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. Last Updated: 07/27/2016

Steel Magnate Bests Abramovich in Wealth

LONDON -- Lakshmi Mittal, chief executive of Mittal Steel, overtook Roman Abramovich as Britain's richest person as demand for commodities boosted his fortune fourfold to 14.8 billion pounds ($27.9 billion), the Sunday Times reported.

Indian-born Mittal, 54, pushed Abramovich, the 38-year-old Russian owner of Chelsea soccer club, into second place in the annual Sunday Times list of Britain's 1,000 richest people. The combined wealth of the list jumped 23 percent to 250 billion pounds as London drew millionaires from around the world.

Abramovich built his wealth, valued at 7.5 billion pounds by the Sunday Times, with assets bought after the fall of the Soviet Union, including Sibneft, Russia's fifth-biggest oil producer. He acquired Chelsea in July 2003 for 59 million pounds and has since spent at least 250 million pounds on players.

Oleg Deripaska, the 37-year-old owner of Russian Aluminum, the world's third-biggest aluminum producer, joins the list for the first time in sixth place. The newspaper values his fortune at 4.38 billion pounds.

"Abramovich and Deripaska typify the recent trend of hugely wealthy overseas nationals basing themselves in the U.K.," said Philip Beresford, who has compiled the Rich List for 17 years.

Sunday Times Rich List Top 6
RankNameCategory2005 Wealth
1.Lakshmi MittalSteel$27.9 billion
2.Roman AbramovichOil$14.1 billion
3.Duke of WestminsterProperty$10.5 billion
4.Hans RausingPackaging$9.3 billion
5.Philip and Christina GreenRetail$9.1 billion
6.Oleg DeripaskaAluminum$8.2 billion
Source: Bloomberg