Mittal loses £16.7 bn to credit crunch: report | business | Hindustan Times
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Mittal loses £16.7 bn to credit crunch: report

Mittal has headed the Rich List for the last 4 years, and was estimated to be worth £27.7 billion in this year’s list. He is now worth £11 billion.

business Updated: Dec 28, 2008 21:38 IST

LN Mittal and Anil Agarwal head a league of British super-rich who have seen their collective fortunes nosedive by more than £200 billion in the economic downturn, a report said on Sunday.

According to a research to be published by the Sunday Times Rich List next year, the fortunes of the richest 1,000 people in Britain have fallen from £412.8 billion in the 2008 list to £200 billion.

“The value of some assets, including hedge funds and property firms, has been shattered by as much as 90 percent,” the authors of the Rich List report.

“The destruction of the wealth of Britain’s richest is so great and sudden that it has been likened to the bursting of the South Sea bubble in 1720 or the depression of the early 1930s.”

Taking the biggest hit has been LN Mittal, who heads the world’s biggest steel company, ArcelorMittal, with 326,000 employees in more than 60 countries.

Mittal has headed the Rich List for the last 4 years, and was estimated to be worth £27.7 billion in this year’s list. He is now worth £11 billion.

Mining tycoon Anil Agarwal has seen almost £1.5 billion knocked off the value of his stake in Vedanta Resources and now has less than a billion pounds.