Lakshmi Mittal is an Indian steel magnate sitting atop ArcelorMittal, the second-largest steel business in the world, as its executive chairman and partial owner. As such, he is the second-richest person in the mining industry in India. Lakshmi Mittal’s net worth in 2024 is estimated at $21 billion.

While the largest portion of Mittal’s net worth comes from his stake in this business, he holds many other positions and has made highly profitable investments over the years. To learn how he made his fortune coming from a low-income family, keep reading.

Lakshmi Mittal’s Net Worth Breakdown:

Lakshmi Mittal’s success made him the richest person at one point, but his net worth has fluctuated greatly over the years. As one of the world’s richest people, his exact net worth is impossible to pin down. However, we did find some data that helped us make estimations about what he is worth today. Let’s have a look at it.

Asset or Income Source Contribution to Net Worth
ArcelorMittal stake 38% of ~$20.45 billion market cap
Aperam stake 41% of ~$2.45 billion market cap
HPCL-Mittal Energy 49% of unknown value
Queen’s Park Rangers FC stake 20% of unknown value
Real estate $600+ million
Private jet $14-28 million
Yachts $425+ million
Car collection $500k+
Total Net Worth ~$21 billion

Lakshmi Mittal Net Worth: Beginnings of a Mining Magnate

Lakshmi Niwas Mittal was born on June 15, 1950, in Sadulpur, Rajasthan, in a low-income Hindu Marwadi family. Lakshmi Mittal has three siblings: brothers Vinod and Pramod and sister Seema. He studied at Shri Daulatram Nopany Vidyalaya in Calcutta between 1957 and 1964, after which he enrolled and graduated from St. Xavier’s College with a first-class Bachelor of Commerce degree.

The Mittal family wasn’t rich in the literal sense when Lakshmi was young but it was rich in valuable connections. Mittal was born into a steel-industry-connected family which we would later leverage to build a steel empire. His father, Mohanlan Mittal, started his business, a steel company named Nippon Denro Ispat based in Kolkata, and following in his footsteps, Lakshmi founded his steel factory in 1976 in Indonesia.

Lakshmi Mittal became a stainless steel manufacturer when he opened a factory called PT Ispat Indo in Sidoarjo, East Java, Indonesia, at the age of 26, right after the Indian government started curbing the production of steel.

Lakshmi Mittal Net Worth: From Entrepreneur to Steel Magnate

Lakshmi Mittal’s company grew in no time, expanding to become one of the world’s largest steel businesses. Let’s see how he made his fortune.

The Beginnings of Lakshmi Mittal’s Company

Upon graduation, Lakshmi Mittal joined his father’s business, the Ispat International company. This venture was fairly successful in the country, but when the government set the restrictions, Lakshmi decided to pursue his ambitions and set up a factory in Indonesia.

In 1989, Mittal made one of the smartest decisions of his life when he took over the state-owned steel plants in Trinidad and Tobago. They were operating at a great loss at the time, but he was able to turn them into profitable ventures within just one year.

By 1995, Mittal bought the Irish Steel plant located in Cork, Ireland, and spent a token fee of IR£1, paid to the government. By 2001, this plant was shut down, leading to criticism and a legal battle because 400 employees were left jobless. The Irish government attempted to get Mittal’s company to share the clean-up cost of Cork Harbour worth over $80 million, but didn’t succeed in doing so.

cork harbor
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The business grew tremendously between the 1980s and 1990s. Mittal started acquiring even more failing steel plants at bargain prices in Mexico, Canada, and even Germany. He then used his business acumen and exceptional management techniques to transform them into profitable enterprises. He even established a trend known as the ‘Mittal model’.

Before 2001, he had already acquired Ispat Mexicana and the operation in Kazakhstan, Ispat Karmet. He also took over Sidex Galati and rebranded it as Ispat Sidex.

Mittal Steel and ArcelorMittal

In 2004, Mittal formed one of his biggest achievements, the Mittal Steel Company. Two years later, Mittal Steel announced its $33 billion bid to buy Lithuanian steel giant Arcelor, the top steel company in Europe. The merger happened in 2007, which led to the creation of ArcelorMittal, the world’s largest steel producer (at the time).

