Mighty have fallen: British billionaires lose big
India's Mukesh and Anil Ambani have been jointly ranked as the sixth richest in the world with a fortune of 20.5 billion pounds.
Roman Abramovich, the Russian owner of Chelsea Football Club, keeps his position at second on the list despite also suffering from the downturn. His fortune has fallen to seven billion pounds from 11.7 billion pounds.
'ArcelorMittal may delay India plan by 2 years'
America's the Walton family of Wal-Mart is the richest in the world, with 52.3 billion pounds. Lakshmi Mittal is 21st richest in the world.
Leading NRI entrepreneur Lord Swraj Paul, Chairman of the Caparo Group, has seen his wealth dropping by one billion pounds in the past year, from 1.5 billion pounds to 500 million pounds now, the paper reported. The recession has wiped off 155 billion pounds from the fortunes of Britain's 1,000 richest people.
Lakshmi Mittal's US steel plant to lay off 400 workers
The unprecedented collapse is the biggest annual fall since the Rich List was first compiled 21 years ago, the paper said. The number of billionaires in the Rich List has fallen from 75 last year to 43 this year. Between them, people ranked in the top 100 lost 93 billion pounds. Only three saw their wealth increase.
58-year-old Mittal has sustained losses of more than three times the level of Roman Abramovich, his nearest rival in the down-shifting stakes. Stock market turmoil and fears of declining demand for steel have shrunk the value of the Mittal family stake in Arcelor Mittal from a record 33 million pounds last June to about 8.2 billion pounds.
Lakshmi Mittal in make or break situation
Mittal built his empire by acquiring and turning round ailing former state-owned mills across the world. He stunned the industry in 2006 with an audacious takeover bid for Arcelor, the biggest steel maker in the world after his own Mittal Steel, and secured the Luxembourg-based operation for 17.8 billion pounds after an acrimonious battle.
The Rich List said: "To the family's 8.2 billion pounds company stake we add 2.6 billion pounds for dividends and property. Dividends from their steel interests were 1.38 billion pounds in 2004 alone. In 2007, Arcelor Mittal paid 942 million pounds to the family in dividends and to buy back shares.
"The figure for 2008 will be about 663 million pounds. A separate investment portfolio is worth about 570 million pounds. We reckon the family fortune has fallen by 16.9 billion pounds."
The Duke of Westminster is the richest Briton and continues to occupy third position overall, next to Lakshmi Mittal and Roman Abramovich, with a fortune of 6.5 billion pounds.
Owns one of the most expensive houses in the world.
Daughter + son in law
