Lakshmi Mittal’s Exit: Why the UK Is Losing Its Billionaires

Lakshmi Mittal, Britain’s richest man with an estimated net worth of £15 billion, has officially moved his tax residency to Switzerland and is now spending much of his time in Dubai. This decision follows a major shake-up in the UK’s tax framework, including the elimination of the long-standing “non-dom” tax status and plans to apply inheritance tax to foreign assets.

This move isn’t just another headline about the super-rich changing zip codes. It’s a signal, one that every high-net-worth individual (HNWI), family office, and global investor should heed.

Mittal’s departure is not simply a matter of personal convenience; it reflects growing concern among ultra-wealthy individuals that the UK is no longer a favourable environment for long-term wealth preservation and succession planning.

Mittal’s exit is part of a broader trend and the statistics are compelling.

Over the last decade, more than 12,000 HNWIs have left the UK. In 2024 alone, the UK saw an estimated 10,800 millionaires relocate, a 157% increase from the previous year. And the trend shows no signs of slowing, with another 1,400 millionaires projected to leave in 2025.

Globally, wealth migration is accelerating. In 2024, 128,000 HNWIs relocated, up 16% year-on-year. The UK, once a top destination for global capital, now ranks among the countries with the highest net losses of wealthy individuals, alongside Russia and China.

This is not coincidence. It’s a response to policy changes that many perceive as punitive toward wealth.

The “non-dom” regime allowed foreign nationals residing in the UK to limit their tax liability on foreign income, provided they did not remit that income to the UK. This made the UK highly attractive to wealthy individuals from around the world.

In 2025, that policy was abolished. The UK has introduced a new residency-based approach, with major implications for anyone living or investing there.

Key changes include:

• The end of the remittance basis for foreign income and gains after four years of UK residency.
• A new test where individuals who have been UK tax residents for 10 of the previous 20 years will be treated as “deemed domiciled”, making their global estates subject to UK inheritance tax.
• Global assets, not just UK-based ones, may now fall within the UK tax net, significantly increasing the burden for internationally diversified individuals and families.

Add to this the UK’s already high 40% inheritance tax on estates over £325,000, and the picture becomes clear: wealth held in the UK is more vulnerable than ever to erosion through taxation.

For HNWIs, taxation is not just a legal obligation, it is a strategic risk. And in the UK, that risk is increasing.

Consider a business owner or investor with global assets valued at £100 million. Under the UK’s new framework, a large portion of that estate could be subject to a 40% inheritance tax. That’s potentially £40 million lost, not to philanthropy, not to future investments, not even to heirs, but to taxation.

Wealth that took decades or generations to build can be significantly reduced in a single generation if not carefully protected. And while tax is just one part of the equation, it’s a major one, especially when other jurisdictions offer more competitive and predictable environments.

As wealthy individuals reassess their positions, certain jurisdictions are emerging as top destinations.

Switzerland continues to be a preferred choice due to its lump-sum taxation agreements, legal stability, and strong privacy protections.

The UAE, particularly Dubai, is attracting record numbers of HNWIs. It offers zero income and inheritance tax, a booming financial sector, high-end real estate, and global connectivity, all while maintaining political and economic stability.

Singapore, Monaco, and Portugal also remain attractive, offering a mix of residency-by-investment programs, favourable tax laws, and strong regulatory reputations.

These countries have one thing in common: they understand the value of attracting capital, and they’ve structured their laws to protect it.

The conversation about wealth migration often focuses solely on taxation. But for those managing significant capital, the decision to relocate involves far more.

HNWI families and entrepreneurs are looking for:

• Predictability in law and regulation.
• Political stability to protect long-term investments.
• Asset protection frameworks to shield wealth from future legal or fiscal risks.
• A global base from which they can operate and invest freely.

When any of these factors become uncertain, it’s not just the wealthy who lose, entire economies feel the impact. Capital, jobs, philanthropic contributions, and entrepreneurial energy often follow the individual.

Mittal’s departure reflects a core truth of the modern world: capital is mobile. And when wealth creators feel that the risks of staying outweigh the benefits, they move, quietly, legally, and strategically.

This trend should concern policymakers. Taxing the wealthy more heavily may seem appealing in the short term, but if it results in a shrinking tax base, declining investment, and talent flight, the long-term costs can outweigh the immediate revenue gains.

More importantly, this is a wake-up call for those still residing in high-tax jurisdictions. If you haven’t yet reviewed your tax exposure, succession planning, and residency strategy, now is the time.

If you are an HNWI, investor, or global business owner, the following steps are essential:

1. Review your current residency and tax position. Understand how recent changes affect your worldwide income and estate.
2. Evaluate alternative jurisdictions. Consider countries that offer stability, legal protection, and favourable tax environments.
3. Protect your estate. Build cross-border estate plans that minimise inheritance tax and secure your legacy for future generations.
4. Consider second residency or citizenship. These tools can provide legal access to safer jurisdictions, more control, and flexibility in global operations.
5. Stay compliant, but think strategically. Work with professionals who understand both domestic and international law to ensure you’re not just compliant, but protected.

At its core, wealth planning is about legacy. It’s about ensuring that the value you’ve created, financial and otherwise, is preserved, respected, and passed on to the right hands.

TThe UK’s changing policies don’t just threaten money; they threaten stability. They create uncertainty in areas that require confidence: estate transfers, asset protection, and cross-generational planning.

When someone like Lakshmi Mittal relocates, it tells us that no amount of loyalty to a country can outweigh the responsibility to protect one’s family, estate, and future.

Lakshmi Mittal’s decision is not about tax evasion, it’s about future protection. About having options. About ensuring control doesn’t slip through your fingers when rules change.

Every HNWI should be asking:

• Am I exposed under the new UK tax framework?
• Are my foreign-held assets secure from sudden policy shifts?
• Do I have a global structure that supports my lifestyle and financial goals?
• Am I planning proactively or reactively?

The rules are changing fast. Those who move first protect more. Those who wait often pay the price.

If you’re considering a change in residency, exploring second citizenship options, or want to structure your global assets to ensure long-term protection, we’re here to help.

Our firm works with HNWIs, investors, and family offices to build resilient wealth strategies that withstand political shifts, tax reform, and generational transitions.

Your wealth deserves more than protection, it deserves a future. Contact us today for a confidential consultation.