The super-rich in Britain have seen their wealth erode the most since the financial crash.
According to a new Sunday Times Rich List, steel magnate Lakshmi Mittal losing three-quarters of his wealth as a result.
Mittal and his family, who own ArcelorMittal, have taken a £2.08 bn hit, dropping to 11th on the Sunday Times Rich List for 2016.
The Mittals, topped the list in 2008 with £27.7 billion — the biggest fortune achieved by anyone on the Rich List before or since. This year’s global crisis in the steel industry has sent his finances plummeting and he and his family now have a much-dwindled fortune of £7.12bn.
However, he is not alone. Oil tycoons Carrie and Francois Perrodo also slumped £2.45bn, down to £3.35bn.
The 10 men who are no longer billionaires include the founder of Matalan John Hargreaves, Crispin Odey, Lord Paul, Telis Mistakidis and Alex Beard.
Formula One champion Lewis Hamilton, 31, raced onto the list for the first time.
Hamilton, who is Britain’s wealthiest sportsman, is worth £106m, according to the guide to Britain and Ireland’s richest people.