Lakshmi Mittal | $ 16.3 Billion
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Lakshmi Mittal

ArcelorMittal

Net Worth $ 16.3 Billion
  • Birthday15th Jun, 50
  • Birth PlaceIndia
  • Marital statusMarried
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Born Lakshmi Niwas Mittal has an estimated net worth of $16.3 billion according to Forbes as of 2014. Born on 15th June, 1950, Lakshmi Mittal is the protagonist of a typical rags-to-richest story. From a youth, who spent his life sleeping on thin mattresses, he has turned into the owner and CEO of world’s largest steel production company ArcelorMittal. With a personnel fortune of US 20.7 billion, he stands sixth on the list of world's richest persons . He is also the second richest man in Europe and the richest man in United Kingdom for the fifth time in a row. Mittal is a graduate of Indian Institute of Social Welfare and Business Management, which happens to be the first business school of India. He started his career from working for his father’s steel business, which was known by the name of Nippon Denro Ispat. However owing to differences with his father, mother and brothers, he set out to establish his own LNM group and has been the sole person responsible behind the astounding growth of his business in and around the world. Today his company has a production capacity of 42.1 million tons of steel, and one of every 5 cars use steel produced by his company. For all his fortune, he knows how to spend or rather invest it. He has bought for himself many houses and real estate properties, the most famous which is his current residence at 18-19 Kensington Palace Gardens, which he purchased for US $ 128 million, making it the most expensive home at the time. It is named Taj Mittal, since it has interiors decorated by the marble taken from the same quarry that supplied to the Taj Mahal. He married off his daughter Vanisha Mittal to an investment banker Amit Bhatia, in what is undoubtedly the most expensive wedding ever recorded in history. He spent over US $ 78 million in the extravaganza that lasted for a week. His philanthropic efforts include setting up the Mittal Champions Trust with US $ 9 million, to help the best of athletes in India win more Olympic medals.

Quotes

  • “Production cutbacks have remained in place in the third quarter and this has helped to further reduce inventory levels worldwide,”
  • “We are beginning to see the benefits of global consolidation,”
  • Everyone experiences tough times, it is a measure of your determination and dedication how you deal with them and how you can come through them.
  • At the end of the day you have to keep emotions away.
  • A strong player, which has the sufficient critical mass, can withhold pressure better and create a more stable environment that benefits shareholders as well as employees.
  • “We have experienced highly challenging global market conditions in the past quarter with significant steel price decline in all regions.”
  • We are not in the business of iron ore. Whatever captive iron ore sources we have, we use it to make steel.
  • We do not believe in oversupplying the market. When you are a large company, you can afford to do it. When you are a small player, your flexibility gets reduced.
  • “I'm cautious about the currency situation, oil pricing and the economies of some countries not performing as we are expecting.”
  • Always think outside the box and embrace opportunities that appear, wherever they might be.
  • When people can see which direction the leaders are going in it becomes easier to motivate them.
  • Hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve.
  • Everyone experiences tough times, it is a measure of your determination and dedication how you deal with them and how you can come through them.

Did you know?

  • He has received ''Padma Vibushan” award by the President of India.
  • Mr Mittal was awarded Fortune magazine’s “European Businessman of the year 2004”, “Business Person of 2006” by Sunday Times.
  • He is Chairman of Governing Council of LNM Institute of Information Technology.
  • Mittal is now planning to build a "Zero Carbon" Footprint estate in Surrey a 340 acre estate also called Alderbrook Park which was built as a country estate during the 19th century but was part-demolished in the 1950s and replaced with a less-attractive home. He purchased the estate for £5.25 million ands is planning to spend £25 million on it to make it 100 per cent self-sufficient and eco-friendly.
  • He is the Governer of ArcelorMittal Foundation.
  • Lakshmi Mittal is member of the Board of Directors of Goldman Sachs.
  • He is Trustee of Gita Mittal Foundation.
  • In 2002 he was involved in a political scandal with British Prime Minister Tony Blair, when a donation he made to the Labour party led to Blair's intervention in a business deal flavoring Mittal, it was announced later he donated £2 million to the Labour Party.
  • Mittal was awarded Fortune magazines “European Businessman of the Year 2004” and also “Steelmaker of the Year” in 1996 by New Steel, and the “Willy Korf Steel Vision Award” in 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics.

Family & relationships

Lakshmi Mittal Estates and Homes (7)

Mittal'a Penthouse

Penthouse Apartment

Apart from owning massive mansions, Lakshmi Mittal also owns a penthouse apartment in London. Mittal bought this 5,500 Sq.Ft. penthouse apartment few years.


Location: This lavish apartment is located at 148-150 Old Park Lane London.


Neighborhood: It is situated just above Hard Rock Cafe which he purchased for $9,601,485 in July 2002.

Bungalow No 22

Bungalow No 22

Lakshmi Mittal who is an Indian born billionaire, has many houses in UK but also owns a lavish colonial bungalow in New Delhi, India. He bought this house in the year 2005 for $7.5 million.


