Indian entrepreneur Mittal began his career working in the family’s steelmaking business in India, setting up its international division in the seventies and, eventually, branching out on his own.
According to this year’s Rich List, published yesterday, Mittal has seen his family’s stake in ArcelorMittal, the steel conglomerate, fall from £33.24bn on June 4 this year to £16.63bn at the close of Friday’s markets. The loss is the equivalent of £137m a day – or nearly £6m an hour.
And he’s not the only entrepreneur whose fortunes have been bulldozed by the recession. Newcastle United FC’s Mike Ashley saw his shares at Sports Direct collapse from £1.16bn in February 2007 to £209m today, while Carphone Warehouse founder Charles Dunstone saw his shareholding drop from £1.1bn to £497m.