London: Non-Residential Indian (NRI) business tycoon Lakshmi N Mittal, who is set to become the world's largest steel maker, has emerged as the richest man in Britain.

The historic merger of his steel conglomerate Ispat with its rival, International Steel Group of USA, on Monday (Oct 25, 2004) to form the Mittal Steel Corporation reveals for the first time the true scale of 54-year-old Mittal's personal wealth.

Mittal, who ranked fifth in the 'Sunday Times' Rich List in 2003 with an estimated fortune of £3.5 billion, is now known to be worth £12 billion, placing him ahead of the Russian oligarch Roman Abramovich (£7.5 billion) and the Duke of Westminster (£4.9 billion), 'The Independent' reported on Tuesday (Oct 26, 2004).

Lavishing praise on his business acumen, the daily said, "He is as much at home in Kazakhstan, the maverick former Soviet Republic where he controls not only the steel works but also the trams, as he is in 18/19 Kensington Palace Gardens, the 15-bedroom mansion with underground parking for 20 cars, which he bought last year for £57 million from the Formula One magnate, Bernie Ecclestone.

"His industrial empire stretches from Indonesia to Poland, via Mexico, the US, South Africa and Trinidad."

The 'Daily Telegraph', reporting on the merger deal, said, "Separate accounts released showed that Mittal also paid himself a $2 billion dividend this year, dwarfing the £460 million dividend paid by Arcadia Group to retail entrepreneur Philip Green last week."