The Hindu : Front Page : Lakshmi Mittal loses £23.5 billion in a year

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Sunday, Apr 26, 2009
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Lakshmi Mittal loses £23.5 billion in a year

London: Indian-origin steel tycoon Lakshmi Mittal, one of the wealthiest people in the world, lost as much as £23.5 billion over the past year to the global recession. Mr. Mittal has seen his wealth plunging to £9.5 billion from £33 billion last year, The Daily Telegraph reported, quoting the ‘Sunday Times Rich List.’

The newspaper said current estimates suggested that the wealthiest 1,000 people in the United Kingdom had seen over half their cumulative wealth being wiped out — from £412 billion in 2008 to around £200 billion.

Other losers included Romans Abramovich, owner of the Chelsea Football Club: he was down from £15 billion to £9.6 billion. Charles Dunstone, the Carphone Warehouse founder, has found his £904 million stake in the firm sliding to around a third of that sum. Sir Richard Branson, the Virgin Airlines boss, has had his £2.7 billion fortune down to half that amount. Singer Sir Elton John is also hit: his fortune is down from £238 million to £175 million.— PTI

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