Latest news with #LakshmiMittal
India.com
5 days ago
- Business
- India.com
Meet daughter of Indian billionaire Lakshmi Mittal known as 'Steel King', her name is..., she works as...
New Delhi: Many Indian billionaires run their business empires with the help of their family members. They have engaged their children in companies to expand their business. Vanisha Mittal Bhatia is one such child. She is the daughter of billionaire Indian industrialist Lakshmi Mittal, famous as the Steel King. His company Arcelor Mittal is the world's largest steel and mining company in terms of production. Lakshmi Mittal is the executive chairman of Arcelor Mittal. The company is headquartered in Luxembourg and has a revenue of about $ 68 billion. Where does she work? Vanisha works as a non-independent director in Arcelor Mittal. Her brother Aditya Mittal also works in the company. He is the CEO and director in Arcelor Mittal. Vanisha has also been working in Aperam since 2011. There she is the Chief Strategy Officer. She has a BSc degree from European Business School. Who is she married to? Forty-four-year-old Vanisha is married to Amit Bhatia who is a businessman of British-Indian origin. The couple got married in 2004. Lakshmi Mittal spent about 55 million dollars on this wedding. In June 2004, Vanisha was selected to join the board of directors at LNM Holdings. In December 2004, Vanisha was appointed to the board of Mittal Steel. At that time, she worked in the procurement department and led various initiatives including the 'Total Cost of Ownership Program'. Where are Lakshmi Mittal's roots connected? Lakshmi Mittal is an Indian-origin industrialist living in London. He is also known as the 'Steel King'. He was born on 15 June 1950 in Shadulpur in Churu district of Rajasthan. He is one of the richest Indians in the world. He studied at Shri Daulatram Nopany Vidyalaya, Kolkata from 1957 to 1964. He graduated from St. Xavier's College, affiliated to the University of Calcutta, with a B. Com degree in the first class. He also obtained a master's degree in business administration from the University of California, Berkeley.
Arabian Post
05-07-2025
- Business
- Arabian Post
Wealth Flight Intensifies: UK to Lose 16,500 Millionaires
A record net outflow of 16,500 high-net-worth individuals is set to leave the UK in 2025, marking the largest wealth exodus recorded globally. This trend, stemming from major shifts in tax policy and visa regulations, signals a turning point in the UK's appeal to the global rich. High earners are relocating in large numbers in response to the scrapping of the non-domicile status in favour of a residency-based taxation regime. Those who have lived in the UK for more than four years now face UK income tax, capital gains tax and a punitive 40% inheritance tax on their worldwide assets. Earlier measures, including the termination of the Tier 1 Investor Visa in February 2022, compounded the impact. Tax advisers report that up to 29% of very high-net-worth individuals are now considering changing their tax domicile. The estimated £66 billion of investable assets expected to leave this year underscores the financial scale involved. ADVERTISEMENT Popular destinations include the UAE, which is projected to attract a net 9,800 millionaires, followed by the US, Italy, Switzerland, and Portugal and Greece. The contrast highlights a shift in global wealth flows, with low-tax jurisdictions offering stability and investment-friendly environments. The departure is not limited to soured perception. Over the past year, more than 4,400 UK-based company directors—mainly in finance, insurance and property—have relinquished their UK roles, with April seeing a 75% rise on the previous year. Prominent figures such as steel magnate Lakshmi Mittal, investor Max Gottschalk, promoter Eddie Hearn and heiress Anne Beaufour are among those affected. Chancellor Rachel Reeves is reported to be reassessing aspects of the inheritance tax on global assets to slow the outflow. The Treasury has expressed intent to ensure international competitiveness while funding public services. Analysts warn that the loss of wealthy taxpayers will not just drain capital; it will affect consumer spending, philanthropy, innovation and jobs. FXGuard co‑founder Trevor Williams notes the UK is the only G10 country facing negative millionaire growth since 2014. Financial firms highlight that each non-dom contributes an estimated £400,000 annually to the economy. Survey data from Oxford Economics indicates up to 60% of non‑dom clients may depart within two years. The Office for Budget Responsibility projects a 12–25% exit rate, though some government estimates suggest a lower 1,000 non‑domils may leave. Globally, this shift appears part of a broader migration pattern. Europe's wealthy are bypassing traditional hubs—France, Spain, Germany—while countries like Italy, Portugal, Switzerland and Greece attract them. Asia and the Middle East, including Saudi Arabia, Thailand, and Singapore, along with Caribbean nations and African beach havens, are emerging as wealth magnets. The phenomenon dubbed 'Wexit' marks a strategic reassessment of where opportunity resides. UK wealth managers and executives argue that while tax reform is vital, excessive burden risks eroding the UK's status as a destination for global capital. Industry watchers caution that unless the UK recalibrates its tax policy balance—particularly inheritance and global asset taxation—it may struggle to compete with jurisdictions that treat capital as a partner rather than prey.
