Bloomberg Billionaires Index

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# 110 Lakshmi Mittal $12.7B

Random fact: Named after the Hindu goddess of wealth and prosperity.

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 $76 billion in 2018. The India-born billionaire owns several properties in London, where he now resides.

As of :
Last change +$67.4M ( +0.5%)
YTD change -$1.04B ( -7.5%)
Industry Commodities
Biggest asset MT NA Equity
Citizenship India
Age 69
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Lakshmi Mittal's net worth of $12.7B can buy ...

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troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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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 a 38% stake in ArcelorMittal, the world's biggest steel producer. He and his family own the stake through a trust, according to the company's website in March 2019. The entire fortune is attributed to Mittal to reflect his status as founder, chairman and chief executive officer.

Mittal has collected more than $4 billion in dividends through December 2018 and another $2 billion that he paid himself from family-owned LNM Holdings in 2004, when LNM merged with publicly traded Ispat International to create Mittal Steel. The value of his cash investments is based on an analysis of these proceeds as well as taxes, charitable contributions and market performance.

The billionaire has three mansions collectively worth more than $350 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.

He has 41% of Aperam, a Luxembourg-headquartered maker of stainless steel and 49% of HPCL-Mittal Energy, which is valued using the average price-to-earnings multiple of two publicly traded peers, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd. He also has a stake in closely held Queens Park Rangers soccer team in London.

Biography

Birthdate: 6/15/1950
Family: Married, 2 children
Education: St Xavier's College, 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. Mittal has lived in London since 1995, and owns at least $350 million in property in the U.K.

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.