Lakshmi Mittal Acquires Luxurious Dubai Mansion in Major Property Deal
Lakshmi Mittal, the billionaire executive chairman of ArcelorMittal, has reportedly purchased a palatial home in Dubai, one of the most expensive residential sales in the emirate. This move comes amid a trend of wealthy individuals seeking residency options outside the UK due to recent tax reforms.
Lakshmi MittalDubaiReal EstateTax ReformsLuxury PropertyReal EstateMay 17, 2025
According to a report in Bloomberg, the Indian-born billionaire bought the mansion in Dubai. The residence was bought by Mittal for about half the price, the report added.
The purchase comes amid reports that wealthy individuals are exploring residency options outside the UK, because of the tax reforms that have made the country less attractive for the global rich. As per the report, Mittal has been considering leaving the UK.
UK’s wealthy residents are troubled by the new reform that scrapped the preferential tax regime for non-domiciled residents, under which non-doms could avoid UK taxes on their overseas earnings for as long as 15 years.
Mittal, 74, is not the only ultra-wealthy individual to seek a residential option in Dubai. Billionaire Mukesh Ambani’s family had also bought luxury real estate in Dubai. Egyptian billionaire Nassef Sawiris and Bart Becht, the former CEO of Reckitt Benckiser Group Plc, are also other wealthy individuals who recently decided to leave the UK.
Lakshmi Mittal has been the focus of debates on the UK's preferential tax regimes for wealthy foreigners. He and his family relocated to the UK more than two decades ago. This move highlights the ongoing impact of tax reforms on the residency choices of the global elite.
Dubai has become a popular destination for the ultra-wealthy due to its tax-friendly environment, world-class amenities, and strategic location. The emirate's real estate market has seen significant growth, with luxury properties attracting high-profile buyers from around the world.
Frequently Asked Questions
Why did Lakshmi Mittal buy a luxury mansion in Dubai?
Lakshmi Mittal bought a luxury mansion in Dubai due to the emirate's tax-friendly environment and the recent tax reforms in the UK that have made the country less attractive for the global rich.
What are the recent tax reforms in the UK that affected wealthy residents?
The recent tax reforms in the UK scrapped the preferential tax regime for non-domiciled residents, under which non-doms could avoid UK taxes on their overseas earnings for up to 15 years.
Who else has bought luxury real estate in Dubai recently?
Other notable individuals who have bought luxury real estate in Dubai include billionaire Mukesh Ambani’s family, Egyptian billionaire Nassef Sawiris, and Bart Becht, the former CEO of Reckitt Benckiser Group Plc.
What makes Dubai an attractive destination for the ultra-wealthy?
Dubai is attractive to the ultra-wealthy due to its tax-friendly environment, world-class amenities, and strategic location. The emirate's real estate market has seen significant growth, with luxury properties attracting high-profile buyers from around the world.
How long has Lakshmi Mittal and his family been residents of the UK?
Lakshmi Mittal and his family have been residents of the UK for more than two decades, but they are now considering leaving due to the recent tax reforms.
Related News Articles
Pune's Commercial Real Estate Boom: A 2024 Perspective
Pune's commercial real estate sector is thriving in 2024
Vibrant Vile Parle West: A Hub of Real Estate Activity in Mumbai
Discover the vibrant Vile Parle West, a well-established suburb in western Mumbai offering a balanced mix of residential and commercial areas, making it a hotspot for real estate investment.
Vishal MegaMart IPO: ₹8000 Crore Issue Oversubscribed 1.63 Times
The much-anticipated IPO of Vishal MegaMart has seen a robust response from investors, with the issue being oversubscribed 1.63 times. According to data from the National Stock Exchange (NSE), the supermarket chain received bids for over 116.79 crore shar
Sunteck Realty Witnesses Impressive Growth in Sales Bookings
Mumbai-based real estate developer, Sunteck Realty, reports a 40% surge in sales bookings in the December quarter, totaling Rs 635 crore. Pre-sales also grew by 34% during the April-December 2024-25 period, reaching Rs 1,661 crore.
CapitaLand Invests Rs 450 Crore in New IT Park in Hyderabad
CapitaLand Group, a real estate investment and development company based in Singapore, has announced a Rs 450 crore investment to develop a new 1 million square foot IT park in Hyderabad. This strategic move aims to support the growing demand from Global
From Exclusive to Inclusive: The Transformation of Real Estate Ownership
For decades, real estate has been an exclusive asset class, primarily accessible to institutional investors and high-net-worth individuals. However, the rise of fractional ownership is changing the game, making real estate investments more accessible to a