⬅ # 105 Azim Premji|# 107 Ernesto Bertarelli ➡

# 106 Lakshmi Mittal 

$18.3B

Real Time Net Worth
as of 5/18/2024
-$44.6M (-0.24%)

# 106 Lakshmi Mittal 

$18.3B

Real Time Net Worth
as of 5/18/2024
-$44.6M (-0.24%)
OccupationChair, ArcelorMittal
Source of WealthSteel
Age73
ResidenceLondon, United Kingdom
Marital StatusMarried
Children2
EducationBS, St Xavier's College Calcutta
Age-Adjusted Net Worth$7.59B
Lakshmi Mittal
Lakshmi Mittal
India
Net worth: $18.3B

Self-Made Score 

Wealth History

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Biography

Overview

Lakshmi N. Mittal was born in Sadulpur, Rajasthan, in 1950.
He graduated from St Xavier’s College in Kolkata with a bachelor of commerce degree.
In 1976, Mittal moved to Indonesia to set up a small steel company, which later evolved into ArcelorMittal, the world’s leading steel and mining company.
He played a crucial role in restructuring the global steel industry, focusing on consolidation and globalization.
Mittal Steel was founded in 2004 through the merger of Ispat International and LNM Holdings, becoming the world’s leading steel producer.
In 2006, Mittal Steel successfully merged with Arcelor to form ArcelorMittal, the largest and most global steel manufacturer.
He served as the CEO of ArcelorMittal until 2021 when he became the executive chairman, later ceding the CEO position to his son, Aditya Mittal, in 2021.
Lakshmi Mittal is widely recognized for his outstanding business achievements and received numerous awards, including the Padma Vibhushan, India’s second-highest civilian honor, in 2008.
He is an active philanthropist, making significant contributions to Harvard University, Great Ormond Street Hospital, and UNICEF.
Mittal serves on the boards of Aperam and Goldman Sachs, among others, and is involved in various advisory councils and organizations globally.

Career Highlights and Awards

Founded Mittal Steel in 2004 through the merger of Ispat International and LNM Holdings.
Merged Mittal Steel with Arcelor in 2006, creating ArcelorMittal, the world's largest steel and mining company.
Received the 'Steelmaker of the Year' award in 1996 and the 'Willy Korf Steel Vision Award' in 1998 for outstanding vision and leadership in global steel development.
Named Fortune magazine’s 'European Businessman of the Year' in 2004 and 'Person of the Year' by the Financial Times in 2006.
Awarded the Padma Vibhushan, India’s second-highest civilian honor, in 2008.
Received the World Steel Association’s medal in 2010 for contributions to the sustainable development of the global steel industry.
Honored with the Gary Medal by the American Iron and Steel Institute in 2018 for his contribution to the steel industry.

Philanthropy

Made significant gifts to Harvard University to support the Lakshmi Mittal and Family South Asia Institute.
Contributed to the Great Ormond Street Hospital, supporting the Mittal Children’s Medical Centre.
Supported UNICEF, focusing on child malnutrition in India.

How long would it take you to become as rich as Lakshmi Mittal?

If you started with $10,000 and invested an additional $500 each month at a 44.10% CAGR, it would take you 5 years to reach Lakshmi Mittal's net worth of $18.3B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 42.76% compared to 11.89% for the S&P 500 benchmark.

Enter data in all but one field below, then calculate the missing value

Lakshmi Mittal is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Lakshmi Mittal, Steel is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey