Alisher Usmanov moves to top of UK rich list

Alisher Usmanov, the Russian tycoon who owns nearly a third of the Arsenal Premier League soccer club, has ousted steel magnate Lakshmi Mittal from his position as Britain's wealthiest person. Mittal spent eight years at the top of The Sunday Times rich list, but has dropped to fourth place in this year's survey, after his estimated fortune fell by £2.7 billion (HK$31.9 billion) to £10 billion.

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Published: 12:00am, 23 Apr 2013Updated: 3:45am, 23 Apr 2013

Alisher Usmanov, the Russian tycoon who owns nearly a third of the Arsenal Premier League soccer club, has ousted steel magnate Lakshmi Mittal from his position as Britain's wealthiest person.

Mittal spent eight years at the top of The Sunday Times rich list, but has dropped to fourth place in this year's survey, after his estimated fortune fell by £2.7 billion (HK$31.9 billion) to £10 billion.

The 40 per cent stake held by Mittal and his wife, Usha, in steelmaker ArcelorMittal has dropped as the value of the company's shares fell from more than €12 (HK$120) a year ago to €9, hit by the global economic downturn and cheap competition.

But Usmanov moved from second on the list to top after the value of his assets rose by £985 million to £13.3 billion.

The business empire of Russia's richest man 's business empire started with the manufacture of plastic bags but now encompasses iron ore producer Metalloinvest, a major stake in mobile phone operator MegaFon and a share in mail.ru internet group.

Usmanov also owns Sutton Place, the £48 million London mansion that was once home to oil baron J Paul Getty. Umanov made £1.6 billion last year by selling Facebook shares when the social media group listed on the stock market.