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"Mittal, who owns some of London's finest homes, including two in Kensington Palace Gardens, has seen the value of the shares he and his family hold crash from 33.24 billion pounds in June, 2008 to 11.82 billion pounds today.
“Over the last four months, he has lost the equivalent of nearly 180 million pounds a day or some seven million pounds an hour," London's newspaper Evening Standard said in a report published online on Thursday.
The India-origin chief of world's largest steel maker ArcelorMittal has lost close to 20 billion pounds in the deepening financial turmoil, Evening Standard said.
Meanwhile, a wealth expert has also said that steel tycoon Mittal has lost an estimated 20 billion pounds owing to the tumbling stock markets and sliding property prices during the last five months.
According to Philip Beresford, the wealth expert who compiles the annual Rich List for The Sunday Times, more than 100 billion pounds would be wiped off the personal fortunes of Britain's wealthiest industrialists and entrepreneurs in the coming months.
The losses witnessed by Mittal is much higher than others in the top 10 billionaire victims of the financial turmoil in London, compiled by Evening Standard.
Evening Standard said that apart from Mittal, another Non Resident Indian Anil Aggarwal, Chief of mining major Vedanta Resources has also seen an erosion in fortunes due to the financial crisis.
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havent you head of the movie 7 pounds ???
I can reach out to a market of 1.8 billion people.Let me endorse your products for quick sale. When the audience sees a specimen just like themselves (Chinese) but has alluring eyes, they will gravitate towards whatever I do. I will show them that I use your products. What pleases the eye, the heart goes with it. I am their role model.. Born epicanthic, I am the only person in the world who can crease my upper eyelid without surgery, stitches, tapes or glue.The Chinese are born without segmented upper eyelids and hate the sleepy look. Beauty is the most important thing for a woman, readily exchangeable for love, prestige or money. More so than education, aristocracy or fame.
mittal may be loosing any amount per minute, but it does not move him an inch and is also probably not aware of the losses. Why not focus on the common man and his plight, where it a question of his survival. That news would really reflect what is affecting millions of people in the world rather than what is happening to the millions of one person.
This loss of wealth is only on paper and temporary. Once the share market picks up again, he will get back his wealth. Everyone of us who has an equity portfolio has sustained losses on paper (unless one is selling off all stocks at a lower price than what was paid). But global economy is solid and safe in the long run. The U.S. will be the first to recover. But for those who are at or over the retirement age, I would advise hang in there for now, but the next time the DOW touches 13000 points, cash in your shares and invest in fixed income portfolios.
And that is money, not weight.We all weep for his money woes.
Gr8 idea Lets do the collection for poor fellow!!!!!!!!!!!!!!!!
HE DID NOT BRING THAT WEALTHY FROM HIS MOTHERS WOMB.WHAT YOU GET HERE ONE DAY , YOU PAY HERE ONLY, IF YOU FORGET THE GIVER AND HIS SUBJECTS. MAY ALMIGHTY GIVE YOU THE HEART TO BEAR THE LOSS AND WAKE UP AND SHARE SOME OF YOUR WEALTH WITH THE RAGS CLAD COUNTRY FELLOW OF YOURS,BEFORE HE WIPES UP ALL YOU WEALTH AND BRING YOU IN LINE WITH THEM
Poor fellow. We Indians should bail him out by contributing Re.1/per head