Lakshmi Mittal, a titan of the steel industry and one of the wealthiest individuals globally, has crafted a formidable legacy that spans continents. In 2023, a burning question commands our attention: What is Lakshmi Mittal net worth? We turn our investigative lens onto Mittal’s extensive portfolio in this article.
What is Lakshmi Mittal’s Net Worth and Salary in 2023?
As of 2023, Lakshmi Mittal boasts an impressive net worth of approximately $15.9 billion. According to Forbes, this staggering figure places him as the 100th richest person in the world.
While his exact salary remains undisclosed, it is evident that Mittal’s wealth has been amassed through his strategic acquisitions and successful turnaround of loss-making steel mills across the globe.
Lakshmi Mittal’s Overview
Early Life
Lakshmi Mittal, born on June 15, 1950, in Sadulpur, Rajasthan, India, hails from a Hindu Marwadi family. His early life was spent in Calcutta, where his family moved in the 1960s due to his father’s steel mill business. Mittal attended Shri Daulatram Nopany Vidyalaya from 1957 to 1964 and later graduated with a B.Com degree in the first class from St. Xavier’s College, affiliated with the University of Calcutta.
Career
In 1976, Lakshmi Mittal started his famous career by moving his family’s steelmaking business from India to Indonesia.
Over the next four decades, Mittal’s entrepreneurial spirit, strategic vision, and unwavering determination transformed this modest venture into ArcelorMittal, the world’s leading steel and mining company and one of the foremost industrial companies globally.
Mittal’s journey to success was marked by numerous challenges, including leaving India and adapting to the global market. His strategy of acquiring loss-making steel mills worldwide and turning them profitable through the ‘Turnaround’ approach helped him build his empire.
As the company expanded, Mittal focused on consolidating the fragmented steel industry, emphasizing efficiency and modern management practices. He also strategically acquired nearby coal and iron ore mines to create new efficiencies and reduce costs.
Aditya Mittal, son of Lakshmi Mittal, started working as an investment banker after completing his undergraduate degree at Wharton in 1997.
Aditya played a crucial role in the company’s mergers and acquisitions, helping it navigate through the steel market crash in 1999 and continuing its expansion despite financial challenges.
Under their leadership, Mittal Steel envisioned becoming a global giant, consolidating the industry and increasing its production capacity.
China played a significant role in the company’s future, with Mittal Steel completing a $338 million acquisition of a minority stake in Hunan Valin Steel Tube & Wire Co. and envisioning more deals in the region.
The company aimed to be a consolidator in China, further expanding its global presence and influence.
Personal Life
Lakshmi Mittal is known for his immense wealth and business acumen and his daughter’s extravagant wedding, Vanisha Mittal, in 2004. The lavish event took place in Paris and was one of the most expensive weddings in history, with a price tag of around $60 million.
The six-day extravaganza featured performances by Bollywood stars, international pop sensation Kylie Minogue, and a play written by renowned lyricist Javed Akhtar.
The wedding showcased the luxury and power of the Mittal family, as they flew in over a thousand guests worldwide and booked an entire castle, Vaux-le-Vicomte, as the wedding venue.
Despite the event’s grandeur, the marriage between Vanisha Mittal and Amit Bhatia lasted only ten years.
Controversies
There have been several scandals surrounding Lakshmi Mitta over his career. Over a hundred workers died in Mittal’s Kazakh sites between 2004 and 2010, leading to issues about safety standards and working conditions there.
Another contentious issue emerged in South Africa in 2019 when ArcelorMittal South Africa, a subsidiary of Mittal’s global steel empire, faced charges of contravening environmental regulations.
Furthermore, Mittal’s family-centric approach to business governance has also been criticized, with some arguing that the involvement of his daughter Vanisha and son Aditya on the board of Mittal Steel could compromise accountability to shareholders.
Philanthropy
As a Harvard University’s Global Advisory Council member, Mittal has generously donated to the institution and to UNICEF, specifically targeting child malnutrition in India.
The Mittal family has also shown their support for the Great Ormond Street Hospital in the United Kingdom by contributing to establishing the Mittal Children’s Medical Centre, which officially opened its doors in January 2018.
Why is Lakshmi Mittal Famous?
Lakshmi Mittal’s fame can be attributed to his extraordinary journey from humble beginnings in India to becoming a global steel magnate and one of the wealthiest individuals in the world.
His relentless determination, strategic vision, and exceptional leadership skills have enabled him to transform struggling steel mills into a thriving multinational conglomerate, ArcelorMittal.
As the Executive Chairman of the world’s largest steel and mining company, Mittal has revolutionized the steel industry and made significant contributions to philanthropy and community development.
FAQs about Lakshmi Mittal
How old is Lakshmi Mittal?
Lakshmi Mittal age is 72 years old.
How tall is Lakshmi Mittal?
Lakshmi Mittal height is 1.75 m.
What is the net worth of ArcelorMittal Group?
As of the 31st of May, 2023, ArcelorMittal has a net value of $20.62B.
What is Aditya Mittal net worth?
Aditya Mittal has a $5,000,000 net worth as of January 9, 2023.
What happened to Laxmi Mittal?
Mittal resigned as CEO of ArcelorMittal in February 2021 and was succeeded by his son Aditya.
Conclusion
In conclusion, exploring Lakshmi Mittal’s net worth offers an intriguing peek into the financial landscape of one of the world’s steel industry titans.
Yet, the world of extraordinary wealth extends beyond Mittal. If you’re intrigued by the financial world of the rich and famous, we invite you to delve into other articles on our World Celebrity Net Worth.
