World's 4th Richest Man Loses £16 Billion (or £6 million per HOUR)

17 October 2008

Are you feeling the credit crunch? Indian steel tycoon Lakshmi Mittal probably is.

Mittal was the richest man in Europe. He also was the 4th richest man in the world.

But now, Mittal is to be known as the world's biggest loser, after his net worth plummeted by a whopping £16 billion over the last four months.

Mittal happens to be a London resident, after purchasing a £150 million Georgian mansion in Kensington Palace Gardens earlier this year. London's an expensive city, so why not move back to India for a bit until the storm settles?

That's probably because according to the London Times, Mittal still has something like £10 billion left. Surely with interest alone, his children can keep up with their non-Primark shopping.  His son once walked out of a London Primark because 'there was a queue'. (EDIT: the actual quote was “The queues were too long, so I walked out.” Thanks, Dave.)

In fact, it's probably difficult for normal people like you and I to relate or provide any form of sympathy to Mittal's losses, when most of us are still trying to figure out how to pay next month's rent and the electricity bills this winter. We're looking at approximately £137 million per day, or £6 million per hour, since the family stake in their steel conglomerate dropped from £33.24 billion on June 4 this year to £16.63 billion a week ago.

We also have no idea how this re-positions him on the world's rich list, as several other plutocrats have also suffered significant losses, and will continue to unless the stock market recovers. Sigh. My heart bleeds for them.

Mittal drops £16bn as crunch bites [London Times]

TOPICS:   Banking


  • Paul Nikkel EDITOR
    Hey I walked out of KFC because there was a queue. Where's my £10 billion? ;)
  • Dave
    ‘there was a queue’.... The acutal quote was “What’s that £3 shirt place on Oxford Street? Primark,” he said. “The queues were too long, so I walked out.” Still the same thing... but not a direct quote ' '
  • Paul Nikkel EDITOR
    Thanks Dave. I'm surprised he walked in...
  • Liam
    Diddums. At least he can still fork over millions to the Labour party. Now that is a loser!
  • none
    Its closer to 5 million an hour I believe...

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