Mittal loses 16.7 bn pounds to credit crunch: reportDecember 28th, 2008 - 5:43 pm ICT by IANS
London, Dec 28 (IANS) Lakshmi Niwas Mittal and Anil Agarwal head a league of British super-rich who have seen their collective fortunes nosedive by more than 200 billion pounds in the economic downturn, a report here said Sunday.According to research to be published by the Sunday Times Rich List next year, the fortunes of the richest 1,000 people in Britain have fallen from 412.8 billion pounds in the 2008 List to 200 billion pounds.
“The value of some assets, including hedge funds and property firms, has been shattered by as much as 90 percent,” the authors of the Rich List report.
“The destruction of the wealth of Britain’s richest is so great and sudden that it has been likened to the bursting of the South Sea bubble in 1720 or the depression of the early 1930s.”
Taking the biggest hit has been Lakshmi Niwas Mittal, who heads the world’s biggest steel company, ArcelorMittal, with 326,000 employees in more than 60 countries.
Mittal has headed the Rich List for the past four years, and was estimated to be worth 27.7 billion pounds in this year’s list. He is now worth 11 billion pounds.
Mining tycoon Anil Agarwal has seen almost 1.5 billion pounds knocked off the value of his stake in Vedanta Resources and now has less than a billion pounds.
At the start of 2008, Mittal’s family stake in ArcelorMittal was worth 25 billion pounds and soared to more than 33 billion pounds in the summer before plummeting to 9.5 billion pounds, the Sunday Time said.
Mittal’s spokesman said: “He doesn’t comment on his personal affairs. He is hardly immune to things but he is not affected by them the way most people might be.”
Other significant losers include Sir Tom Hunter, the sportswear tycoon (down from 1.05 billion pounds to 750 million pounds), and Sir Stelios HajiIoannou, founder of the easyJet airline (from 812 million pounds to 500 million pounds).
One in six of those on the 2008 Rich List are in finance and their estimated worth is down by more than 70 percent. The hardest-hit include 50 multi-millionaire housebuilders who have seen values sink by up to 90 percent.
However, HajiIoannou, the largest shareholder of easyJet, who lives mostly in Monaco, said he had paid off his loans earlier this year and the recession would have only a limited effect on his lifestyle.
“I will still travel by black cab or public transport in London and I’ll still get the easyBus to Gatwick to fly easyJet to Athens or Nice,” he said.
- Lakshmi Mittal replaces Mukesh Ambani as world's richest Indian - Mar 10, 2011
- Mittal takes a pounding, but still tops Rich List - Apr 26, 2009
- Wealth of 100 richest Indians pegged at $300 bn by Forbes - Sep 30, 2010
- Man City owner overtakes steel tycoon Mittal again in football rich owners list - Oct 07, 2010
- India's richest lost 20 percent of wealth: Forbes - Oct 27, 2011
- Fifty Indians on Forbes' global billionaire club - Mar 10, 2011
- Mukesh Ambani again tops list of richest Indians - Sep 30, 2010
- Indian artist's house in London occupied by protesters - Jun 22, 2012
- ArelorMittal could make 1 bn pounds from climate change: Report - Dec 06, 2009
- Indian touch to Olympic arts in London (With Image) - Jul 19, 2012
- Mukesh Ambani, Lakshmi Mittal among world's top ten billionaires - Mar 11, 2010
- Mukesh Ambani, Lakshmi Mittal among 'World's Most Powerful Billionaires' - Jan 28, 2010
- ArcelorMittal forced to up bid for Canadian iron-ore giant - Dec 20, 2010
- Lakshmi Mittal stays at top of UK's rich list, Anil Agarwal at 10th - Apr 25, 2010
- Belgian trade union files complaint against ArcelorMittal - Feb 21, 2012