Mittal slips to 4th on UK rich list 2013

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

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, £2.7 billion 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. “The 40 per cent stake Mittal and his wife Usha hold in the steel-making giant ArcelorMittal has plummeted from £28 billion at its peak to £5.95 billion.”     

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 in 2013 as against £8.6 billion 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 $2 billion to $4.6 billion, while the acquisition of the American company Houghton International by their Gulf Oil for $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.

Meanwhile, Mukesh and Anil Ambani have been together listed as 20th richest in the world in the Sunday Times Rich List 2013. The brothers, who have separate industrial empire in India, have been clubbed together under the category of petrochemicals and they are jointly assessed worth £17 billion as against £19 billion last year.