Steel crisis melts £2 billion of LN Mittal’s wealth
Steel magnate Lakshmi Mittal’s wealth has seen a loss of 2.08 billion pounds from last year due to the crisis in Britain’s steel industry, bringing him down to the eleventh spot on the Sunday Times Rich List.business Updated: Apr 25, 2016 19:20 IST
Steel magnate Lakshmi Mittal’s wealth has seen a loss of 2.08 billion pounds from last year due to the crisis in Britain’s steel industry, bringing him down to the eleventh spot on the Sunday Times Rich List.
The Hinduja brothers remain in the second place on the rich list with a wealth of 13 billion pounds.
The list is topped by the Mumbai-born brothers David and Simon Reuben, who came to Britain in the 1950s, and are now worth 13.1 billion pounds, up 3.4 billion pounds from last year. They were also said to be interested in Sahara’s London-based Grosvenor Hotel last year.
Ten individuals in last year’s rank of Britain’s billionaires have fallen out of the top bracket to the level of multimillionaires, including NRI industrialist Swraj Paul, several of whose companies collapsed and went into administration in late-2015.
Mittal, owner of ArcelorMittal, held the top slot in 2008 with 27.7 billion pounds, but now has a fortune of 7.12 billion pounds and is number 11 on this year’s list.
Other billionaires in the last year’s list have also lost considerable values. “The guys at the top, who are feeling the pain this year, are often hit by a cocktail of plunging stock markets, low oil prices and the crisis in the steel industry — sometimes by all three,” said Robert Watts, compiler of the list.
First Published: Apr 24, 2016 23:35 IST