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Bashed billionaires: Lakshmi Mittal is mining’s biggest loser
 

Firstpost reports after a 5% salary increase Lakshmi Mittal took home $1.74 million last year working as the CEO of ArcelorMittal.The world’s number one steel-maker also paid bonuses roughly equal to the board’s regular remuneration according to its annual report – something which should make India’s second wealthiest person feel slightly better about the staggering paper losses he has suffered over the past couple of years. According to calculations by Bloomberg, Mittal’s wealth has declined 23.6% this year making him the worst performer on the Top 40 Billionaires Index. After taking a $535 million bath on Tuesday, Mittal’s various investments are now worth only $16.1 billion. At the end of last year his fortune still amounted to more than $20 billion although that was already $10 billion less than in 2010. The London-based magnate’s wealth topped out $45 billion in 2008, before the global financial crisis hit.

15 Sunday July 2012  9:24

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