Mittal poorer by $16 bn, heads list of super rich losers

London: The credit crunch has not even spared the richest man in the UK - steel baron Lakshmi N Mittal.

Mittal's fortune has plummeted by $16 billion (₤9 billion) in just 120 days due to recession-hit stock market.

According to The Sunday Times Rich List 2008, Mittal heads the list of 10 super-rich losers, which also includes Chairman, Vedanta Resources, Anil Agarwal who lost ₤2.9 billion in the market.

Mittal's stake in ArcelorMittal, the steel conglomerate, fell from ₤33.24 billion on June 4 this year to ₤16.63 billion pounds at the close of Friday's markets.

The loss is the equivalent to ₤137 million a day or nearly ₤6 million an hour.

The steel tycoon is the biggest loser, although he remains the wealthiest in the country.

The plight of these billionaires including Mittal's, came as a surprise to many. The credit crunch losses were established by comparing the value of shareholdings around the world held by those near the top of The Sunday Times Rich List at their peak with the value at the close of last Friday's markets.

Mittal is also joint owner of the Queens Park Rangers with Bernie Ecclestone, head of Formula One, and Flavio Briatore, managing director of the Renault F1 team.

They sparked protests from fans last weekend after raising prices for some games to ₤50, the most expensive tickets in the Championship.

Others who has lost heavily include Charles Dunstone and David Ross, co-founders of Carphone Warehouse, which has suffered in the high street downturn.

Dunstone's shareholding has fallen from ₤1.1 billion to ₤497 million, while Ross has lost ₤372 million.

Lord Rothemere, chairman of the Daily Mail and General Trust, has been hit hard by the fall in advertising revenue, with the value of his shareholding falling from ₤707 million pounds in May 2007 to ₤275 million.