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Lakshmi Mittal Net Worth, Biography & Wiki 2017
Lakshmi Niwas Mittal was born on 2 September 1950, in Rajgarh, India, and is a businessman, best known as the CEO and chairman of the company ArcelorMittal, which is one of the largest steel manufacturing companies in the world. In 2011 Mittal was listed in the sixth place of richest people in the world list. What is more, Lakshmi has a 34% stake in the English football team called Queen Park Rangers F.C. In addition to this he is a member of many organizations and committees.
So how rich is Lakshmi Mittal? It has been estimated by authoritative sources that Mittal’s net worth is over $16 billion as of mid-2016, accumulated during his business career now spanning almost 50 years, although somewhat lower than in previous years.
Lakshmi Mittal Net Worth $16 Billion
Mittal was educated at Shri Daulatram Nopany Vidyalaya, and after matriculating in 1964 he enrolled at St. Xavier’s College, Calcutta, graduating with a B.Com degree with first class honours in 1967. Mittal’s father had a steel business, so Lakshmi was familiar with that kind of business, so joined it, but in 1976 Lakshmi opened a steel factory in Indonesia, as the demand in India had decreased. From that time Mittal’s net worth started to grow exponentially. At the beginning his factory was small but later it grew into ArcelorMittal, one of the most successful and largest steel manufacturing companies in the world, and is certainly the main source of Lakshmi Mittal’s net worth.
Despite the success of ArcelorMittal, it has also faced some controversy. Lakshmi was accused of bad working conditions in his company, such that his company was not safe enough to work in. In 2004, 23 miners died in an explosion in his mines in Kazakhstan, apparently caused by faulty gas detectors. He has also been accused of utilising ‘slave labour’, but no prosecutions have ensued.
Lakshmi also has shares in Queens Park Rangers football club in the UK, which also adds to Mittal’s net worth. In addition to this, there are two books written about Mittal: “Cold Steel”, by Byron Ousey and Tim Bouquet, and “Invest The Happionaire Way”, by Yogesh Chabria. These may also have contributed to Mittal’s net worth.
Mittal has won many awards through his business acumen; some of them include Forbes Lifetime Achievement Award, Entrepreneur of the Year, Europea med among others in the industry.
He also has several foundations which helps to improve education, sports in India and gives money to the Great Ormond Street Hospital.
In his personal life, Lakshmi Mittal is married to Usha, and they have two daughters, on whom he lavishes gifts including house in London for his daughter Vanisha costing a reputed $70 million. He has a residence at 18-19 Kensington Palace Gardens, London which he bought for 57 million dollars.
However, Mittal is also a philanthropist, supporting Indian sport, donating $30 million to Great Ormond Street Hospital in London, and establishing and maintaining the LNM Institute of Information Technology (LNMIIT) in Jaipur. In 2009, the Lakshmi Niwas Mittal and Usha Mittal Foundation underwrote the foundation of the Usha Lakshmi Mittal Institute of Management in New Delhi, and following a significant donation from the Foundation, the Institute of Technology for Women (ITW) was renamed the Usha Mittal Institute of Technology.