A Russian industrialist with extensive mining, media and mobile phone interests has ended India-born steel magnate and Arcelor-Mittal’s chairman LN Mittal’s seemingly unending reign as King of the UK richlist.
Mittal relinquished his number one spot on the Sunday Times Rich List for the first time in eight years — the longest run by anyone in that coveted place — as Alisher Usmanov, part-owner of Arsenal football club, moved up. Usmanov is worth £13.3 billion.
The fortunes of Mittal and family have been declining for some years due to a global slump in steel demand but he never looked like being upstaged from the top spot.
But the Kolkata-born tycoon fell to fourth place this year, as his wealth fell by £2.7 billion to £10 billion. Usmanov’s rise in Britain has been plagued by controversy over his past.
These include a Soviet-era conviction for corruption that was subsequently overturned.
Meanwhile, brothers Srichand and Gopichand Hinduja - who run a global trading and manufacturing empire - overtook Mittal for the first time in nearly a decade, taking third place.
"The Hinduja brothers are on a roll," declared the Sunday Times. The stock market value of their IndusInd Bank shot up from $2 billion to $4.6 billion in 2012. And their $1.1 billion acquisition of the US company Houghton International was the largest Indian investment outside India last year.