Dec. 28, 2008
Lakshmi Mittal, the steel magnate, who has topped the Rich List for the past four years and who, in this year's list, had family wealth of 27.7 billion pounds. He is now worth about 11 billion pounds.
At the start of this year, Mittal family stake in the world's biggest steel company ArcelorMittal was worth 25 billion pounds, but then soared to more than 33 billion pounds in the summer. That stake is now down to 9.5 billion pounds.
It is possible that in the next four years ArcelorMittal will be worth less than half a billion pounds because of heavy debt financing and global depression in steel prices.
Mittal is not that concerned. He expects a turn around and a massive run in the steel prices again.