After the hostile takeover bid for Arcelor, the entrepreneur obtained control of the Usinor steel assets from France, the Aceralia steel assets of Spain, and the Arbed steel assets of Luxembourg, among others.

Mittal is well known for transforming the steel industry with his breakthrough strategies and business models. He hunted for undervalued steel factories and made quick, decisive decisions to close deals.

Mittal also re-popularized vertical integration (backward integration specifically) after it had become relatively rare in the industry following major antitrust crackdowns starting in the early 20th century. He bought up coal and iron mines around the world to ensure that he could get the 2 major ingredients of steel at bargain prices, making it extremely difficult to compete with his steel prices.

Today, ArcelorMittal is headquartered in Luxembourg and is the world’s second-largest steelmaker, behind only the state-owned China Baowu Steel Group Corp. ArcelorMittal operates across production facilities in 18 countries and employs over 190,000 people.

lakshmi mittal on the news
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In addition to its steel production business, ArcelorMittal is also involved in the production of coal, mining, steel scrap, and the manufacture of industrial and automotive components.

One of the company’s major subsidiaries is Nippon Denro Ispat, a new joint venture with another massive steel company, Nippon Steel Corporation. This subsidiary is focused on developing steel products for the construction and automotive industries with its Japanese partner.

lakshmi mittal the CEO of Arcelor Mittal
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Mittal’s Stake and Role in the Company

Naturally, most of Mittal’s wealth comes from his 38% stake in ArcelorMittal, making him the largest shareholder in the company.

He also has a 41% stake in Aperam, a steel maker based in Luxembourg that was spun off from ArcelorMittal in 2011, as well as a 49% stake in HPCL-Mittal Energy.

Pinpointing how much exactly this contributes to his net worth is impossible, especially considering that his stake’s value has dropped and increased significantly over the years.

For instance, in 2005, Forbes listed Mittal as the third richest person in the world, which was an upgrade of 59 positions in a single year. His wealth continued to grow by billions up until 2011, but he lost much of it in the following decade (perhaps about half of his entire net worth). By 2015, he dropped to their 82nd place. He is now one of the top 120 richest people in the world.

lakshmi mittal lost 17.5 billion dollars
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In February 2021, Mittal became executive chairman of ArcelorMittal. He previously held the role of chief executive officer (CEO) at the company. In 2021, Mittal decided to cede the CEO’s position to his son, Aditya Mittal.

lakshmi mittal and son
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We don’t know how much he earns as the company’s executive chairman or how much he earned as its CEO.

Lakshmi Mittal Net Worth: Philanthropy

Mittal and his family are incredibly influential philanthropists, having donated a fortune to all kinds of charities related to sports, education, and health care, among other causes.

India only won a single bronze medal in the Summer Olympics of 2000 and one silver medal four years later. So, the businessman set up the Mittal Champions Trust with a donation of $9 million to support Indian athletes with great potential.

In 2008, Mittal awarded Abhinav Bindra with over $18 million for getting his home country the first individual Olympic gold medal in shooting.

Mittal and his family have also opened and managed several foundations over the years. In 2003, for instance, the Lakshmi Niwas Mittal Foundation, the Government of Rajasthan, and the Usha Mittal Foundation partnered to establish the LNM Institute of Information Technology in Jaipur as a non-profit organization.

In 2009, his foundation joined forces with Bharatiya Vidya Bhavan to found the Usha Lakshmi Mittal Institute of Management based in New Delhi.

After an undisclosed, reportedly large donation from the Lakshmi Niwas Mittal Foundation, the SNDT Women’s University also renamed its Institute of Technology for Women as Usha Mittal Institute of Technology.

In the field of medicine, the family donated over $19 million to the Great Ormond Street Hospital in London, making the largest private contribution ever made to the facility. This donation was used to fund the Mittal Children’s Medical Centre.

