Lakshmi Mittal flies London to Nice the week his UK exit is confirmed

Lakshmi Mittal flew from a private airfield near London to Nice on June 5, 2026, a 15-minute local hop from Nice to Nice later that day suggesting a repositioning of his Bombardier Global 7500 (G-LOBX). The trip comes the same week multiple outlets, including the Khaleej Times and CEO Reporter, confirmed the steel magnate has left the United Kingdom after three decades, shifting his tax residence to Switzerland and acquiring a $200 million mansion in Dubai’s Emirates Hills.

Mittal’s departure follows the Labour government’s April 2025 abolition of the non-dom tax regime, which exposed his global earnings to UK inheritance and capital gains taxes. Per the Sunday Times, inheritance tax was his primary concern; Dubai’s zero income, capital gains, and inheritance taxes, combined with Switzerland’s lump-sum taxation, now anchor his personal and business life. His ArcelorMittal headquarters remain in Luxembourg, but his personal residency has moved.

Recent flight logs show a clear pattern: after trips to India and London in late May, Mittal’s aircraft repositioned from London to Nice on June 5, then remained in Nice. This mirrors the billionaire’s broader shift from a UK base to tax-friendly hubs, a move that has seen Dubai’s ultra-luxury real estate market surge 30% year-over-year, as reported by Business Standard.