Latest news with #LakshmiMittal
Telegraph
2 days ago
- Business
- Telegraph
Starmer's Britain is good at only one thing: driving out the wealthy and ambitious
It doesn't lead the world in developing new technologies such as Artificial Intelligence. It isn't breaking new ground in science, technology, or even in music, literature or fashion. Still, Sir Keir Starmer's Labour Britain is at least leading the world in one respect. It has become better than anywhere else at driving out the wealthy, the young, and the ambitious. There is just one catch. The Government doesn't appear to have any ideas on how to stem the exodus, nor how to replace all the tax revenues that will leave with them. The evidence that money and talent is fleeing Britain is becoming more alarming all the time. Guillaume Pousaz, Swiss-born billionaire founder of fintech giant Checkout, has become the latest to leave. We learned this week that he has shifted his tax residency from Britain to Monaco, following the decision by the Chancellor Rachel Reeve to abolish the non-dom rule that allowed wealthy foreigners to limit their tax bills in the UK. He joins the likes of the billionaire steel tycoon Lakshmi Mittal and the senior Goldman Sachs banker Richard Goode in getting out of the country. Over the last year, an estimated 10,000 millionaires have left the UK, according to Henley & Partners, second only to Russia, and the real total may be even higher. But it is not just a handful of the super-rich who are getting out. The young and ambitious are increasingly leaving for the Gulf States such as Dubai or Qatar, for Australia, where the youth mobility scheme allows them to live or work, or for the United States, if they can get a visa. Likewise, the 'Henrys', or 'High Earners, Not Yet Rich' are fleeing as well. It is not hard to understand why. The non-dom crackdown has created one of the most punitive tax regimes in the world for foreigners. They are now subject not just to our income taxes, but to inheritance tax at 40 per cent on their global assets, as well as capital gains tax if they sell their company. Many simply have to leave or face financial ruin. Likewise, frozen thresholds and tapered personal allowances now mean many successful self-employed or young professionals face marginal tax rates of 70 per cent or more on their earnings (and even more if they are crazy enough to live in Scotland). Perhaps worse of all, the dire state of the public finances means that everyone knows there is far worse to come over the next two or three years, with taxes rising relentlessly to pay for soaring welfare bills and public sector wages. The only rational decision is to get out while you still can. A desperate Labour Chancellor – perhaps an Angela Rayner-type – may even impose an exit tax, as other countries have tried to. It is catastrophic for any country to lose its wealthiest, most energetic, talented, ambitious, and hardest-working people. They drive investment, innovation, and entrepreneurship. More than any other group, they create the wealth that allows the country to flourish. But it is especially catastrophic for Britain. The reason is simple. Over the last thirty years, we have narrowed our tax base, so that the Government is very dependent on a small group of people. The top 1 per cent now pay 28 per cent of the total for income tax, and the top 10 per cent pay 60 per cent of the total. For capital gains tax, dividend taxes, and corporation tax the percentage will be even higher. As they leave, the revenue collected will collapse. Even worse, as the exodus gathers steam, the Government is doing precisely nothing to stop it. Any rational government, faced with losing 30 per cent of its tax revenue, would be frantically finding ways of persuading them to stay. Instead, Labour is complacently watching them leave, as if it makes no difference. It is going to prove a very expensive mistake – because the UK will find it very hard to get all those people back once they have left.
Finextra
3 days ago
- Business
- Finextra
Checkout.com billionaire founder quits London for Monaco
The billionaire CEO of payments processor Guillaume Pousaz has switched his country of residence from the UK to tax haven Monaco. 0 Switzerland-born Pousaz, who founded in 2012 and is now worth an estimated $6 billion, is making the move just a year after arriving in London from Dubai, according to the Telegraph. There is no indication that the company's London headquarters are affected by its boss's move. The switch sees Pousaz avoid changes to the UK's non-dom regime and increased taxes on capital gains, which were introduced by Chancellor of the Exchequer Rachael Reeves as part of last year's Budget. He is not the first of the super-rich elite to abandon the UK since the changes: Goldman Sachs' vice chairman in Europe, Richard Gnodde, quit London for Milan earlier this year, while steel giant Lakshmi Mittal is also rumoured to be leaving. provides merchants with a single platform combining payments, fraud monitoring and analytics. It counts big names such as Alibaba, Ikea, Remitly and Wise among its clients. In 2022, the firm hit a $40 billion valuation on the back of a whopping $1 billion Series D funding round. The firm subsequently saw its valuation fall during the post-pandemic period but is targeting full-year profitability in 2025 after a strong finish to 2024 that saw 45% year-on-year net revenue growth in its core business.
