Lakshmi Niwas Mittal, one of the world’s most powerful steel industry giant, long-time resident of the United Kingdom, and among the richest Indian-origin industrialists globally, is making a significant life and financial pivot. After decades of association with London’s elite circles and prime real estate, he is repositioning his personal base towards Dubai.
This relocation is not an isolated event. It is part of a growing trend of UHNWIs (Ultra-High-Net-Worth Individuals) leaving Britain as the country tightens its tax policies and reshapes its long-standing approach to attracting international wealth. At the centre of Mittal’s transition is Dubai’s newest ultra-exclusive zone — Naïa Island, an off-market enclave designed as a sanctuary for just a few dozen of the world’s wealthiest families.
WHY LAKSHMI MITTAL IS LEAVING THE UK?
Lakshmi Mittal’s departure from the UK marks a symbolic shift in how global wealth views London. For decades, the city stood as the gold standard for the world’s richest families — politically stable, financially strategic, and internationally connected. Today, that perception is fading, replaced by rising uncertainty and diminishing incentives.
1. Inheritance Tax: A 40% Risk to Global Wealth
The inheritance tax in the UK has become one of the major causes of tension for international families. When an individual is domiciled or even deemed domiciled in the UK, the 40 percent inheritance tax is levied not only on UK assets but also on worldwide wealth. The term "deemed domicile" is still vague, can mean different things, and enforcement is getting more and more aggressive by the minute.
The idea of almost half of the worldwide assets being subject to tax during succession planning is, therefore, for a global industrialist like Mittal, strategically out of the question. This one factor alone is considered to be the main driver of his move.
2. The Exit Tax Proposal: A Warning Signal
At the beginning of 2025, the UK government was briefly in favor of imposing a 20 percent exit tax on those who were leaving the country. The plan was eventually abandoned; however, it sent out a very strong and unequivocal message to the effect that the Treasury was more than ready to consider harsh and sudden measures targeting wealthy residents.
For ultra-high-net-worth families, the issue was never the tax itself but rather the idea of unpredictability in changing the rules and the willingness to do so. Confidence in the UK as a place for long-term investment of capital was shaken just by the mere suggestion of the proposal.
3. End of the Non-Dom Regime: The Loss of London’s Anchor
The non-dom regime was, for more than a hundred years, the main reason why London was so attractive. It gave foreign residents the opportunity to structure their global income in an efficient way, maintain foreign wealth, and carry on multilational business activities from the UK without being heavily taxed. By doing away with it, London has in effect taken away one of its strongest attractions for global mobility. The thing that used to separate the UK from other wealth hubs is no longer there.
4. Growing Policy Volatility and Uncertainty
Policy reversals, a lack of coherence in the signals sent out by the Treasury, and unpredictable budgets have been the main causes of the sustained feeling of instability which, in turn, has been present for quite some time now. For families that run multi-billion-dollar global corporations and are engaged in intergenerational wealth structures, uncertainty is more expensive than taxation. Dubai, on the other hand, offers long-term stability, unchanging tax rules, and a regulatory environment that is tailored for global business families and not a source of surprise for them them.
WHY DUBAI: THE NEW GLOBAL CAPITAL OF WEALTH?
It wasn't by chance as well as not a short period of time that Dubai emerged as a hub of riches. It is the effect of 20 years of policy and infrastructure planning and market positioning.
1. Zero Inheritance Tax: The Ultimate Advantage
When it comes to wealthy families, inheritance tax is probably the largest one that they face in the long run. With Dubai, though, this hassle is simply removed out of the way. The city charges no inheritance tax, no wealth tax, no capital gains tax, and no taxes on foreign income.
Moreover, it does not impose limitations on the ownership of assets worldwide. This is the environment where, for example, UHNWI Lakshmi Mittal can not only create proper wealth structures but also have absolute clarity and stability in passing his wealth to next generations.
2. Predictable and Stable Policy Environment
Dubai’s long-term policy predictability is cited as a reason most frequently besides others for Mittal’s move. The government is known to keep up easy-to-see development plans and friendly business regulations, thus, there is low/moderate/limited or no business environment volatility at all. In addition, the regions fast regulatory workflow gives rich industrial families enough time to map out their plans decades ahead without being worried about abrupt policy change, unlike the UK where things have been quite unpredictable lately.
3. Golden Visa and Flexible Residency Options
One of Dubai’s globally acclaimed achievements is surely the Golden Visa program. It is a 10-year residence permit that brings unrivaled freedom extremely attractive to entrepreneurs, investors, and talented individuals willing to move/invest in the UAE. They are allowed to stay in the country without the need for local sponsors, simultaneously, they are given full rights over ownership of properties as well as tax residency at the place of their choice. It also lets you come and go from the region as you wish without any hassle.
Billionaires running global operations are the ones to immensely benefit from it as it offers a compromise between long-term stability and easy access i.e. they get both, which are very few other countries can offer at present, but in China they don’t have this option.
4. Exceptional Lifestyle and Infrastructure
If lifestyle and infrastructure matter to business families abroad, then Dubai should certainly be high on their list of destinations. The city assures you a world-class gastronomic experience and several other perks, among which are extremely luxurious hotels, elite hospitals and wellness centers, and a highly efficient private aviation network, all of which add up to very convenient international travel. What’s more, its education system is home to top-ranked international schools, and the city offers various types of housing, including highly secure gated communities that prioritize privacy.
The Mittal family is an example of the type of families who are very extensive in their business, philanthropy and social pursuits at the same time, and thus Dubai turns to be an exceptional place with top-notch amenities that effortlessly cater to both personal and professional spheres of life.