The Independent
24-06-2025
- Business
- The Independent
I'm leaving the UK because of how Labour has treated wealthy non-doms like me… ciao!
Belatedly – almost a full year after Labour came to power, in fact – the government has finally realised the damage it is doing. In her first Budget as chancellor, Rachel Reeves scrapped the non-dom tax status, which for centuries has allowed some of the UK's biggest wealth-creating residents to limit the amount of tax they paid on their overseas earnings. Days before this beleaguered administration's first anniversary in power, Reeves is said to be considering one of those U-turns that have become fashionable in Labour circles. Should it happen – and, as a non-domiciled resident myself, I really think it should – the chancellor's change of heart will come after a spate of high-profile (and very high-value) people have left the UK for more favourable tax jurisdictions. Following the abolition of the non-dom tax status in April, one of Britain's richest men, Lakshmi Mittal, the billionaire steel magnate behind the world's largest steel company, announced his intention to leave for tax-friendlier shores. He wasn't alone. Whatever Reeves comes up with to stem the non-dom exodus – and she's rumoured to be reviewing changes that made the worldwide assets of all UK residents subject to inheritance tax at 40 per cent – there's a feeling among the one-percenters that it will be too little, too late. More than 10,000 millionaires are reported to have left the UK in the past year, with one in 10 non-doms relocating since Labour came to power. According to the latest Henley Private Wealth Migration Report, published this week, Britain is set to haemorrhage 16,500 millionaires this year – a new record, Government changes to the non-dom regime could end up costing the Treasury more than £12 billion in its first year alone. Having made my millions by launching a fintech firm in north America, I myself am off to start afresh – in Italy, which has a lump-sum tax regime of €200,000, designed to attract investment from foreign high net-worth individuals. Just as Reeves was wondering how Britain might compete, Nigel Farage announces how a Reform government would woo back billionaire investors and entrepreneurs: by charging wealthy non-doms a £250,000 fee for access to a bespoke tax system that grants them the tax exemptions they once enjoyed for free. Would Farage's 'Britannia Card' idea – which would allow high-net worth individuals like me to to avoid inheritance tax – be enough to stop me from moving my business to Italy? Probably not, actually. I'm Canadian by birth and a mum of six, and have lived in the UK since 2022. With a doctorate from Henley Business School, an MSc and an MBA in finance focused on consumer credit, I launched my fintech business in 1995 that turned over more than $2 billion. I have also spent millions restoring Lympne Castle, a fortified Grade I-listed manor house in Kent used by successive Archbishops of Canterbury in the middle ages, to its former glory. And, thanks to Rachel Reeves, I am ready to walk away from it all. Britain's non-domicile tax status was established in 1799, when George III was on the throne, and successfully transformed the UK into a financial powerhouse. It meant that a non-domiciled individuals – some of the country's biggest wealth creators, but whose permanent residences are outside the UK – paid tax only on the money they earned in the UK. It was a beautiful symbiotic relationship, like a well-manicured garden and the bees that pollinate it. For centuries, non-doms have poured their hard-earned cash into the economy, set up businesses and created employment opportunities. Until this April, when Labour abolished the non-dom status, funnelling our richest investors and entrepreneurs towards the departure lounge. In her quest to better tax the wealthy, Reeves effectively handed a red card to 74,000 affluent individuals and families, many of whom are in the top 3 per cent of taxpayers. This is not just a blunder; it's akin to setting fire to a cash register and wondering why the store is suddenly empty. Those non-doms collectively contribute about £8.9 billion in income tax, capital gains tax and national insurance. By pushing them out of the UK, Reeves has not only hurt the economy but has also exacerbated poverty for the one in five people living in the UK who are already struggling to make ends meet. Countries like Dubai, Monaco and Switzerland are