Steel maharajah Mittal tumbles to 4th rank in UK Rich List

Last Updated: Sun, Apr 21, 2013 12:31 hrs

Steel tycoon Lakshmi Mittal's wealth has plummeted but the Hinduja brothers have become the richest Asians in the UK, while Lord Swraj Paul has emerged as the wealthiest Peer, according to the Sunday Times Rich List.

Mittal, 62, who spent eight years at the top of the list, has dropped down to fourth position this year, with a fortune of 10 billion pounds, 2.7 billion pounds less than last year.

"So, after eight years on top of The Sunday Times Rich List, the steel maharajah is no longer No.1," the report said.

It said, "the 40 per cent stake Mittal and his wife Usha hold in the steelmaking giant ArcelorMittal has plummeted from 28 billion pounds at its peak to 5.95 billion pounds."

Srichand (77) and Gopichand Hinduja (73), the Chairman and co-Chairman of the Hinduja group respectively, take the third place. The Hinduja brothers are worth 10.6 billion pounds in 2013 as against 8.6 billion pounds last year.

Noting that "the Hinduja brothers are on a roll," the Rich List 2013 said, in the past year "the stock market value of their IndusInd Bank shot up from USD 2 billion to USD 4.6 billion, while the acquisition of the American company Houghton International by their Gulf Oil for USD 1.1 billion was the largest Indian investment outside India last year."

Russian billionaire Alisher Usmanov, 59, who has a near 30 per cent stake in Arsenal Football Club, is the richest person in Britain with a fortune worth 13.3 billion pounds.

The list's biggest gainer over the past year is another Russian tycoon Leonard Blavatnik, who ranks second with his wealth of 11 billion pounds.

According to the list, Lord Paul, Chairman of the Caparo Group, is the richest Peer in the House of Lords with a fortune worth 2 billion pounds. He stands at 38th position.

Lord Paul's fortune has been boosted by profits from his Caparo steel and engineering firm, the report said.

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