Lakshmi Niwas Mittal Net worth 2024: Lakshmi Mittal is an Indian-born steel investor based in the UK. He is the owner of the world’s largest steelmaking company, ArcelorMittal. Curious to know how much Lakshmi Mittal is worth and how he makes his money? To satisfy your curiosity, we’ll take you through the biography, salary, earnings, and net worth of Lakshmi Mittal. You’ll also learn about his investments in football as a bonus.
Who is Lakshmi Mittal and How Much is His Worth?
|Lakshmi Niwas Mittal
|Date of Birth
|June 15, 1950
|Entrepreneur: Chairman & CEO of ArcelorMittal
Owner of Karrick Limited
|King of Steel
|5 ft 8 in (1.75 m)
|Source of Wealth
Lakshmi Niwas Mittal is a United Kingdom-based Indian billionaire with an estimated net worth of £17 billion. The steel magnate is the founder and CEO of the world’s largest steelmaking company, ArcelorMittal. He is also the chairman of Aparterum and a co-owner of Queens Park Rangers Football Club. In addition, Mittal owns a 38% stake at ArcelorMittal as well as a 20% stake at Queens Park Rangers.
Lakshmi Mittal Early Life
Mittal was born in a Hindu Marwari family in Sadulpur, Rajasthan, on 15 June 1950. His father, Mohanlal Mittal, ran a steel business. This helped form Mittal’s interest in the steel industry. He has two brothers and one sister.
Mittal had his primary and secondary education at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964. He graduated from St. Xavier’s College, affiliated with the University of Calcutta, with a B.Com degree in the first class.
Mittal opened his first steel factory in Indonesia in 1976 when he was 26 occasioned by the curb of steel production by the Indian government.
In 1989 Mittal acquired the state-owned steel works in Trinidad and Tobago which were operating at an enormous loss. He turned them into profitable ventures within a year.
Following the success of his last investment, Mittal purchased the Irish Steel in Cork Ireland from the government for a nominal fee of IR£1 in 1995.
Mittal acquired a number of other failing steel businesses around the number and turned them all into profitable ventures.
Mittal has several been accused of allowing “slave labour” conditions in his mines. For example, twenty-three miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors in December 2004.
In 2006, Mittal took over Arcelor and renamed it ArcelorMittal. This gave him control over other assets including Usinor steel assets of France, the Arbed steel assets of Luxembourg, and the Aceralia steel assets of Spain. The newly created ArcelorMittal is the world’s largest steel maker.
Following the poor outing of India at the 2000 and 2004 Summer Olympics which saw the country win only one medal- bronze and silver, respectively, Mittal set up the Mittal Champions Trust with $9 million to support ten Indian athletes with world-beating potential.
Mittal also awarded Abhinav Bindra Rs. 1.5 Crore (Rs. 15 million) for getting India its first individual Olympic gold medal in shooting in 2008.
on 20 December 2007, Mittal purchased a 20 percent shareholding in Queens Park Rangers football club.
In 2003, Lakshmi Niwas Mittal established the LNM Institute of Information Technology (LNMIIT) in Jaipur in partnership with the Usha Mittal Foundation and the Government of Rajasthan.
In 2008, the Mittals made a donation of £15 million to Great Ormond Street Hospital in London. The donation was used to help fund their new facility, the Mittal Children’s Medical Centre.
Personal and Family Life
Who is Lakshmi Niwas Mittal’s wife: Lakshmi Niwas Mittal is married to Usha Mittal. Together, the couple has two children: a son and a daughter. He is a Lacto-vegetarian.
Where does Lakshmi Mittal Live
He lives at 18–19 Kensington Palace Gardens in West Central London. He bought the house in 2004 for £67 million (US$128 million). It has 12 bedrooms, an indoor pool, Turkish baths, and parking for 20 cars.
In 2008, Mittal also bought No. 9A Palace Greens, Kensington Gardens for £70 million in 2008 for his daughter Vanisha Mittal.
In 2005, he also bought a colonial bungalow for $30 million and rebuilt it as a house.
Awards and Recognitions
Lakshmi Mittal is a recipient of several fellowship and honorary awards. He was conferred Lifetime Achievement Award in 2008. He also received the European Businessman of the Year and the Entrepreneur of the Year Award in 2004. In 1996, he was recognized as the Steel Maker of the Year.
Social Media Profile (Instagram, Twitter, and Facebook)
Lakshmi Mittal has a good number of fans on his social media pages. Mittal has over 4.457k Instagram followers as of the time of writing. Over 46.1k people are following him on Twitter. In addition, Mittal has over 4.8k Facebook followers.
Lakshmi Mittal Net Worth, Salary, and Earnings 2024
As of July 2024, Lakshmi Mittal has an estimated net worth of £17 billion. Mittal earns the majority of his wealth from ArcelorMittal. According to the 2022 Sunday Times Rich List, Lakshmi Mittal is the sixth-richest person in the UK.
Lakshmi Mittal is an Indian-born billionaire based in the UK with an estimated net worth of £17 billion at the time of writing. His still-making company, ArcelorMittal is the largest still marker in the world. He is also the CEO of ArcelorMittal and a co-owner of Queens Park Rangers Football Club of England.