NAÏA ISLAND: THE NEW HOME OF GLOBAL ELITE LIVING
Naïa Island is turning into the top residential area that anyone would want to live in Dubai—Shamal Holding made a quiet place only for the most selectively chosen families. Luxury living has been exemplified by Palm Jumeirah and Jumeirah Bay for almost twenty years. Nevertheless, Naïa is raising the bar by mixing factors that no one could foresee, i.e. seclusion, magnificent space, and extravagant lifestyle services that are incomparable throughout the whole region.
Cheval Blanc Maison by LVMH: The Most Precious Naïa Artifact
The most spectacular element of the island is what is centrally located there: The first-ever Cheval Blanc Maison in the Middle East — the most luxurious hospitality brand in LVMH’s portfolio. This in itself creates a new category for Naïa, where the locals are entitled to the same refined, personalised and sophisticated services as the guests of the most celebrated hotels around the globe. The services include a private chef, bespoke wellness treatments, curated lifestyle programs, and concierge services available as and when required, thus giving the homeowners a five-star hotel experience in their very own estate.
Every Home Will Have Ultra-Private Access to the Beach
Among the major features that distinguish Naïa Island from the rest of the competition is the fact that it is a low-density community in terms of design. Each dwelling is situated so that it can have direct access to a beach stretch that is totally secluded and with unbroken views of the sea, which are, furthermore, made private by the fact that the boundary or buffer between the beach fronts is quite extensive. There are no towering buildings anywhere on the island, so the lifestyle is more like that of a hidden Mediterranean retreat rather than that of a lively Dubai development — with the added advantages of being calm, vast, and very private.
A Lifestyle Centered on the Sea with Access to a Private Marina
The district’s desirability is increased by its residents-only marina established as the purpose of the area. Geared to large private yachts and superyachts, it serves the needs of five industrial families who use marine mobility as the main method of travelling and doing leisure activities. For a great number of UHNWIs, this is to become not simply a lifestyle amenity but rather a necessary extension of their global transportation network.
Large Land Parcels for Custom-Made Mega Mansions
Naïa Island takes it a step further with a handful of the biggest private plots in Dubai available to prospective buyers. The first plots start from approximately 21,000 square feet, and the premium plots are more than a whopping 48,000 square feet in size. These large areas make it possible to build completely custom residential estates—multi-story homes with private pools, gardens, and probably underground car parks, with the option, for certain plots, to add a private helipad. The island is for those families that want to build heritage houses that are entirely based on their idea and not anyone else’s.
Access to Ownership Only Through Invitation: A Global Few Are Eligible
Perhaps Naïa Island's most defining characteristic is its exclusiveness. Real estate is not publicly available, and the acquisitions are strictly through an Expression of Interest method. The buyers intending to purchase have to go through a screening process; the sales are done quietly and only a limited number of global families will be the island's residents. The intentional scarcity enhances the desirability of the place, which makes Naïa one of the rarest residential options in Dubai's modern era era.
LAKSHMI MITTAL’S ESTATE ON NAÏA ISLAND
Lakshmi Mittal is said to have bought a large waterfront piece of land on Naïa Island. It seems like one of the luxurious custom-built estate lots reserved for the ultra-rich families. Next door, his residence is expected to be a fully bespoke private beachfront estate, designed to maximize both privacy and access to the island's amenities on such a plot.
The house probably will have direct access to the beach, perfect connection with the island's private marina for yacht berthing, and temperature-controlled pools that are suitable for use all year round. Moreover, the mansion may consist of wellness suites, numerous guest wings for family and dignitaries, and several layers of 24/7 private security. As a resident, Mittal would also benefit from direct access to the services of Cheval Blanc Maison — from curated in-villa dining to personalised concierge and lifestyle management.
The cost of such an estate would sit well above the entry-level price of AED 45 million, not only because of the prime waterfront positioning, but also due to fully custom construction, substantially larger plot sizes, the involvement of top-tier private design and architecture teams, and exclusive island-related ownership and service fees. Beyond lifestyle, the investment carries an additional strategic advantage: qualifying ownership enables eligibility for the UAE’s 10-year Golden Visa, reinforcing both long-term residency security and financial planning flexibility for the family.
BILLIONAIRE FLIGHT FROM THE UK
Mittal's move is representative of a similar pattern of the rich and famous worldwide. A large number of tech entrepreneurs, hedge fund managers, family office principals, multinational business leaders, and celebrity investors of high-profile nature are increasingly making moves of their financial and residential bases in a discreet manner to Switzerland and the UAE. The flow of capitals from the UK due to its tightening tax environment has turned from a trickle to a steady stream, pushing global wealth to safer and more tax-friendly jurisdictions. Even to the extent of Herman Narula, co-founder of Improbable, who has openly admitted his relocation because of the UK’s new tax regulations.
Consequently, London’s longstanding reputation as the global hub of private wealth is gradually being chipped away by the emergence of places like Dubai and Geneva that are becoming the new centers of power for the rich.
Lakshmi Mittal’s relocation is not merely a personal choice — it symbolizes a larger shift in global wealth geography. The UK’s tightening tax regime, policy uncertainty, and dismantling of historic advantages have made it less attractive for global billionaires. Dubai, with its combination of fiscal clarity, stability, lifestyle, and enclaves like Naïa Island, represents the new blueprint for elite living.
As financial regulations shift worldwide, the ultra-rich are reorganizing their bases and Naïa Island is set to become one of the most influential billionaire neighbourhoods of the coming decade.
Image- naia-islanddubai.com, finnacleshahclasses.com
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