» Business » Lakshmi Mittal loses pound 7 mn per hour

Lakshmi Mittal loses pound 7 mn per hour

Source: PTI
Last updated on: October 10, 2008 18:00 IST
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Deepening global credit crisis is taking a toll not just on financial institutions but is eroding individual wealth as well, with Britain's richest man Lakshmi Mittal losing nearly pound seven million per hour in the last four months, media reports said in London.

"Mittal, who owns some of London's finest homes, including two in Kensington Palace Gardens, has seen the value of the shares he and his family hold crash from pound 33.24 billion in June this year to pound 11.82 billion.

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Over the last four months, he has lost the equivalent of nearly pound 180 million a day or some seven million pounds an hour," London's newspaper Evening Standard said in a report published online on Thursday.

The India-origin chief of world's largest steel maker ArcelorMittal has lost close to pound 20 billion in the deepening financial turmoil, Evening Standard said.

Meanwhile, a wealth expert has also said that steel tycoon Mittal has lost an estimated pound 20 billion owing to the tumbling stock markets and sliding property prices during the last five months.

According to Philip Beresford, the wealth expert who compiles the annual 'rich list' for The Sunday Times, more than pound 100 billion would be wiped off the personal fortunes of Britain's wealthiest industrialists and entrepreneurs in the coming months.

The losses witnessed by Mittal is much higher than others in the 'top 10 billionaire victims' list of the financial turmoil in London, compiled by Evening Standard.

Evening Standard said that apart from Mittal, another non resident Indian Anil Aggarwal, chief of mining major Vedanta Resources has also seen an erosion in fortunes due to the financial crisis.

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