Steel magnate Lakshmi Mittal is reportedly moving his base to Dubai’s exclusive Naia Island. This decision follows the UK’s proposed tax changes, which are prompting many wealthy individuals to leave.
Steel magnate Lakshmi Mittal, one of Britain’s most influential industrialists for decades, is reportedly preparing to shift his base to Dubai’s hyper-exclusive Naia Island. His move comes just as the UK’s newly elected Labour government plans a series of major tax changes, prompting many ultra-rich residents to rethink whether staying in Britain is still financially wise.
Recent policy proposals, including a 20% exit tax, a mansion tax, scrapping the long-standing non-domicile status, and continuing with a 40% inheritance tax, have left several high-net-worth individuals reassessing their long-term plans.
Why Mittal May Be Looking Beyond the UK
Even if he spends more time overseas, Mittal is unlikely to part with his iconic Kensington Palace Gardens homes, valued at over £300 million, including the famous “Taj Mittal,” a mansion built using marble from the same quarry as the Taj Mahal.
But the evolving tax landscape is reportedly nudging the Indian-origin billionaire toward Dubai and Switzerland, countries where wealth structuring, inheritance planning, and taxation are far more favourable.
For someone managing a vast global business empire, Dubai’s appeal is clear: zero inheritance tax, predictable regulations, easier succession frameworks, and a lifestyle that seamlessly merges privacy with business accessibility.
So, What Exactly Is Naia Island?
Mittal’s reported new base, Naia Island, is one of Dubai’s most discreet and luxurious private island communities—tucked right off the Jumeirah coastline.
Unlike Dubai’s signature skyscraper silhouette, Naia Island is deliberately low-density and ultra-private. It offers:
- Direct private beaches for every villa
- Low-rise waterfront homes that ensure uninterrupted sea views
- A private marina for yachts
- Estate plots ranging from 21,000 to over 48,000 sq ft
- Hotel-style luxury services through the Middle East’s first Cheval Blanc Maison by LVMH
With only a limited number of branded residences and massive estate plots, Naia has already become one of the most desirable addresses for global billionaires. Full completion is expected by 2029.
Prices reportedly start at AED 45 million (Rs 109 crore+). Buyers must file an Expression of Interest, follow structured payment plans, and pay the 4% Dubai Land Department fee. Ownership also unlocks eligibility for the 10-year UAE Golden Visa.
Who Is Lakshmi Mittal?
Born in Rajasthan, Lakshmi Niwas Mittal built his name through bold acquisitions and sharp leadership in the global steel industry. As the founder and executive chairman of ArcelorMittal, he leads the world’s largest steel and mining company outside China.
Known for his aggressive expansion through the 1980s and 1990s, and the historic 2006 merger that created ArcelorMittal, Mittal’s influence today spans construction, infrastructure, energy, and even renewables across continents.