Jitendra Vaswani

Lakshmi Mittal Net Worth [Year] | Is Laxmi Mittal richer than Ambani?

In this article, we have featured Lakshmi Mittal Net Worth [Year]

Summary:

  • ArcelorMittal is the largest steel and mining corporation in the world based on output, and Lakshmi Mittal serves as the chairman of the company, which has revenue of $76.6 billion.
  • Originating from a family with a long history in the steel industry, he broke away from his siblings to found Mittal Steel and then went on to merge the company with Arcelor of France in 2006.
  • Following a net loss of $733 million in 2020, Arcelor Mittal recorded a net income of $15 billion in 2021 because to higher steel prices. This compares to a net loss of $733 million in 2020.
  • In 2019, Arcelor and Nippon Steel successfully finalized the acquisition of Essar Steel, which had previously been held by the billionaires Shashi and Ravi Ruia. The transaction was valued at $5.9 billion.
  • In January of 2021, Mittal handed over the role of CEO of ArcelorMittal to his son, Aditya Mittal, while continuing in his role as executive chairman of the company.

What Is Lakshmi Mittal Net Worth?

Lakshmi Mittal is the chairperson and CEO of ArcelorMittal, the world’s largest steel-producing firm, and she has a net worth of $18 billion.

Lakshmi Mittal is also the richest person in the world. Lakshmi Mittal came from a prosperous family in the Indian steel industry. In India, Mittal began his professional life by taking a job in the steelmaking company that his family owned.

Due to the size of his net worth, he is considered to be one of the wealthiest persons in India. At one point in time, when his net worth had surpassed $40 billion, he held the title of being the richest person in both Asia and the United Kingdom.

At the height of his success, he held the position of being the second richest person in Europe and the twenty-first richest person in the entire globe.

Because he started working in the family steel business at such an early age, Mittal was able to amass a considerable fortune in that industry.

However, after having a severe falling out with his parents, Mittal began his own steel firm in Indonesia. This business eventually evolved into Arcelor Mittal, which Mittal led to becoming one of the most profitable businesses in the world.

Mittal was an innovator in the creation of integrated mini-mills as well as the use of “DRI” (direct reduced iron) in the steelmaking process as a scrap alternative.

In May of 2007, Time magazine named Mittal one of the “100 Most Influential People” in the world and credited him for leading the process of consolidation inside the global steel sector.

Lakshmi Mittal Net Worth

Lakshmi Mittal Net Worth Wealth growth

Mittal was ranked as the third richest person in the world by Forbes in the year 2005 when he was 55 years old. The wealth of Mittal increased from $25 billion to $31.1 billion between the years 2005 and 2011.

However, throughout the subsequent ten years, he suffered a loss of wealth equal to fifty percent. It is well known that Mittal lives an extravagant lifestyle.

According to a report by Bloomberg, which cited purchase documents from the UK Land Registry, Mittal has been residing in London since 1995 and owns houses in the UK with a combined value of at least 350 million pounds.

It cost him a staggering 34 million pounds to host his daughter Vanisha’s wedding to Amit Bhatia, an investment banker who was born in Delhi.

The ceremony took place in 2004. Guests were treated to performances by Kylie Minogue, Shah Rukh Khan, Juhi Chawla, and Saif Ali Khan at the lavish wedding. Javed Akhtar had written a play on how the couple first met, and it was performed by the Mittal family.

In addition, Mittal is the owner of a private plane, a pair of yachts, and a 200,000-pound Daimler Maybach with a personal chauffeur.

Back in business

According to Forbes, Arcelor Mittal turned a net loss of $733 million in 2020 into a net income of $15 billion in 2021, thanks to rising pricing for steel. In 2020, the company had produced a financial loss.

Aditya Mittal, Mittal’s son, succeeded him as CEO of ArcelorMittal in January 2021 when his father handed over the reins to him. Despite this, he maintains his position as the company’s executive chairman.

Mr. Laxmi Mittal Assets:

Mittal is skilled not just in the art of earning money but also in the art of investing it. He is the owner of various real estate properties, some of which include

It is reported that the Taj Mahal’s marble was used in the construction of the luxury London home known as Taj Mittal. Taj Mittal is located in the United Kingdom.

The opulent residence features a parking garage with space for more than 15 vehicles, a spacious ballroom, a one-of-a-kind pool adorned with jewels, 12 bedrooms, and a number of other lavish amenities. The palatial estate, which Mr. Mittal purchased for a whopping 128 million US dollars, serves as his primary home ( Rs. 817.75Crore).

In 2008, Mr. Mittal purchased Palace Greens No. 6, a lavish mansion in Kensington Gardens, England, for the purpose of giving it to his son Aditya Mittal as a gift. The estate has four stories, almost 130,000 square feet of floor space, and is located in the United Kingdom.

Palace Greens No. 9 is a palace that was purchased by Mr. Mittal. This palace is located in Kensington Gardens in the United Kingdom. In 2008, Mr. Mittal paid £70 million to buy this property for his daughter (533 Crores).

Summer Palace: He also bought this property, which is situated on Millionaires Row in London; Mittal purchased this opulent mansion in 1996 for the price of £6.75 million.

Home No. 22 is an extravagant colonial bungalow that Mittal purchased in 2005 for the price of $7.5 million. It is situated on the prestigious Aurangzeb Road in New Delhi, India.

Mittal spent four million pounds to acquire this home in Cotland, which is located in Perthshire, Scotland. He demolished it and is currently spending close to 23 million dollars to construct a new house in its stead.

Penthouse Apartment: The opulent penthouse property can be found in London at 148-150 Old Park Lane, and it features a total floor space of 5,500 square feet. Additionally, Mr. Mittal is the owner of the Hard Rock café that is situated within the building.

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Conclusion:

ArcelorMittal, the world’s largest steel manufacturing firm, is led by Lakshmi Mittal, who serves as both chairman and CEO.

Mittal began his career in the steel industry in Indonesia by establishing his own company, which would later evolve into Arcelor Mittal and become one of the most profitable businesses in the world.

Lakshmi Mittal’s estimated net worth as of the month of July 2022 is around $18 Billion.

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