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Home > Business > PTI > Report

LN Mittal is South Africa's richest man too

December 04, 2007 18:04 IST

India-born steel tycoon Lakshmi Niwas Mittal, recently named as richest Indian in world with a fortune of $51 billion, has also been rated as the wealthiest person in South Africa.

Mittal has been named at the top for third consecutive year with a net worth of 27.3 billion rand ($4 billion) in the latest annual list of 100 richest in South Africa, compiled by that country's weekly The Sunday Times.

This is based on his shareholding in Mittal Steel SA and represents only the value of his investments in South Africa. Last month, US business magazine Forbes named him as the richest Indian in the world with a net worth of $51 billion. In March, he was named as the world's fifth richest with a worth of $32 billion by Forbes.

Mittal, who is a resident of Europe, Russia and the United Kingdom and has an Indian passport as well, also holds the title of richest person in Britain.

According to the Sunday Times report, Mittal had 445.75 million shares in his company Mittal Steel SA as of March 31, 2007.

"The value of Mittal's 52.02 per cent shareholding in Mittal Steel SA has almost doubled to R27.36 billion," it said.

In Sunday Times Richest 100 List of South Africa, Mittal was followed by NicNicky Oppenheimer of Anglo American Plc with fortunes worth 16.1 billion rand.

Patrice Motsepe, holding shares in African Rainbow Minerals Ltd and Sanlam Ltd, was named at the third position with a worth 13.5 billion rand.

The publication, however, said that Lakshmi Mittal may be the wealthiest in the country, but when comparing South Africa's wealthiest by astrological signs, he is in the minority.

Mittal was born on September 12, 1950, making him a Virgo and there are just four persons of this sun sign in top 100.

"Virgo is the sign associated with service, not material possessions," the paper said in an accompanying report.

"If you had to pick the star sign that is traditionally associated with money, it is Taurus, the bull, whose motto is: I have," it noted. There are 13 Taureans among 100 wealthiest in the country considerably more than the average.

The next biggest categories in the list are water signs of Cancer and Scorpio thanks, possibly, to their creativity and sheer determination, respectively, it sad.

"Unfortunately, dreamy Pisces is right at the bottom of the list."

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