Recession takes toll on ‘wealthiest of the wealthy’; Lakshmi Mittal loses £23.5 billion

Lakshmi MittalCiting the 'Sunday Times Rich List,' the Daily Telegraph reports have it that the financial meltdown has taken its toll on even the 'wealthiest of the wealthy!' Going by the most-recent estimates, UK's wealthiest 1,000 people have had more than half their collective wealth obliterated due to the recession - the cumulative wealth figures, that stood at £412 billion in 2008, have plunged to almost £200 billion.

For the India-born steel tycoon Lakshmi Mittal - a British citizen and resident, who is one of the richest people the world over -, the recession has blown away a whopping £23.5 billion over the past year, with his wealth plummeting to from last year figures of £33 billion to £9.5 billion. In fact, Mittal alone makes up over one-tenth of the cumulative loss suffered by UK's 1,000 richest persons.

Even though Mittal has lost a great part of his wealth, he still remains the richest person in the UK, his massive wealth helping him retain the coveted title for fifth year in succession. The NRI billionaire is owner of the world's largest steel empire - ArcelorMittal.

Among the other notable rich, who have lost parts of their wealth to the recession, are - the Chelsea Football Club owner Romans Abramovich; the Carphone Warehouse founder Charles Dunstone; the Virgin Airlines' chief Sir Richard Branson; and Singer Sir Elton John.

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