Location: the colonial mansion is located in Aurangzeb Road which is one of the posh areas in New Delhi, India.


Neighborhood: The mansion is amid many foreign embassies  and also sits few kms away from the Indian billionaire Birla’s house. 

Kensington place

Palace Greens No 9

U.K’s richest person Lakshmi Mittal owns few lavish properties in affluent areas of UK and No. 9 Palace Greens home is one amongst those properties. Mittal bought No. 9A Palace Greens, formerly and the British Philippines embassy, at £70 million in 2008 for his daughter Vanisha Mittal Bhatia.


Location: the mansion is located in Kensington Gardens, UK.


Neighborhood: The house is just near to Taj Mittal and No. 6 Palace Greens which belongs to Mittal too.

 

Palace Greens

Palace Greens No 6

Apart from owning few lavish houses in U.K he also owns a beautiful palace look alike house that he bought in 2008. The house was gifted to his son Aditya Mittal.


Location: the No. 6 Palace Greens mansion is located in Kensington Gardens, England.


Accommodation: The four story house has five bedroom suites and is built by using red bricks which gives it an old architecture look. The stones used in the mansion were bought from Portland the early 1900s. The house is spread in 13,000 sq ft and also boats an extensive servants’ quarter.


Neighborhood: The mansion is very near to Mittal’s huge mansion Taj Mittal. The house can also overlook the palace of Sultan of Brunei.

Scotland

Scotland home

Laxmi Mittal, the richest man in Europe and the fifth richest man in the world with a fortune of $28.7 billion, tore down his £4 million house to build his new £15 million ($23 million) luxury holiday home.


Location: He is building, what appears to be the most expensive home in Scotland.


Accommodation: Its spectacular features include top-of-the line sound system and two kitchens. The plush interiors of the home will be taken from Ralph Lauren home collection line and the wallpapers, soft furnishings are being supplied by a German firm at $274.255 a meter. Previously , the price of the Perthshire project was predicted at £12million, but the cost shoot up after Laxmi Mittal asked for some alterations, which included the scrapping of a £80,000 bathroom. Consideration has been paid to every detail inside the Mittal’s new luxury fort. The wallpaper and soft furnishings are done by Ralph Lauren.

 

Neighborhood: The  £15 million home lies right next to  the Gleneagles luxury hotel-cum-golf course in Perthshire, Scotland. 

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Taj Mittal

 

Lakshmi Mittal, Britain’s richest man, also holds the record for owning the most expensive house in Britain, called Taj Mittal. The steel industrialist invested an astounding sum of $128 million to grab this property. Mr. Mittal bought this property in 2004 from Bernie Ecclestone, the Formula One chief.


Location: The house is located is located between Kensington Palace and the mansion of Sultan of Brunei at the Billionaire’s Row in the most prestigious address in London.


Accommodation: The architectural highlight of this mansion is that it has been decorated using marble from the same quarry which was supplied to the Taj Mahal, hence the name. It features 12 bedrooms, a Turkish bath, a massive ballroom, A gilded double staircase, a rare bejeweled swimming pool, an oak-paneled picture gallery, and parking for 20 cars.


Neighborhood: As the Billionaire’s Row is one of the most affluent row in U.K. Mittal’s residence is just between Kensington Palace and the mansion of Sultan of Brunei.

Taj Mittal

Taj Mittal
Lakshi Mittal's mansion, Taj Mittal is world’s most expensive private home
Summer Palace

Summer Palace

Steel magnate Lakshmi Mittal owns a house in the Millionaires Row" in London which he fondly calls Summer Palace. Mittal bought this house in 1996 for £6.75million. The house is now reportedly for sale at £40 million. Till it is sold, Mittal has declared to rent the property for £10,000 a week.

Location: The London home is located at 46B, The Bishops Avenue, London.

Accommodation:  The house is built in one acre of land and boasts 11 bedrooms, 12 bathrooms and six reception rooms, a glass lift to a swimming pool, Jacuzzi and steam room. The house is listed for £40 million as last year in January Toprak Mansion - the property next door to Summer Palace was sold for £40million.  

Neighborhood: The Bishops Avenue was once regarded as London's most exclusive road and has residents like members of the Saudi Arabian and Brunei royal families.

Majestic staircase in in the living room

Majestic staircase in in the living room
A beautiful chandelier oversees gilded double staircase in Mr Mittal's mansion

Lakshmi Mittal Yachts (1)

Jennifer Lopez and Marc Anthony

Amevi yacht

Steel king Laxmi Mittal owns an 80m (267.47 ft) superyacht named Amevi, which also happens to be one of the most expensive, chartered yachts.  This yacht was built at the Oceanco ship-yard in the Netherlands. Commissioned by Laxmi Mittal in 2007 for an estimated $150 million, the yacht has played hosts to many celebrities such as Jeniffer Lopez and her husband Marc Anthony, when Mittal invited them for a dinner after the Cannes Film Festival, 2010.


