The rich get poorer

Stat of the day: $918m - the amount knocked off the fortune of Lakshmi Mittal, the richest man in the UK, when stock markets slumped on Tuesday.

by Emma Haslett
Last Updated: 09 Oct 2013
Lakshmi Mittal may have topped the Sunday Times Rich List for the past seven years, but his position was looking tenuous yesterday, after turmoil on the market caused his fortune to drop by 4% - a whopping $918m (£582.6m). Shares of the steel magnate’s company, ArcelorMittal, declined by 5.5% in Amsterdam trading, leaving him with a mere $22.3bn in the bank, and knocking him off Forbes magazine’s top 20 rich list. Aah.

Mittal wasn’t the only one. Warren Buffet’s fortune dropped by $407.3m to just $43.9bn, as the Standard & Poor’s 500 fell by 1.5%, its biggest slide so far this year. Ferrero Rocher entrepreneur Michele Ferrero, though, had better luck: he replaced Mittal on Forbes’ list, going straight in at number 18 with a fortune of $22.5bn.  

Find this article useful?

Get more great articles like this in your inbox every lunchtime

There's opportunity in this recession

A Schumpeterian view of closing businesses.

Is it okay to spy on my staff if I think they're slacking ...

Everything you wanted to know about employee surveillance but were afraid to ask.

The psychology of remote working

In depth: The lockdown has proven that we can make working from home work, but...

A simple cure for impostor syndrome

Opinion: It's time to stop hero-worshipping and start figuring out what greatness looks like to...

I was hired to fix Uber’s toxic culture - and I did. Here’s ...

Harvard’s Frances Frei reveals how you know when your values have gone rotten, and what...

Social responsibility may no longer be a choice

Editorial: Having securitised businesses’ loans and paid their wage bills, it’s not inconceivable the government...