already rolling out the red carpet, saying: 'Come invest your billions here – we'll even throw in a free latte!' Meanwhile, in the UK, the government is shouting: 'Stay! But also pay taxes on your foreign assets, your inheritance, and maybe even your pet goldfish and, oh, you can only stay four years…' It's no wonder the non-doms are choosing to leave. They're not just leaving their homes; they're taking their investments and future revenue with them, and the UK economy is left standing there like a forlorn child in the playground. Now, let's consider a different approach. Instead of dismantling a system that has historically been beneficial, why not implement a fee for non-doms to remain in the UK? Imagine charging £250,000 a year, as Farage has suggested, which could help fill the financial black hole created by the government's ill-fated fiscal decisions. This would not only maintain the £8.9 billion in tax revenue, but could also provide an additional £13 billion from fees. While the idea of exempting non-doms from inheritance tax might seem appealing, it doesn't address the broader issues of worldwide asset taxation. That said, given Farage did not address the four-year cap or the taxation on foreign assets (does he assume everyone wants to be double taxed?). The proposal feels to me like a half-hearted attempt to appease the masses while ignoring the real problem. If we want to make a meaningful change, we need to rethink our approach entirely. The non-dom exodus serves as a cautionary tale about the consequences of political decisions that ignore economic realities. Rather than offering a Britannia Card, how about simply taxing the wealthy – and not at the expense of the very system that has historically benefited the UK economy? Dr Ann Kaplan Mulholland is CEO of iFinance Canada. The writer's fee for this article has been donated to Z2K, a charity working to end poverty in the UK
The Independent
18-06-2025
- Business
- The Independent
Reeves considers U-turn on non-dom crackdown to halt exodus of wealthy
Rachel Reeves is considering climbing down on her non-dom crackdown to stem the flow of ultra-rich taxpayers leaving the UK. The chancellor is deciding whether to U-turn on the decision to tax non-domiciled individuals inheritance tax based on their global assets. The changes, which formed a key part of Labour's general election campaign, have raised concerns about an exodus of the wealthy as they flee in search of lower taxes. And a senior City figure told the Financial Times 'there will most likely be some tweaks to inheritance tax to stop the non-dom exodus'. Billionaire steel tycoon Lakshmi Mittal is among those said to be considering leaving Britain as a result of the chancellor's changes. A spokesman for the Treasury said: 'The government will continue to work with stakeholders to ensure the new regime is internationally competitive and continues to focus on attracting the best talent and investment to the UK.' The non-dom tax loophole, which lets foreign nationals living in Britain avoid paying tax on overseas earnings, was thrust into the spotlight when The Independent first revealed that Akshata Murty, Rishi Sunak's wife, had used it to save potentially millions of pounds. Ms Murty, whose family business is estimated to be worth around £60bn, later said she would no longer claim the status on her worldwide earnings. At the time, she said she did not want her tax status to be a 'distraction for my husband or to affect my family'. Since Labour came to power in July, the UK has lost a millionaire every 45 minutes, with the exodus driven by Labour's tax grabs and a lack of business confidence. Britain lost a net 10,800 millionaires last year, a 157 per cent increase on 2023, including 78 centi-millionaires (worth at least £100 million) and 12 billionaires. They left for other countries mainly in Europe, such as Italy and Switzerland, as well as the United Arab Emirates. Tax planners have repeatedly warned of an exodus of Britain's super wealthy, with many blaming the impact of Ms Reeves' first Budget in October. And Britain experienced its most significant drop in billionaires ever last year, according to the Sunday Times Rich List. The non-dom regime was replaced by the chancellor with a residency tax under which those living in the UK for more than four years are made to pay income and capital gains tax on overseas earnings. Those who stay long enough also face paying inheritance tax on overseas assets.