Features & Toys: Setting this vessel in its niche category is the state-of-the-art Rolls Royce retractable stabilizer which is the primary reason for comfort and stability of the luxury boat. Apart from this, the yacht also has a massage room, indoor cinema, gymnasium, swimming pool and a hairdressing salon. It has a exciting range of toys which include jet skis, an underwater jet bike, water skis, wake boards and a banana boat.


Accommodations: The yacht features luxury public areas and 11 VIP staterooms. The owner's cabin has the largest living area of all the cabins and luxury furnishings, including Italian marble in the bathroom, cherry furniture, and a jacuzzi. It can also house a total of 16 guests and 22 staff members in full capacity.


Specifications: This yacht is extremely powerful and has twin MTU 16V 595 TE70 engines with total power of 9,100 hp. It can reaches up to the speed of 18.5 knots.


Charter:  The yacht can be chartered for about 700,000 euros (£620,215) a week.

Deluxe yacht

Deluxe yacht
Lakshmi Mittal's deluxe yacht, Amevi

Amevi

Amevi
Personal super yacht of steel magnate, Lakshmi Mittal

Super yacht

Super yacht
One of the luxurious yachts of Indian Billionaire, Lakshmi Mittal

Dining hall

Dining hall
Well furnished dining hall

Guest room

Guest room
Guest room in super yacht, Amevi

Living room

Living room
Amazing ocean view from living room

The upper deck

The upper deck
It has all amenities for comfort and desire

Jennifer Lopez arrives to meet Indian billionaire

Jennifer Lopez arrives to meet Indian billionaire
Jennifer Lopez arrives at Lakshmi Mittal's yacht

Lakshmi Mittal Private jets (1)

Gulfstream 550

Gulfstream 550

Just like other billionaires like Michael Dell, Mark Cuban and Kumar Birla ; Lakshmi Mittal also owns a Gulfstream 550 as  privet jet. He is often spotted flying in this pricy aircraft which is one of the most luxurious one in the world. This amazing jet is considered as the Rolls-Royce of private jets, and can reach up to the speed of 675 miles per hour.

The lavish interiors

The lavish interiors
Admirable interiors of Gulfstream 550 with LCD monitors for the owner and guests

Compact bedroom

Compact bedroom
Lakshmi Mittal's private jet is full of all luxurious amenities, it also offers sitting area for meetings and compact bedroom

Lakshmi Mittal Autos and Cars (1)

Master suite attached bathroom

Vanity Van

Lakshmi Mittal proudly owns this super luxury Recreational Vehicle. It is well equipped with all the luxury features such as a massive kitchen and bathroom, king size bed room and a huge living area. It can be called as a moving palace on earth.

The living room

The living room
The living room also plays the role of official meeting hall

The screen hall

The screen hall
The screen hall for proper entertainment of owner and the guests

Leather touch steering

Leather touch steering
Small GPS aside to keep all traffic and destination records with comfortable seat for the driver

Well equipped owner suite

Well equipped owner suite
The owner suite for the owner, it also offers a screen for complete entertainment

The compact bathroom

The compact bathroom
Well furnished compact bathroom on the wheels

Lakshmi Mittal's moving palace

Lakshmi Mittal's moving palace
Lakshmi Mittal's luxurious automobile

Lakshmi Mittal Wedding (1)

Usha Mittal

Lakshmi Mittal and his wife Usha Mittal were tied in the relationship of marriage with complete support from their family. It was a sweet blend arrange cum love marriage. The couple met each other just once or twice before marriage. Lakshmi Mittal stated that, “we met on one evening for tea”. Usha mittal has revealed how the love relation actually grew between them. She said, “As happens after we saw each other. My parents loved him and his parents loved me. So the engagement was supposed to happen after two weeks and the first call he made, I think we talked for hours, more than two hours at least. We didn't feel that short of sentences or words. And we didn't realize we have been talking for two hours. That's how and I think we both fell in love with each other.”

Lakshmi Mittal Holiday Destinations(Getaways) (1)

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Switzerland

Out of his several homes in different parts of the world, his favorite holiday spot is his luxurious chalet in glitzy St Moritz, Switzerland. This mansion is popularly called the ‘Champagne Climate’ and the reason behind this is its dry air. In this location, the sun shines on average 322 days in a year.

Switzerland

Switzerland
One of the most favorite holiday spots of Lakshmi Mittal

Lakshmi Mittal Cause (3)

Comic Relief

Comic Relief

He raised $1,369,881.05 for the Comic Relief in the year 2007.

CSR program

Mittal also runs a very active CSR program under which it sets out its path to produce Safe Sustainable Steel. The company operates the Arcelor Mittal Foundation, which provides support to many different community projects around the world in the countries where it operates.
Mittal Champions Trust

Mittal Champions Trust

Mittal hasset up a trust named, Mittal Champions Trust with an investment of US$9 million. The main purpose for which this trust works is for supporting chosen 10 Indian athletes who have the world-beating potential. This trust actually proved as an asset for India. In 2008, Mittal awarded Abhinav Bindra with $3,015,070.29 as he made a remarkable achievement and made India proud by its first individual Olympic gold medal in shooting.
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