Steel tycoon Lakshmi Mittal recently made headlines when British newspaper the Sunday Times reported that the billionaire was planning a permanent shift out of the United Kingdom after being a resident for 30 years. The billionaire was confirmed to be shifting base to the UAE. The news came at the heels of the Labour-led UK government imposing stricter wealth laws and completely overhauling the current tax system with the purpose of tightening the noose around the ultra-wealthy.
He has already bought a home in Dubai’s elite and private gate community, ‘Emirates Hills’ which is famously referred to as ‘Dubai’s old-money enclave’ and ‘crown jewel for high-net-worth investors’. According to Bloomberg, he made the $116 million purchase in May this year and is set to leave the UK before the end of the year, already planning out future projects in the Middle-eastern nation. Today, we will take a look inside his sprawling baroque-style mansion that boasts a host of amenities that few can only dream about.
Inside the baroque-style ultra luxurious mansion with gold leafing
Emirates Hills is one of the most luxurious real estate projects in Dubai and its name is aptly inspired by the affluent American neighborhood: Beverly Hills. A single mansion averages around $152.7 million and several notable personalities call it their home, such as former Prime Minister of Pakistan Nawaz Sharif, controversial social media personalities Andrew and Tristan Tate, and others. The late Benazir Bhutto also once resided here.
Lakshmi Mittal’s palatial mansion is built in the baroque-style and extensively decorated with gold leaf, Sunday Times reported. The style of architecture is highly ornate and theatrical, featuring grandeur, large-scale decoration, dramatic lighting and classical artwork. Each plot of land is massive and as land is difficult to purchase due to lack of availability, a square foot of area costs anywhere between $1000 – $1500. No two mansions look alike.
Residents get access to a sprawling private golf course with rolling hills, serene lakes and lake-facing villas, upscale hotels, high-end restaurants and gastropubs and a variety of sports facilities. Each home comes with private swimming pools and state-of-art amenities like gyms, hot tubs, saunas, home theatres and more. Some of these extravagant homes even have clubs inside them according to Gulf News.
Why are the new tax rules chasing the rich away?
The British government recently announced new tax measures on top of the existing ones to herd in the affluent and reshape it’s tax policies for the foreseeable future. The new tax policies include the end of the ‘non-dom’ regime which would compel billionaires like Mittal to pay tax on income or gains earned outside the UK as well as within the country. A possible 20% exit tax levied on the uber-rich in case they wanted to leave the UK and the already imposed inheritance tax of 40% have spooked some of it’s wealthiest residents.
With a net worth of $ 22.7 billion according to Forbes, Mittal is not only the UK’s eighth-richest man but also chairman of ArcelorMittal, the world’s largest steel and mining company by output. He follows in the steps of other billionaires such as Egyptian billionaire Nassef Sawiris, Bart Becht, the former CEO of Reckitt Benckiser Group Plc and Norwegian-born Shipping John Fredriksen who are leaving the UK for Tax-free havens like the UAE which have no income tax, inheritance tax or tax on capital gains.
