Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#56 Lakshmi Mittal $16.6B

Random fact: Funded the "ArcelorMittal Orbit" tower in London's Olympic park.

Overview

Mittal is chairman and largest shareholder of ArcelorMittal, the world's biggest steelmaker. The Luxembourg-based company has mining, energy and refining operations in 60 countries and had revenue of $56.8 billion in 2016. The India-born billionaire owns several properties in London, where he now resides.

As of July 26, 2017:
Last change +$289M (+1.8%)
YTD change +$2.26B (+15.7%)
Industry Commodities
Biggest asset MT NA Equity
Citizenship India
Age 67
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Lakshmi Mittal's net worth of $16.6B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Mittal's fortune is derived from his 37 percent stake in ArcelorMittal, the world's biggest steel producer. Mittal paid himself a $2 billion dividend in 2004 from his family-owned LNM Holdings, which merged with publicly traded Ispat International to create Mittal Steel. He bought Richfield, Ohio-based International Steel Group in 2005, before acquiring Arcelor for $38.3 billion in 2006.

Mittal's share count in ArcelorMittal rose by 70 percent on March 18, 2016 after the billionaire purchased about 472 million shares at 2.20 euros each in a rights offering. Sophie Evans, a spokesperson for the company, confirmed the transaction in an e-mail on March 17, 2016.

Mittal has three mansions collectively worth more than $470 million on London's 'Billionaire's Row' on Kensington Palace Gardens, according to purchase records from the U.K. Land Registry. He also owns other properties in England, Scotland and India.

The billionaire has a 41 percent stake in Aperam, a Luxembourg-headquartered maker of stainless steel, and has stakes in publicly traded RattanIndia Power, Pro Global Insurance Solutions and the closely held Queens Park Rangers soccer team in London.

The value of his cash investments is based on an analysis of dividend income, insider transactions, local taxes, charitable contributions and market performance.

Biography

Birthdate: 6/15/1950
Family: Married, 2 children
Education: 1969, Bachelor's Degree, Commerce, St Xavier's College Doctorate Degree, Agh University of Science & Technology

Lakshmi Mittal was born in Rajasthan, India, in 1950, the son of a steel producer. His parents named him Lakshmi after the Hindu goddess of wealth. He studied commerce at St. Xavier's College in Kolkata, and moved to Indonesia at age 26 to build his first steel mill, on rice paddies owned by his father.

He created Mittal Steel by combining his publicly owned Ispat International and closely held LNM Holdings in 2004, paying himself a $2 billion dividend soon after. A year later, he bought billionaire Wilbur Ross's International Steel Group for $4.7 billion.

In 2006, Mittal Steel won a five-month battle to buy Luxembourg-based Arcelor to create the world's largest steelmaker. With plants scattered across four continents and more than 20 mines in operation and development, ArcelorMittal accounted for about 5.8 percent of the global steel output in 2012. Mittal has lived in London since 1995, and owns at least $500 million in property in the U.K., including a 12-bedroom mansion in London's Kensington Palace Gardens.

Milestones
  • 1950 Born into a steelmaking family in Rajasthan, India.
  • 1969 Graduates St. Xavier's College in Kolkata, joins father's firm.
  • 1994 Mittal and his brothers split up the family business.
  • 1997 Ispat International raises $776 million with initial public offering.
  • 1998 Buys Inland Steel Co., giving Ispat foothold in the U.S.
  • 2004 Takes $2 billion cash dividend from LNM before merger with Ispat.
  • 2004 Buys International Steel Group to create Mittal Steel.
  • 2006 Wins battle to take over Arcelor SA for $33.1 billion
  • 2011 Spins off stainless-steel producer Aperam.
  • 2016 ArcelorMittal announces the opening of a plant in Detroit.