittal from the UK, where his family owned the legendary “Taj Mittal” mansion, is fundamentally driven by economics. The billionaire is moving away from the UK’s impending tax reforms, which include a proposed 20% exit tax, a potential mansion tax, the abolition of the non-domicile tax regime, and high 40% inheritance taxes.Dubai’s financial landscape is the polar opposite. By making Dubai his main residence, Mittal benefits from a system built on certainty and growth, most crucially offering zero inheritance tax. This stability allows him and his peers to manage and protect their immense global wealth, making it the preferred destination for a growing list of individuals seeking to secure their assets from high tax levies and policy unpredictability in their home countries. This financial security, in turn, allows for investment in Dubai’s most exclusive residential projects.
Naïa Island
Reports say Mittal has cemented his commitment to the UAE by acquiring property on Naïa Island, an ambitious new luxury enclave developed by Shamal Holding, in addition to an existing residence. This island is engineered specifically to attract the UHNW segment, offering unmatched privacy and prestige off the Jumeirah coastline.The specialty of Naïa Island lies in its unique, low-density features:
- Ultra-Exclusive Hospitality: The island will host the region’s first
Cheval Blanc Maison , part of the prestigiousLVMH luxury group. This anchor provides residents with intimate, hotel-standard luxury services, from concierge to curated wellness and fine dining. - Private Beach Access: Unlike many of Dubai’s developments, Naïa Island offers a limited collection of branded residences and estate plots, and every single one is designed with private beach access, ensuring maximum seclusion and direct contact with the Arabian Gulf.
- Low-Rise Design: The masterplan deliberately employs low-rise architecture. This unique feature guarantees unobstructed sea views and views of iconic Dubai landmarks, differentiating it from the city’s vertical landscape and emphasizing space and tranquility.
- Maritime Luxury: A crucial amenity is the dedicated private marina with yacht berthing facilities, catering directly to the maritime pursuits of global elites.
Naïa Island is positioned as a legacy investment, a timeless retreat where exclusivity, natural beauty, and sophistication converge, with the project expected to reach completion around 2029.
Who is Lakshmi Mittal?
Lakshmi Niwas Mittal is one of the world’s foremost figures in the steel industry, known for his relentless consolidation of the fragmented global market. Born in Rajasthan, India, his career trajectory led him to become the founder and Executive Chairman of ArcelorMittal, the world’s leading steel and mining company outside of China. Mittal built his empire through a series of bold and often aggressive acquisitions throughout the 1980s and 1990s, including a landmark merger in 2006 that created the current global giant. His company is critical to the construction, infrastructure, and renewable energy sectors globally, reflecting his influence on modern industrialization. Previously one of Britain’s wealthiest residents, his move from the UK to Dubai signifies a major shift in the global financial landscape for this steel magnate.
The Cost to Naïa Island
Lakshmi Mittal’s future residence on Naïa Island will be a custom-built, ultra-low-density estate leveraging the island’s exclusive design. His property, likely on one of the large 21,000 to over 48,000 square foot estate plots, will feature mandatory private beachfront access and seamless access to the private residents’ marina for yachting, while benefiting from integrated, hotel-standard services provided by the nearby Cheval Blanc Maison (LVMH). For those aspiring to buy a piece of this luxury, the cost is immense: while small 4-bedroom villas are estimated to start around AED 45 million (INR 109.3 crores), a custom estate plot requires substantially higher capital. The purchase process is strictly managed as an off-plan development (completion expected around 2029), necessitating an Expression of Interest (EOI), adherence to a structured payment plan, and the payment of a 4% DLD fee, though the investment qualifies the owner for the coveted 10-year Golden Visa.
Looking ahead
For Dubai, the arrival (or increased presence) of well-known billionaires brings headline value, potential local spending and faster growth in the ultra-luxury property and services sectors. For the UK, these departures are politically sensitive, they highlight how tax policy influences where mobile wealth chooses to live. The broader pattern is already visible: bankers, industrialists and investors are weighing residency options as fiscal rules change. Policymakers on both sides will watch whether the trend is temporary or a sustained reshaping of where global capital and wealthy families choose to base themselves.
