Lakshmi Mittal Net Worth

Lakshmi Mittal, an Indian-born steel tycoon, has a net worth of $18 billion, making him one of the wealthiest individuals in India and the global steel industry. Based in the United Kingdom, Mittal serves as the chairman and former CEO of ArcelorMittal, the second-largest steel producer in the world. He also holds the position of chairman at Aperam, a leading stainless steel manufacturer.

Lakshmi Mittal Net Worth	$18 Billion
Date of Birth	Sep 2, 1950
Place of Birth	Rajgarh
Nationality	Indian
Profession	Entrepreneur, Businessperson, Investor

Table of Contents

Rise to Billionaire Status

Born into a prominent steelmaking family in India, Mittal began his career in his father’s business before establishing PT Ispat Indo in Indonesia at the age of 26. Over the years, he became a key player in consolidating the global steel industry, pioneering the use of direct reduced iron (DRI) as a substitute for scrap metal in steel production.

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At his peak, Mittal’s net worth surpassed $40 billion, making him the richest person in Asia and the UK. At one point, he was also the second-richest person in Europe and ranked 21st worldwide among the wealthiest individuals. His business acumen and aggressive expansion strategies earned him a place among Time magazine’s 100 Most Influential People in 2007.

Controversies

Despite his immense success, Mittal’s business empire has been marred by controversy. His mining operations, particularly in Kazakhstan, faced severe criticism over poor working conditions and safety standards, with 91 coal miners losing their lives between 2004 and 2007. Additionally, he has been linked to allegations of political corruption in securing steel industry deals.

Philanthropy

Mittal has made significant philanthropic contributions, particularly in supporting Indian athletes at the Olympics. His disappointment in India’s performance at the Games led to the establishment of the Mittal Champions Trust, aimed at nurturing elite sports talent. He also donated £15 million to the Great Ormond Street Hospital in London to fund the Mittal Children’s Medical Centre.

Business Ventures and Assets

Mittal owns a 37% stake in ArcelorMittal and 41% of stainless steel maker Aperam. In 2004, he acquired International Steel Group, followed by the $38.3 billion takeover of Arcelor in 2006, making it the world’s largest steel company at the time. His influence extends beyond steel, with a 3% stake in the Queens Park Rangers Football Club.

Real Estate Empire

Mittal is also known for his extravagant real estate holdings, particularly in London’s Billionaire’s Row, where he owns three mansions valued at over $470 million. His most famous purchase was a $128 million Kensington mansion, which he bought from Formula One mogul Bernie Ecclestone in 2004. In 2023, his family listed a Manhattan condo in Trump International Hotel & Tower for $34.95 million.

Personal Life

Lakshmi Mittal is married to Usha Kalra, and they have two children, Vanisha and Aditya Mittal. His son, Aditya, took over as CEO of ArcelorMittal in 2021, while his daughter Vanisha received a £70 million home in Kensington Gardens as a gift.

Lakshmi Mittal Awards

Mittal has received numerous accolades, including:

Padma Vibhushan (2008) – India’s second-highest civilian award
Forbes Lifetime Achievement Award (2008)
Bessemer Gold Medal (2007) – Institute of Materials, Minerals and Mining
Entrepreneur of the Year (2004) – The Wall Street Journal
European Businessman of the Year (2004) – Forbes