Lakshmi Mittal stays on top of UK rich list for the 7th year

London: Indian-origin steel magnate Lakshmi Mittal, with an estimated wealth of 17.51 billion pounds, has retained his position as the richest person in the UK for the 7th year in a row in 2011, though his wealth declined by 4.93 billion pounds during the last one year.

The Sunday Times Rich List 2011 shows that Mittal continues to top Britain`s wealthiest with a personal fortune of 17.5 billion pounds.

According to the list, Mittal`s fortune has declined from 22.45 billion pounds in 2010 to 17.51 billion pounds in 2011 mainly because of plunging share prices in the past year, reducing the value of his stake in ArcelorMittal from 18.45 billion to 13.65 billion pounds.

The 60-year-old chairman and chief executive of the world`s largest steel producer, has urged governments to support greater growth after the global financial crisis hit demand, the report said.

Mittal is the highest faller in this year`s Rich List but still has the fastest growing fortune.

Mittal, who has converted 1,500 tonnes of steel into an epic sculpture by artist Anish Kapoor at the Olympic Park in east London, wants to build a 30 million pounds mansion in the Surrey green belt.

To secure a front-row-seat at the 2014 Ryder cup at Gleneagles, he is spending 15 million pounds on a golfing bolt hole at the resort.

His main home is the house he bought from Bernie Ecclestone for 57 million pounds in Kensington Palace Gardens, handy for Queens Park Rangers in west London, in which the two tycoons have stakes.

Leading NRI industrialist Lord Swraj Paul has increased his wealth to 850 million pounds – 300 million pounds more than last year.

Paul`s Caparo empire, ranging from car components to metals, has been restructured with its US and Indian arms set up as stand-alone operations. The revenues of the overall business reached 800million pounds last year.

The UK operation, based in London, had a tough 2009 but has returned to profit.

The report said the Ambika Paul foundation, set up in memory of his daughter, who died of leukaemia, promotes the well-being of children.