Indian-origin steel tycoon Lakshmi N Mittal, long based in the UK and a fixture on Britain’s billionaire lists, is relocating from the country as the Labour government prepares a tax overhaul targeting the super-rich, The Sunday Times reported.

Rajasthan-born Mittal, often dubbed the “King of Steel,” built his multibillion-pound empire through ArcelorMittal, the world’s second-largest steelmaker, in which his family holds nearly a 40 per cent stake.

Why Lakshmi Mittal is leaving UK?

Mittal, worth an estimated £15.4 billion and ranked the eighth richest in the UK, is reportedly the latest wealthy individual to depart as Chancellor Rachel Reeves prepares further tax hikes on the wealthy to plug a £20-billion gap in public finances.

Her first Budget after Labour’s election win had

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