BUSINESS

Lakshmi Mittal third wealthiest in world: Forbes

Lakshmi Mittal  

NEW YORK, MARCH 11. The Indian-born steel tycoon, Lakshmi Mittal, became the third richest person in the world, trailing only the Microsoft chief, Bill Gates, and the U.S. investment guru, Warren Buffett.

The London-based Mr. Mittal boosted his fortune after quadrupling his net worth by $18.8 billion to $25 billion, Forbes Magazine yesterday said. Mr. Mittal climbed 59 steps from last year to number three in 2005.

Mr. Gates led the list for the eleventh year in a row (net worth of $46.5 billion) followed by Mr. Buffet ($44 billion).

The Mexican telecom magnate, Carlos Slim Helu, came in fourth, up from No. 17 in 2004; the Saudi Arabian investor Prince, Alwaleed Bin Talal Alsaud, was ranked No. 5 and the Ikea founder, Ingvar Kamprad of Sweden, rose to No. 6 from No. 13 last year.

Microsoft's Paul Allen, the German supermarket company owner, Karl Albrecht, Oracle's Lawrence Ellison — returning to the top ten after slipping to No. 12 last year — and Wal-Mart Stores Inc.'s S. Robson Walton rounded out the top ten slots.

The software giant Wipro's Chairman, Azim Premji, stood at number 38, twenty places up from last year ($9.3 billion); the Chairman of commodities conglomerate, Aditya Birla Group Kumar Manglam Birla, slipped two places from last year to 149 ($3.7 billion). The telecom entrepreneur Sunil Bharti Mittal improved his position to 164 ($3.3 billion). Last year, Mr. Sunil was ranked at 186 while the construction baron Pallonji Mistry moved up 61 places to 170 ($3.2 billion).

The Godrej Group Chairman, Adi Godrej, was pushed to 355 ($1.9 billion) from last year's 277 position. — PTI