Telegraph
17-06-2025
- Business
- Telegraph
Reeves considers reversing non-dom tax raid after millionaire exodus
Rachel Reeves is considering reversing an inheritance tax raid on non-doms amid mounting evidence that it has sparked an exodus of the wealthy. The Telegraph understands the Chancellor is weighing up whether to reverse her decision to expose people's worldwide assets to 40pc inheritance tax. Senior City sources said they had been in talks with the Government about how to 'create something more competitive' adding that the focus has 'very much been on the inheritance tax implications'. Varun Chandra, Sir Keir Starmer's business adviser, is understood to be spearheading the negotiations. Ms Reeves scrapped non-dom status in April, a change that had been widely expected. However, the Chancellor also introduced the sweeping inheritance tax changes, which have been blamed for driving some of Britain's richest people abroad. Leslie Macleod-Miller, the chief executive of Foreign Investors for Britain, told the Telegraph: 'Inheritance tax is certainly the red line. Research conducted by Oxford Economics said that overwhelmingly inheritance tax was the reason why people would be forced to leave.' Those to have left in the wake of the tax changes include Richard Gnodde, Goldman Sachs' most senior banker outside the US, and Aston Villa co-owner Nassef Sawiris. Steel magnate Lakshmi Mittal is also preparing to move abroad. Ms Reeves's decision to look again at the inheritance tax changes suggest they may have sparked a bigger reaction than anticipated. Anthony Whatling at Alvarez & Marsal, who advises the wealthy on how to structure their assets, said: 'The inheritance tax change is perceived by many as the most contentious aspect of the non-dom reforms – complex and globally out of step. 'If the Government wants to keep wealth – and the business that follows it – in the UK, this is the lever it needs to pull.' Reversing the policy would be relatively affordable for the Chancellor. While the overhaul of the non-dom regime is projected to bring in £4.5bn by the end of the decade, only £200m of that is expected to come from the inheritance tax change. Without action, Ms Reeves risks raising far less than hoped from her package of changes. If 25pc of non-doms quit the UK, the Treasury would make no extra money from scrapping the tax status. If a third left, the UK would lose £700m in the first year of the policy, according to the Centre for Economics and Business Research (CEBR). The Office for Budget Responsibility has warned that its forecasts for the amount of cash raised by the changes are highly uncertain, as they hinge on the behaviour of a small group of people who are highly mobile. Foreign Investors for Britain has been lobbying for a simpler tax regime more akin to Italy, where wealthy foreigners can pay a specified annual fee to exempt their overseas assets and income from tax charges. In Italy, this fee ranges from €100,000 to €200,000 a year. Mr Macleod-Miller said he would be 'delighted' if the Government listened to his pleas. He said: 'Every other government is listening to this group, and they're making their tax plans accordingly. But if we continue to drive wealth from this country, the only thing that will happen is that taxes will rise. This will be a country where wealth and growth are simply not welcome.' A Treasury spokesman said: 'The UK remains highly attractive. Our main capital gains tax rate is lower than any other G7 European country and our new residence-based regime is simpler and more attractive than the previous one, whilst it also addresses tax system unfairness so every long-term resident pays their taxes here.
