Laxhmi Mittal The Sixth Richest Man

© JOHANNES EISELE/dpa /Landov

No.↓ 6decrease        

Name↓ Lakshmi Mittal

Net worth (USD)↓ $31.1 billion increase                    

Age↓60          

Citizenship↓ India    

Residence↓ United Kingdom           

Sources of wealth↓ Arcelor Mittal

 

Sixth Richest Person In World

 Lakshmi Mittal was born in India in 1950, making him an Indian citizen. He currently resides in London, England where he acts as the CEO and chairman of Arcelor Mittal. At the age of 61, Mittal is still active in the company which he helped found based on his knowledge and family interest of the steel industry.

Education and Creation of Arcelor Mittal

Mittal attended St. Xaviers College in Calcutta, where he received a Bachelor of Commerce degree in accounting and business. While out of college, Mittal turned to his family’s steel business which he helped run until a falling out with his father, mother, and brother. After this Mittal branched into his own business with the purchase of a plant located in Indonesia in 1976. It was this purchase which led to the creation of Arcelor Mittal.

Net Worth

Lakshmi Mittal currently ranks as the sixth richest man in the world (March 2011) with $31.1 billion United States dollars (USD).The wealth which Mittal has makes him the richest man in England and the second richest person in Europe. Lakshmi Mittal and his family own close to forty five percent of the Arcelor Mittal stock.

Personal Life

Mittal is married and has two children. Mittal bought houses for both his son and daughter In 2004, Mittal spent a record seventy eight million dollars (USD) for the wedding of his daughter Vanisha to an investment banker. Also in 2004, Mittal bought a house for $128 million, which was the most expensive home purchase at the time. The house is in London and used some of the same marble once used for the Taj Mahal. The marble led the house to getting the nickname “Taj Mittal”.

An avid sports enthusiast, Mittal recently bought a twenty percent ownership stake in Queens Park Rangers and before that was linked to several famous European teams. Disgusted with the lack of medals won in the 2000 and 2004 Summer Olympics by India, Mittal donated nine million dollars to support several premium Indian athletes who had the potential to win future medals. In 2008, when Abhinav Bindia won a gold medal in shooting he was given a cash prize by Mittal as well. The sources of Mittal’s wealth have allowed him to take an active part in his passion for sports.

Awards

Despite the criticism Mittal receives for his running of Arcelor Mittal, he has won numerous awards from the steel and business industries.

 

  • 1996 – Steel Maker of the Year by New Steel
  • 2004 – Forbes European Businessman of the Year
  • 2004 – Wall Street Journal Entrepreneur of the Year
  • 2006 – Financial Times Person of the Year
  • 2007 – Time Magazine Top 100 Most Influential People
  • 2008 – Forbes Lifetime Achievement Award