Lakshmi Mittal, the renowned Indian steel magnet remains the richest business tycoon in South Africa for the sixth consecutive year.

Mittal is on the tops the 100 wealthiest businessmen in South Africa released by the weekly ‘Sunday Times’, even though he is not living in South Africa.

Mittal’s listed holdings of R 21.5 billion ($3.4 billion). Mittal first provided technical assistance to turn the ailing Iscor around before buying it out in 2001 as he expanded his global steel empire.

The ‘Rich List’ is based on an analysis of holdings of all companies listed on the Johannesburg Securities Exchange, thus being only the South African portion of Mittal’s wealth, as he has huge interests worldwide.

With South Africa having largely survived the global economic crunch, the number of local billionaires almost doubled from 16 in 2009 to 31 this year.

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