Posted on 11/10/2005 1:33:31 AM PST by nickcarraway
London-based global steel baron Lakshmi Mittal -- whose Mittal Steel Co is the world's largest steel producer -- is the richest billionaire not only in Britain but also in Europe, according to latest research on the super-rich by the Luxury Institute.
A listing of the 50 richest Europeans by the research organisation mentions that Mittal's personal wealth is estimated at €24 billion.
The list is due to appear in the December issue of European Business, a leading business and finance monthly. An advance copy of the list was made available to IANS.
The new ranking refutes October estimates that Russian billionaire Roman Abramovich would soon overtake Mittal as Britain's richest. But Mittal's recent acquisition in Ukraine has helped reclaim the top spot.
Abramovich is ranked sixth in the list with a personal fortune of €15 billion.
According to the institute, the number of billionaires in the world in 2005 grew to a record 691, an increase of more than 100 on the 2004 total.
They are spread across 45 countries and their aggregated net worth is estimated at €1.76 trillion.
The top 50 European billionaires account for around 300 billion. Globally, just eight per cent of billionaires are women.
Europe's youngest and most eligible bachelor is surely Prince Albert von Thurn und Taxis, 21.
Abramovich is seen as the greatest spendthrift after he paid €800 million for Pelorus, one of the world's greatest superyachts.
In a short profile of Mittal, the magazine said: "Mittal built his empire by buying failing state-owned steel plants in developing countries from panicky, distressed government sellers.
"Mittal, who has often claimed to be able to 'see what others cannot see' believes that the world steel industry will soon see a period of consolidation...Mittal's famous work ethic still remains largely intact, despite the distractions of having all that money to spend.
"Those close to him say he regards the vast steel empire as no more than work in progress, and that he is temperamentally unchanged from the driven young man who studied accountancy in Calcutta between 6.30 am and 9.30 am.
"After that, Mittal would head in to his father's steel business and work a full day".
The top five European billionaires are:
* Lakshmi Mittal (UK, steel) €24 billion
* Ingvar Kamprad (Switzerland, retail) €22.8 billon
* Karl Albrecht (Germany, retail) €19 billion
* Liliane Bettencourt (France, retail) €17.2 billion
* Bernard Arnault (France, retail) €17billion
I'm betting the Luxury Institute is run out of some guy's spare apartment bedroom.
An all round good guy.
Actually Mittal is a citizen of India.
I am an employee of Mittal Steel. He's a self made man, and very competitive.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.