When it comes to making a statement, Lakshmi Mittal doesn’t do things halfway. Whether it’s a jaw-dropping wedding that cost hundreds of crores or buying a superyacht that made global headlines, the British-Indian billionaire has long been a master of the grand gesture. Now, he’s turned heads once again—this time with a home purchase in one of the world’s most exclusive cities. Lakshmi Mittal is the latest to join the premium elites of Dubai as he recently purchased a new home in Dubai.
This palatial estate in Dubai is nestled in a gated neighborhood often dubbed the ‘Beverly Hills of the Middle East.’ With this acquisition, Mittal didn’t just buy another home – he’s making a powerful lifestyle shift.
Lakshmi Mittal plans to leave UK over immigration changes targeting non-domiciled residents: Report
Lakshmi Mittal buys a new home in Dubai
According to reports, the 74-year-old businessman has picked up one of Dubai’s most eye-catching residential properties – a sprawling Baroque-style mansion that once carried a USD 200 million price tag. While it eventually sold for around half that, the final figure still places it among the most expensive homes ever purchased in the city.
The property, which is said to feature gold leaf detailing and ornate European finishes, sits within a highly guarded community known for its celebrity and billionaire residents. It’s more than just a house, it’s a modern-day palace, reflecting the grandeur one might expect from a man who’s spent a lifetime at the pinnacle of global industry.
Mittal’s move to Dubai is more than just another luxury buy; it may be because of the recent tax changes in the UK, which have prompted many high-net-worth individuals to reassess their residency. Britain’s removal of the non-domiciled tax status, once a powerful incentive for international billionaires, has caused ripples throughout elite circles.
With these reforms, overseas income is no longer shielded from UK tax after a certain period. For globe-trotting tycoons like Mittal, this could make sunny, tax-friendly Dubai a far more appealing option.
Before Mittal, India’s richest man, Mukesh Ambani, also made real estate moves in Dubai. Egyptian billionaire Nassef Sawiris and former Reckitt Benckiser chief Bart Becht have reportedly done the same.
As Executive Chairman of ArcelorMittal, the world’s largest steel and mining company, Lakshmi Mittal has helped build an empire that generates over $68 billion in annual revenue. Today, Mittal ranks among the top 120 richest people on the planet, with a personal fortune estimated at USD 18.3 billion. With his Dubai home, Mittal isn’t just securing another luxurious address, he’s placing himself squarely within a new global hub of wealth, power, and influence.