Awards and Accolades

Lakshmi Mittal has won numerous awards over the years, including:

  • 1996: Steel Maker of the Year by New Steel
  • 2004: Entrepreneur of the Year by The Wall Street Journal
  • 2004: European Businessman of the Year by Forbes
  • 2004: 8th Honorary Willy Korf Steel Vision Award by American Metal Market
  • 2007: Bessemer Gold Medal by IOM3
  • 2007: Fellowship by King’s College London
  • 2008: Padma Vibhushan by the Government of India
  • 2008: Forbes Lifetime Achievement Award

Other Businesses and Investments of the Indian Steel Magnate

In addition to his ownership and roles in the international steel group, Mittal has been on several other boards and committees. These roles include:

  • Member of the board of directors of Goldman Sachs since 2008
  • Part of the World Steel Association executive committee
  • Member of the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries
  • Member of the European Round Table of Industrialists
  • Member of the World Economic Forum’s International Business Council
  • Member of the Foreign Investment Council, Kazakhstan
  • Member of the board of trustees of the Cleveland Clinic

Other Businesses and Investments

Apart from his involvement in the steel industry, Mittal has a 20% stake in Queens Park Rangers, a British EFL Championship football club. He reportedly spent over $3 million on this investment, but we don’t know how much it is worth today.

As part of this investment, Amit Bhatia, Mittal’s son-in-law, took a spot on the team’s board of directors.

He has invested in real estate, too, and has been involved in the development of properties like the ArcelorMittal Orbit, based in London, built for the 2012 Olympic Games.

Investments in Real Estate

Lakshmi Mittal is known for his luxurious real estate and lifestyle. He reportedly owns three mansions in London worth $350 million in total. For his daughter’s wedding in 2004, he spent over $60 million.

lakshmi mittal's daughter and son in law
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His primary residence is at Kensington Gardens, purchased from Bernie Ecclestone, the Formula One boss back in 2004 for around $128 million. This made it the most expensive property in the world at the time. The house is decorated with marble used from the same quarry that supplied the Taj Mahal, and this type of extravagant show of wealth was once referred to as the “Taj Mittal”.

In 2005, Mittal bought a colonial bungalow for $30 million in New Delhi, on one of the most exclusive streets in all of India, Dr APJ Abdul Kalam Road. He spent an undisclosed sum to rebuild the property as a house.

In 2008, Mittal bought another Kensington Gardens property which was formerly the Philippines embassy, spending over $80 million. He bought this property for his daughter, Vanisha Mittal Bhatia.

Lakshmi Mittal’s Yachts, Cars, and Jet

In addition to his rich real estate portfolio, Mittal owns a Gulfstream G550 private jet worth between $14 million and $28 million. He also owns at least two yachts, AALTO and ALAIYA, worth $125 million and $300 million, respectively.

Finally, the so-called ‘steel baron of India’ has a massive car collection. Some of his most prized possessions are the Porsche Boxter worth over $100,000, while he also owns:

  • Mercedes-Benz S Class worth $119,000
  • Bentley Continental GT worth $214,000
  • Tesla Model S worth over $100,000

What Can We Learn from Lakshmi Mittal’s Story?

Lakshmi Mittal has led an inspiring entrepreneurial journey that offers a number of valuable lessons for all of us, especially entrepreneurs.

For starters, Mittal’s success is rooted in his ambitious vision to build a global steel and mining empire. He started with a small steel company, recognizing the potential in the industry, and set out to create the world’s largest steel business.

Mittal’s growth strategy, built on strategic acquisitions and vertical integration, was brilliant. It all hinged on his ability to be patient enough to find an undervalued steel plant while also being decisive enough to dive into great opportunities when they presented themselves.

Over the years, Mittal has been recognized as a man willing to take calculated risks in pursuit of his business goals. He has invested heavily in expansion and vertical integration, even in the face of industry challenges and economic uncertainty. Even though his net worth has dropped since 2021, he remains strong, demonstrating that, among challenges, only perseverance and hard work can help you succeed.

As a seasoned business leader, Mittal recognized the importance of succession planning for the long-term sustainability of his business. Not long ago, Mittal ceded his position of CEO to his son Aditya Mittal, even though he remained part of the business, giving his son the reigns with a very strategic timing.

Finally, Lakshmi Mittal recognized the importance of corporate social responsibility and community engagement, which is evident through his long-term support of various initiatives in education, healthcare, infrastructure development, and more.