Indian steel magnate Lakshmi Mittal, one of the world’s wealthiest individuals, is reportedly relocating from the UK to Dubai. This move comes as the UK’s Labour government introduces significant tax reforms targeting high-net-worth individuals. Mittal, who has been a long-term resident of London and ranks eighth on the UK rich list, is the latest in a growing trend of ultra-wealthy individuals seeking more favorable tax environments. According to The Sunday Times, Mittal’s decision is driven by concerns over inheritance tax and other fiscal changes. The billionaire, with a net worth of $20 billion as of October 2025, already owns a lavish mansion in Dubai and has recently acquired substantial properties on Naia Island, a new ultra-luxury development near Jumeirah. The UK’s recent tax adjustments, including increased capital gains tax and reduced relief for entrepreneurs, have raised alarms among the global elite. Meanwhile, Dubai’s zero income tax, capital gains tax, and inheritance tax policies, coupled with its political stability and cosmopolitan lifestyle, have solidified its status as a premier destination for the ultra-rich. The UAE’s Golden Visa program, offering long-term residency through real estate investment, further enhances its appeal. As Dubai’s luxury real estate market thrives, the city is emerging as a hub for intergenerational wealth creation and preservation.