Lakshmi Mittal, the Indian-born steel tycoon, has an estimated net worth of $18 billion. As the chairman and former CEO of ArcelorMittal, the world’s second-largest steel producer, Mittal is a towering figure in the global steel industry. Based in the United Kingdom, he also serves as the chairman of Aperam, a major stainless steel manufacturer.
| Lakshmi Mittal Net Worth | $18 Billion |
| Date of Birth | June 15, 1950 |
| Place of Birth | Sadulpur, Rajasthan |
| Nationality | Indian |
At the height of his financial success, Mittal’s net worth surpassed $40 billion, making him the richest person in both Asia and the United Kingdom. His strategic acquisitions and expansion efforts transformed him into one of the most influential figures in the steel sector, earning him a place among TIME magazine’s 100 Most Influential People in 2007.
Early Life
Lakshmi Niwas Mittal was born on June 15, 1950, in Sadulpur, Rajasthan, India. Raised in a traditional Hindu Marwadi household, he grew up alongside his three siblings, Seema, Vinod, and Pramod. His father, Mohanlal Mittal, was a steel entrepreneur who founded Nippon Denro Ispat, which later became part of the family’s growing steel empire.
Mittal pursued his education at St. Xavier’s College, Kolkata, earning a Bachelor of Commerce (B.Com.) degree with first-class honors. His journey into the steel industry began at an early age when he joined his father’s business. However, in 1976, due to the Indian government’s restrictions on steel production, he branched out independently and established PT Ispat Indo in Indonesia, marking the beginning of his global steel empire.
Rise to Power in the Steel Industry
Mittal made his first major international move in 1989 when he acquired Trinidad and Tobago’s state-owned steelworks, turning the loss-making entity profitable within a year. His aggressive expansion strategy continued throughout the 1990s and early 2000s, with acquisitions in Ireland, Romania, Poland, and France, consolidating his status as a global steel magnate.
In 2006, Mittal orchestrated a historic $38.3 billion takeover of Arcelor, merging it with his existing steel assets to create ArcelorMittal, the world’s largest steelmaking company at the time. This acquisition gave him control over France’s Usinor steel assets, Spain’s Aceralia, and Luxembourg’s Arbed, further strengthening his dominance in the industry.
Wealth and Investments
Lakshmi Mittal’s vast fortune is primarily derived from his 37% stake in ArcelorMittal. He also owns:
- 41% of stainless steel giant Aperam
- 3% stake in Queens Park Rangers Football Club (QPR)
- Several high-profile real estate properties, including three mansions on “Billionaire’s Row” in London, collectively valued at over $470 million
In 2004, Mittal personally received $2 billion in dividends from LNM Holdings, further cementing his financial empire. In 2016, he purchased 472 million shares of ArcelorMittal, reinforcing his control over the steel giant.
Controversies
Despite his immense success, Mittal’s empire has not been without controversy. His mining operations, particularly in Kazakhstan, have been criticized for harsh working conditions. Between 2004 and 2007, 91 coal miners lost their lives in accidents at his facilities, raising concerns over safety and labor conditions.
Mittal has also been linked to political corruption allegations and accusations of exploitative labor practices in different parts of the world. However, despite these challenges, his influence in the steel industry remains significant.
Philanthropy
Beyond his business ventures, Mittal is a dedicated philanthropist. In 2003, he established the Mittal Champions Trust, investing in Indian athletes to help them compete on the world stage. His passion for sports led him to fund the construction of the ArcelorMittal Orbit, an iconic structure in London’s Queen Elizabeth Olympic Park.
Mittal’s charitable efforts include:
- £15 million donation to London’s Great Ormond Street Hospital in 2008
- Co-founding LNM Institute of Information Technology (LNMIIT) in Jaipur
- Establishing the Usha Lakshmi Mittal Institute of Management in New Delhi
- Funding the Usha Mittal Institute of Technology for Women
- In 2020, he donated ₹100 crores to India’s PM CARES Fund to support COVID-19 relief efforts
Awards and Recognition
Lakshmi Mittal has received numerous accolades for his contributions to business and philanthropy, including:
- Bessemer Gold Medal (2007) from the Institute of Materials, Minerals, and Mining
- Forbes Lifetime Achievement Award (2008)
- Padma Vibhushan (2008) – India’s second-highest civilian award
- Entrepreneur of the Year (2004) by The Wall Street Journal
- European Businessman of the Year (2004) by Forbes
- Named “Business Person of 2006” by The Sunday Times
- TIME’s “International Newsmaker of the Year” (2006)
Luxury Real Estate Holdings
Mittal is known for his extravagant real estate portfolio, particularly in London’s exclusive Kensington area. In 2004, he purchased a mansion from Formula One tycoon Bernie Ecclestone for approximately $128 million, making it one of the most expensive homes in the world.
In 2008, he bought another luxurious property in Kensington Gardens for his daughter, Vanisha, for £70 million. The residence was previously used as the Philippines Embassy.
Also Read: Ewan McGregor Net Worth
In 2023, the Mittal family listed a 6,279-square-foot Manhattan condo in the Trump International Hotel & Tower for $34.95 million. The family had originally acquired the property for $25 million in 2018.
Personal Life
Lakshmi Mittal is married to Usha Kalra, and they have two children, Vanisha and Aditya Mittal. His son, Aditya, is actively involved in the business and took over as CEO of ArcelorMittal in 2021, while Lakshmi remains the company’s executive chairman.
Lakshmi Mittal Net Worth
Lakshmi Mittal net worth is $18 billion.