Lakshmi Mittal, one of the wealthiest individuals in Britain, has acquired one of the most expensive mansions in Dubai, according to sources familiar with the transaction. The billionaire, originally from India, purchased an opulent residence located in a gated community often referred to as the ‘Beverly Hills of Dubai.’ These sources, who requested anonymity due to the sensitivity of the matter, noted that the property was sold earlier this year.
The Baroque-style mansion in the Emirates Hills area was initially listed for approximately $200 million in 2023 and features extravagant gold leaf decorations, as reported by the selling agent at that time. Ultimately, it was sold for about half of the original asking price, according to those knowledgeable about the deal.
Lakshmi Mittal serves as the executive chairman of ArcelorMittal SA, a leading steel manufacturing company, and possesses a net worth exceeding $23 billion, as reported by the Bloomberg Billionaires Index. His recent acquisition is among the most expensive residential transactions in Dubai, a city that has attracted the ultra-wealthy since the onset of the coronavirus pandemic and has emerged as one of the top-performing real estate markets globally.
The Ambani family, led by Indian billionaire Mukesh Ambani, has also invested in luxury properties within the United Arab Emirates. Over the past four years, property values in Dubai have increased by approximately 70%, surpassing growth rates in many other regions.
The luxury market in the city has continued to thrive into the first quarter of this year, with affluent buyers contributing to record sales of homes priced above $10 million. At 74 years old, Mittal’s purchase reflects a trend among affluent individuals seeking residency alternatives outside the UK, motivated by recent tax reforms that have diminished the country’s appeal to the global elite. Although Mittal has been contemplating relocating from the UK due to these tax changes, no definitive decision has been reached, according to a source who requested anonymity due to the confidential nature of the information.
The steel company he established has also positioned him as a key player in Britain’s strategic infrastructure; however, ArcelorMittal cautioned the British government last year that one of its primary divisions might have to exit the country due to plans for the redevelopment of a port in southeast England. Mittal’s impact in Britain transcends business and politics. He and his wife, Usha, have imported various artworks, jewelry, and wines into the UK over the last decade, as indicated by public trade records, which still list the Mittals’ Kensington residence as their address. Additionally, the family has pledged over £20 million ($26.6 million) in recent years to healthcare and medical initiatives in the UK through their foundation based in London, where they also operate an investment firm, LK Advisers, which manages their wealth from central Mayfair. A spokesperson for the Mittals confirmed that there are no intentions to move LK Advisers from London.