Billionaire exodus continues as one of UK’s richest men to leave over Reeves (2025)

Lakshmi Mittal is the UK's 8th richest man (Image: Getty)

Lakshmi Mittal, the UK's 8th richest man, has said he is poised to leave the UK over the Chancellor's non-dom reforms. The Financial Times reports that the billionaire, known as the "King of Steel", has told friends he is ready to leave the UK after moving to the country in 1995.

“He is exploring his options and will take a final decision over the course of this year. There is a good chance he will cease to be a UK tax resident”, one friend reportedly told the FT. If the 74-year-old was to leave, taking his £14.9bn fortune with him, it would pour cold water on Labour's claims that under their stewardship Britain is open for business.

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Rachel Reeves has been blasted by Britain's wealthiest since taking over at Number 11 (Image: Getty)

The tycoon and his family own 40% of the world's second-largest steel producer, ArcelorMittal, and despite reportedly losing £1.1bn last year, was ranked the 8th richest person in the UK by the Sunday Times in 2024.

The industrialist has a history of backing Labour, making his apparent discontent with the Starmer administration all the more embarrassing. He once gave £4m to Sir Tony Blair and said he was “a long-term supporter of the Labour Party and the work it has done in the UK to improve the overall prosperity”.

However, in more recent years, he gave £10,000 to Boris Johnson's campaign.

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Phones4U John Caudwell has attacked Rachel Reeves' non-dom reform (Image: Getty)

Ms Reeves' reforms prevent non-doms from moving their money into an off-shore trust prior to April 6. That means they will not be able to avoid paying inheritance tax.

John Caudwell, the billionaire founder of Phones 4u, said the Chancellor's decision was “wrong financially for the country, and it was wrong from a fairness point of view”.

The Labour supporter told Bloomberg Television: “It’s driving them back into places like Milan, Monaco and Dubai. We cannot afford to lose those moneymakers.”

Asked about Mr Mittal's possible departure from the UK, a Treasury spokesman said: “We don’t comment on individual taxpayers.”