Billionaire Lakshmi Mittal was once the world's third richest man but lost $17.5 billion in the last decade

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Billionaire Lakshmi Mittal was once the world's third richest man but lost $17.5 billion in the last decade
  • Mittal, the CEO of the world's largest steelmaker, is the 91st richest person in the world, controlling the wealth of $13.6 billion.
  • Billionaire Lakshmi Mittal was born into a home without electricity and now owns three mansions worth $350 mn.
  • Lakshmi Mittal, the world's largest steel producer, lost more than half of his wealth in a decade.
Steel magnate Lakshmi Mittal became the country’s fourth richest person and also the world’s largest steel maker — all in 50 years.

Here’s a look at his journey:
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Mittal derives his wealth from 38% stake in ArcelorMittal

Mittal derives his wealth from 38% stake in ArcelorMittal

2016: $8.4 billion

Mittal makes his wealth from his 38% stake in ArcelorMittal, which has operations across 60 countries. He spends most of his time in London where he purchased bought a mansion for £57.1 million.

He also has 41% stake in Aperam, a steel maker headquartered in Luxembourg along with having 49% stake in HPCL-Mittal Energy.

Mittal started his journey as an industrialist outside India in the 1970s

Mittal started his journey as an industrialist outside India in the 1970s

2017: $16.4 billion

Life wasn't always a bed of roses for Lakshmi Mittal. He was born in a low-income family in Rajasthan. He used to live in a modest house which had neither that had no electricity nor drinking water.

His father, Mohanlal Mittal paved the way for entrepreneurship with his steel company in Kolkata. But Lakshmi founded his steel factory in Indonesia in 1976. In 2006, Mittal Steel merged it with Luxembourg-based Arcelor. Today, it produces a tenth of the world's total steel, generating a revenue of $96.03 billion.

He was named world's third-richest person in 2005.

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​Mittal was the biggest gainer in the year 2005

​Mittal was the biggest gainer in the year 2005

2018: $18.5 billion

He added a whopping $18.8 billion to his net worth. His total net worth stood at $25 billion. Forbes put him on the third position in the same year, up 59 positions from 2004. His wealth grew from $25 billion in 2005 to $31.1 billion in 2011. However, he lost half his wealth in the next 10 years.

​Mittal has expensive tastes

​Mittal has expensive tastes

2019: $13.6 billion

Mittal is famous for his jet setting lifestyle. He owns three mansions worth $350 million in London, reported Bloomberg citing purchase records from the U.K. Land Registry.

He also spent a whopping £34m to host his daughter's wedding in 2004.

Moreover, he owns a private jet, a chauffeur-driven £2,00,000 Daimler Maybach, and a couple of yachts.

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