Steel tycoon Lakshmi Mittal no longer UK's richest

Steel tycoon Lakshmi Mittal's wealth has taken a huge dip this year, pushing him down to the fourth place on the UK's rich list 2013, almost eight years after ruling at the top.

Times Rich list released recently showed that Mittal has been replaced by Russian businessman Alisher Usmanov with his fortune of 13.3 billion pounds as against India-born industrialist's wealth of 10 billion euros.

"So, after eight years on top of the Sunday Times Rich List, the steel maharajah is no longer No. 1," the report said. "The 40 per cent stake Mittal and his wife Usha hold in the steel-making giant ArcelorMittal has plummeted from £28 billion at its peak to £5.95 billion."

The British newspaper said that Usmanov, who is Russia's richest man and has a major shareholding in British Premier League football club Arsenal, saw his wealth rise by 985 million pounds over the past year as he sold Facebook shares worth 1.6 billion pounds last year.

On the other hand, Mittal has been hit by the fall in the value of its shares from more than 12 euros a year ago to less than 9 euros on Friday.

Interestingly, even as the UK is struggling to avoid a triple-dip recession, number of billionaires has risen to a record 88 from 77 last year. The collective wealth of the richest 1,000 people is up 35 billion pounds to 450 billion pounds.

Read more about: lakshmi mittal
Story first published: Monday, April 22, 2013, 13:30 [IST]
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