Indian businessman Lakshmi Mittal, known as the 'King of Steel', is the eighth wealthiest individual in the United Kingdom, holding a fortune of £14.9bn at 74 years old.

Considered one of Labour's previous major contributors, Mittal is contemplating relocating from the UK due to Rachel Reeves's tax proposals on non-doms. The Financial Times reported that Mittal is evaluating his choices and may choose to no longer be a UK tax resident.

Mittal and his family own almost 40% of ArcelorMittal, the world's second-largest steel producer. Despite facing a decrease in net worth of £1.1bn last year, he maintained his position as one of the wealthiest individuals in the UK according to the Sunday Times Rich List.

Mittal, once a significant Labour donor, contributed over £4m during Tony Blair's tenure as Prime Minister. He later supported Boris Johnson's leadership bid and the Conservative Party after Labour shifted to a more left-wing stance under Jeremy Corbyn.

Recent reports revealed Mittal's possible departure coinciding with criticism from other Labour donors like John Caudwell, founder of Phones 4u, who deemed the tax changes unfair and financially unsound. The new rules targeting non-doms are scheduled to be implemented from April 6 to alter the existing tax regime allowing non-doms to evade British taxation on foreign income and capital gains.