Overview
- Sources confirm he is now resident in Switzerland for tax purposes and will spend much of his time in Dubai, according to The Sunday Times.
- Advisers cite inheritance tax on worldwide assets following the end of the non‑dom regime as the decisive reason for the move.
- The confirmation comes just before the chancellor’s second budget, with further wealth‑focused measures reported to be under consideration, including a potential mansion tax.
- Mittal retains a substantial London property portfolio valued at over £300 million and has bought high‑value real estate in Dubai, including an Emirates Hills mansion and reported off‑plan plots on Naïa Island.
- The ArcelorMittal founder, valued at about £15.4 billion on the Sunday Times Rich List, joins other high‑net‑worth leavers such as John Fredriksen, Christian Angermayer, Nassef Sawiris, Richard Gnodde and Nik Storonsky.