UAE Moments
6 days ago
- Business
- UAE Moments
Dubai's High-End Homes Attract Saudi and Indian Buyers
Dubai is still the top choice for the world's ultra-wealthy and it's showing in the city's red-hot luxury property market. Wealthy Saudi nationals and Indians are currently among the biggest investors in Dubai's high-end real estate scene. These are individuals with personal wealth of $20 million or more, and they're the driving force behind the sustained demand for super-luxury homes in the city. Join our FREE WhatsApp channel to dive into a world of real-time engagement! A standout example? Steel tycoon Lakshmi Mittal recently bought a villa in Emirates Hills for a whopping $100 million (around Dh367 million). And he's far from alone. According to Knight Frank, 71% of global high-net-worth individuals (HNWIs) now say Dubai is their preferred emirate in the UAE for buying real estate. The interest is strongest among Saudi nationals (80%), followed by British (74%), Indians (69%), and East Asian (61%) HNWIs. 'During 2024, Saudi, Indian and British nationals accounted for just over 50% of the homes we sold in Dubai,' said Will McKintosh, Regional Partner and Head of Residential, MENA at Knight Frank. Whether it's Bollywood stars, Hollywood celebs, or business moguls, the sentiment is clear, Dubai remains the place to buy a luxury home. Dubai Tops Global Rankings for Ultra-Luxury Sales In 2023, Dubai recorded 435 property sales priced at $10 million and above, almost matching the combined total of London and New York. And the momentum hasn't slowed down in 2025. In just Q1, there were 111 such sales, marking a new record for the January-to-March period. 'The super-rich remain laser-focused on purchasing luxury homes in the city,' said Shehzad Jamal, Partner – Strategy & Consultancy at Knight Frank. 'This unrelenting demand is why Dubai is the world's busiest market for $10 million+ home sales for the second year in a row.' Dubai Marina Tops the Wishlist When it comes to neighbourhoods, Dubai Marina continues to be the top choice among wealthy buyers, especially those with yachts and a taste for waterfront living. Despite growing competition from Palm Jebel Ali, Dubai Islands, and new luxury towers from Azizi, Sobha, Trump, and Binghatti, Dubai Marina holds strong. Knight Frank's data shows: Dubai Marina: 28% of HNWIs prefer it Dubai Hills Estate: 24% Emirates Hills: 23% Among those with a net worth over $50 million, the preference is even more pronounced: Dubai Marina: 43% Dubai Hills Estate: 30% Emirates Hills: 22% 'Dubai Marina is still the poster-child of the city's luxury property market,' said Jamal.
Bloomberg
15-05-2025
- Business
- Bloomberg
Billionaire Mittal Said to Buy ‘Beverly Hills of Dubai' Home
Updated on Takeaways NEW Lakshmi Mittal, among Britain's richest residents, is the buyer of one of Dubai's priciest mansions, people familiar with the matter said. The India-born billionaire snapped up a palatial home in a gated community known as the 'Beverly Hills of Dubai,' said the people, who didn't want to be identified speaking publicly about the purchase, adding the home sold earlier this year.
India.com
15-05-2025
- Business
- India.com
Meet Indian billionaire who has bought a luxurious mansion in Dubai, not Mukesh Ambani, Adani, Narayana Murthy, name is…., business is….
Lakshmi Mittal is one of the richest individuals in the world. He has purchased a house in 'Beverly Hills of Dubai'. He is referred as 'Steel King'. An Indian-origin industrialist lives in London. He was born on 15 June 1950 in Sadulpur of Rajasthan. He is 74 years old and he has not given up Indian citizenship. There were reports that Mittal was going to leave the UK due to changes in the tax policy. Although Mittal has not confirmed about leaving Britain. The report claims that after the change in tax policy he started looking out for another house. The UK has scrapped its non-domiciled tax regime. It was giving benefits to foreign nationals who could avoid taxes on overseas earnings for up to 15 years. Mittal started his steel business in India and later expanded it to Indonesia. He established ArcelorMittal and also became a global leader in steel and mining. He is married to Usha Mittal and has two daughters. He owns land in the UK and has done many property transactions.
