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Mittal heads list of super-rich losers

London: NRI steel tycoon Lakshmi Mittal has lost £16.6 billion in the global credit crunch owing to plummeting stock markets in the last four months, media reports said here on Sunday.

The 58-year-old Mr. Mittal heads a list of 10 super-rich losers, who together have seen their share portfolios shrink by about £23 billion from their peaks, The Sunday Times claimed.

Another NRI entrepreneur Anil Agarwal, who built up his metals empire, has seen his stock plummet by £2.7 billion.

The height of Mr. Mittal’s losses dwarfs those of others in the list of top 10 losers, which include Mike Ashley, the beleaguered owner of Newcastle United football club and the retailer Sports Direct. Mr. Mittal has seen his family’s stake in ArcelorMittal, the steel conglomerate, fall from £33.24 billion on June 4 this year to £16.63 billion at the close of Friday’s markets.

The loss is equivalent to £137 million a day or nearly £6 million an hour. The credit crunch losses were established by comparing the value of shareholdings they held around the world at their peak with the value on Friday.

Tim Bouquet, author of a book on Mr. Mittal, said the tycoon’s lifestyle was well suited to less ostentatious times.

“He’s very careful with money, he knows where most of the pennies go,” Mr. Bouquet said. “He likes to joke that on his plane he serves pizzas rather than champagne. Mittal’s idea of a good time is to order Chinese takeaway from Zen Central in Mayfair in London.” — PTI

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