...stays richest Briton for the seventh year running
It's been a topsy-turvy year for Bollygarchs in Britain — the biggest loser and gainer in the top 10 of the latest Sunday Times Rich List are both Indian billionaires.business Updated: Apr 29, 2012 20:13 IST
It's been a topsy-turvy year for Bollygarchs in Britain — the biggest loser and gainer in the top 10 of the latest Sunday Times Rich List are both Indian billionaires.
On the one hand, steel baron Lakshmi Mittal topped the annual list for the seventh year in a row but his fortune slid by 27% to £12.7 billion. On the other hand, brothers Srichand and Gopichand Hinduja, who head a 96-year-old global business and trading empire, increased their wealth by a massive 43% to £8.6 billion, climbing from 9th to 4th place.
Mittal was forced to shut some European furnaces due to the euro zone crisis. Profits fell 22% in 2011 to £1.4 billion and tumbling share prices have cut his family's stake by nearly £10 billion since 1010.
As for the Hindujas, despite criticising British tax and visa regimes, they continue to invest substantially in the country.
Two of the biggest Indian losers this year were Anil Agarwal, founder-chairman of the Vedanta mining group, and Essar’s Ravi Ruia. Agarwal slid from 17 to 26 after a difficult year that saw his wealth decline by £1.56 million to £2.25 million.
Ruia slipped from 12 to 33 as his fortune fell by nearly £3 million after being linked to the 2G spectrum scam.