L N Mittal tops this year''s Sunday Times Rich List in the UK

19 April 2007

India, émigré and steel magnate Lakshmi Mittal, who pulled off the contentious merger of Arcelor SA with his Mittal Steel in 2006 to create the world''s largest steel company, has once again topped the Sunday Times Rich List.

Not only does Mittal remain at the top of this year''s list, he has added £4.1 billion to his existing £19 billion.

The Daily Mail quoted Philip Beresford, the compiler of the annual Sunday Times Rich List as saying that Mittal had the business sense of spotting the right kind of investment at the right time. "It is absolutely extraordinary. He is an expert at spotting an industry and getting in there early, buying it cheaply and selling at a high price. That is the secret of his success and the only way to make money."

There are 10 more billionaires on this year''s rich list than last year''s, partly because Britain is something of a magnet for tycoons from all over the world, the paper said.