Thursday, June 20, 2024
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Lakshmi Mittal in UK rich list

Several Indians have been featured on this year’s rich list in the United Kingdom, published by the Sunday Times. The Hinduja family secured the number one spot once again, with Gopi Hinduja, chairman of the UK-based group of companies, reaching the top for the third consecutive year since first achieving it in 2022. Lakshmi Mittal, executive chairman of ArcelorMittal, also made the list.

The Hinduja family’s companies operate in 48 countries and span various sectors, including automotive, oil and specialty chemicals, banking and finance, IT, cybersecurity, healthcare, trading, infrastructure project development, media and entertainment, power, and real estate. Over the past year, the family’s wealth significantly increased to GBP 37.196 billion, partly due to the launch of their new luxury OWO Hotel in the heart of London.

“It has been a year of expansion through acquisition for the group, made possible in part by the growing stock market valuations of the family’s main listed holdings, which have risen to a total of GBP 8.7 billion,” the Sunday Times reported.

Meanwhile, British Prime Minister Rishi Sunak and his wife Akshata Murty have risen several ranks on the list released on Friday. Known as the “wealthiest people to call 10 Downing Street home,” the couple moved from 275th place last year to 245th this year.

Their estimated wealth stands at GBP 651 million, largely due to Murty’s lucrative Infosys shareholdings. Financial statements published in February reveal that Sunak earned GBP 2.2 million in 2022-23, while Murty made an estimated GBP 13 million in dividends over the past year.

“The couple’s most valued asset is Murty’s shareholding in Infosys, a Bangalore-based IT company co-founded by Murty’s father, Narayan Murthy,” reads the newspaper’s analysis.

“Over the past year, the shares have increased in value by GBP 108.8 million, reaching nearly GBP 590 million. The latest annual report suggests that Murty received about GBP 13 million in dividends during that time, in addition to the more than a million pounds she has been paid in previous years. She is expected to receive another GBP 10.5 million this year,” it further notes.

Among the top 5 of the list are businessmen David and Simon Reuben, the Indian-born brothers who rose to the third rank in the 2024 evaluation from their fourth rank in the 2023 edition. Along with the brothers, the family’s estimated wealth was noted to be around GBP 24.977 billion.

Lakshmi N. Mittal, the NRI tycoon and executive chairman of ArcelorMittal steelworks, slipped two spots from ranking 6th in 2023 to 8th in 2024 but still maintained his position among the top 10 on the list with an estimated wealth of GBP 14.921 billion.

Lakshmi N. Mittal, the NRI tycoon and executive chairman of ArcelorMittal steelworks, slipped two spots from ranking 6th in 2023 to 8th in 2024 but still maintained his position among the top 10 on the list with an estimated wealth of GBP 14.921 billion.

Mittal was followed by industrialist Anil Agarwal of Vedanta Resources, who also dropped a rank from 2023 and stood at No. 23 on the Rich List 2024, with an estimated GBP 7 billion. Among the top 100 richest Britons were also Indian-origin brothers Simon, Bobby, and Robin Arora at No. 65, leading NRI industrialist Lord Swraj Paul and family at No. 67, fashion industrialist Sunder Genomal at No. 77, and Jasminder Singh and family, who came in at No. 8 3.

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