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For the 8th year in a row, Laxmi Mittal is UK's richest man

Steel tycoon Lakshmi Mittal retained his crown as Britain’s richest man for the consecutive eighth year.

Despite losing almost a quarter of his wealth over the past year following a fall in the share value of his Arcelor Mittal, the world’s largest steelmaker, Mittal retained the top spot with an asset worth £12.7 billion, according to the annual Sunday Times Rich List.

Uzbek-born iron ore magnate Alisher Usmanov was placed on the second spot with an asset worth £12.3 billion.

Russian investor Roman Abramovich, who owns London football club Chelsea, held onto third place with a personal value of £9.5 billion.

Indian-origin industrialists Hinduja brothers — Srichand and Gopichand — were also named as the fourth richest people in England with a net worth of £8.6 billion.

Interestingly, majority of people in the top list are of foreign origin. The richest British-born billionaire was the Duke of Wellington, who slid from fourth to seventh place even though his largely property-based fortune rose five percent to £7.35 billion. 

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