Lakshmi Mittal Net Worth (Updated 2024)

What is Lakshmi Mittal’s Net Worth?

Lakshmi Mittal, the Indian-born steel magnate, has an estimated net worth of $16.4 billion. Mittal’s wealth primarily stems from his significant ownership stake in ArcelorMittal, , the world’s second-largest steelmaking company, where he serves as the executive chairman.

He began with humble origins in the Indian steel industry and expanded globally through strategic acquisitions and mergers. The pinnacle of his business achievements came in 2006 when he orchestrated the merger of his company, Mittal Steel, with Arcelor, forming ArcelorMittal.

In addition to his primary source of wealth from ArcelorMittal, Mittal has diversified his portfolio. He holds a 3% stake in the EFL Championship Club Queens Park Rangers F.C. and sits on various boards worldwide.

His assets also include luxurious properties, such as his residence at 18-19 Kensington Palace Gardens in London, valued at $128 million, which is considered one of the most expensive houses globally.

Here’s the breakdown of Lakshmi Mittal’s net worth:

If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.

Early Life

Lakshmi Niwas Mittal was born on June 15, 1950, in Sadulpur, a small town in the Churu district of Rajasthan, India. Born into a Marwari Hindu family, Mittal’s early years were shaped by his family’s involvement in the steel industry. His father, Mohanlal Mittal, ran a steel business called Nippon Denro Ispat, which provided young Lakshmi with his first exposure to the world of steel manufacturing.

Mittal’s education began at Shri Daulatram Nopany Vidyalaya in Calcutta (now Kolkata), where he studied from 1957 to 1964. He then went on to pursue higher education at St. Xavier’s College, affiliated with the University of Calcutta. In 1969, Mittal graduated with a Bachelor of Commerce degree, achieving first-class honors. 

Career

Lakshmi Mittal’s career in the steel industry began immediately after his college graduation when he started working for his father’s company, Nippon Denro Ispat.

However, his entrepreneurial spirit and vision for the steel industry soon led him to forge his own path. In 1976, at the age of 26, Mittal seized an opportunity to expand internationally by opening his first steel factory, PT Ispat Indo, in Sidoarjo, East Java, Indonesia.

This move marked the beginning of Mittal’s global expansion strategy. In 1989, he made a significant acquisition by purchasing the state-owned steel works in Trinidad and Tobago, which were operating at a substantial loss. Demonstrating his business acumen, Mittal turned these facilities into profitable ventures within a year.

Throughout the 1990s and early 2000s, Mittal continued his strategy of acquiring and revitalizing struggling steel companies. Notable acquisitions included Irish Steel in 1995, and various steel assets in Eastern Europe.

In 2006, Mittal orchestrated his most significant deal yet – the merger of Mittal Steel with Arcelor, forming ArcelorMittal, which became the world’s largest steelmaking company.

Under Mittal’s leadership, ArcelorMittal has grown to operate in 16 countries and serve customers in 155 countries. 

Personal Life

Lakshmi Mittal is married to Usha Mittal, and together they have two children: a son, Aditya Mittal, who is now the CEO of ArcelorMittal, and a daughter, Vanisha Mittal Bhatia, who serves as a non-independent director of the company. Mittal is known for his lacto-vegetarian lifestyle, which aligns with his Indian heritage.

The Mittal family’s personal events have often made headlines due to their lavish nature. In 2005, Lakshmi Mittal threw an extravagant “vegetarian reception” for his daughter Vanisha’s wedding at the Palace of Versailles in France, which was reported to be one of the most expensive weddings in recorded history.

Awards and Honors

Throughout his career, Lakshmi Mittal has received numerous prestigious awards and honors, recognizing his contributions to business and industry. Some of his notable accolades include:

1. Padma Vibhushan: In 2008, Mittal was awarded the Padma Vibhushan, the second-highest civilian award in India, for his exceptional service to the nation.
2. Forbes Lifetime Achievement Award: This award recognized his overall impact on the business world.
3. Steelmaker of the Year: Awarded by New Steel in 1996, acknowledging his influence in the steel industry.
4. European Businessman of the Year: Bestowed by Fortune magazine in 2004.
5. Person of the Year: Named by the Financial Times in 2006.
6. Time 100: Included in Time magazine’s list of the 100 most influential people in the world in 2007.
7. Grand Cross of Civil Merit: Awarded by the Spanish Government in 2007.

These accolades reflect Mittal’s significant impact on the global steel industry and his status as a leading figure in international business.

Real Estate

Lakshmi Mittal’s real estate portfolio is as impressive as his business empire, featuring some of the world’s most expensive and luxurious properties. His most notable acquisitions include:

1. Kensington Palace Gardens, London: Mittal’s primary residence at 18-19 Kensington Palace Gardens, purchased in 2004 for £67 million (US$128 million), was once the world’s most expensive house. This opulent mansion features 12 bedrooms, an indoor pool, Turkish baths, and parking for 20 cars. It’s decorated with marble from the same quarry that supplied the Taj Mahal.
2. No. 9A Palace Greens, London: In 2008, Mittal bought this property, formerly the Philippines Embassy, for £70 million for his daughter Vanisha.
3. Summer Palace, London: Mittal owns another luxurious mansion named Summer Palace on Bishop Avenue.
4. New Delhi Residence: In 2005, Mittal acquired a colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, one of the most exclusive streets in India.
5. Multiple London Properties: Mittal owns at least three properties in Kensington Palace Gardens, nicknamed “Billionaire’s Row”.

These high-value real estate investments not only serve as residences for the Mittal family but also represent a significant portion of Lakshmi Mittal’s overall net worth.

Ashley Roberts

Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.

With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.