In 2005, at age 55, Mittal was named the world's third-richest person by Forbes. And last month, he clocked in as the sixth wealthiest person in Britain in the Sunday Times UK Rich. Here's a look at the steel baron's fluctuating fortunes.
Steel baron Lakshmi Niwas Mittal was named the sixth wealthiest person in Britain in the Sunday Times UK Rich list last month.
In 2021, he had bagged the fifth spot on the list. The steel tycoon is said to have added around 2.3 billion pounds to his fortunes in the past year through ArcelorMittal steelworks, PTI reported.
According to Bloomberg Billionaire Index, Mittal’s current net worth is estimated to be $17.8 billion.
As the steel tycoon turns 72 today, June 15, here’s a look at the ups and downs in his fortunes over the past years.
Starting an empire
A majority of Mittal's fortune comes from his 36 percent stake in ArcelorMittal, which was the world's second-biggest steel producer by tonnage in 2020, according to Bloomberg. Mittal serves as the Luxembourg-based company's executive chairman and is its largest shareholder.
The billionaire was born into an Indian steel family from Rajasthan on June 15, 1950.
Mittal opened his first steel factory in Indonesia at the age of 26 in 1976. In 2004, he created Mittal Steel by combining his publicly-owned Ispat International and closely-held LNM Holdings. The following year, Mittal paid $4.7 billion to buy billionaire Wilbur Ross's International Steel Group.
In 2006, Mittal Steel acquired Luxembourg-based Arcelor to create the world's largest steelmaker.
In 2005, at the age of 55 years, Mittal was named the world's third-richest person by Forbes. Between 2005 and 2011, Mittal’s wealth grew from $25 billion to $31.1 billion. However, in the next 10 years, he lost half his wealth.
What led to the fall?
Mittal is famous for his luxurious lifestyle. Mittal has been living in London since 1995 and owns mansions worth at least $350 million in the UK, Bloomberg reported citing purchase records from the UK Land Registry.
In 2004, he spent a whopping 34 million pounds to host his daughter Vanisha’s wedding to Amit Bhatia, a Delhi-born investment banker. Kylie Minogue, Shah Rukh Khan, Juhi Chawla and Saif Ali Khan performed at the extravagant wedding. Javed Akhtar had written a play enacted by the Mittal family on how the couple met.
Mittal also owns a private jet, a couple of yachts and a chauffeur-driven 200,000-pound Daimler Maybach.
Back in business
After suffering a net loss of $733 million in 2020, Arcelor Mittal posted a net income of $15 billion in 2021, buoyed by higher steel prices, Forbes reported.
In January 2021, Mittal ceded the CEO's position in ArcelorMittal to his son, Aditya Mittal. However, he continues to remain its executive chairman.