The Top 8 Billionaires in the World-Part-IV

5) Lakshmi Mittal

Net Worth: $28.7 billion

Source: Steel

Residence: India

• London's richest resident oversees ArcelorMittal, world's largest steel maker. Net profits fell 75% in 2009.

• Mittal took 12% pay cut amid slump but improved outlook pushed stock up one-third in past year.

• Looking to expand in his native India; wants to build steel mills in Jharkhad and Orissa but has not received government approval.

• Started in family steel business in India in 1970s; branched out on his own in 1994.

• Initially bought up steel mills on the cheap in Eastern Europe.

• Earned $1.1 billion for selling his interest in a Kazakh refinery in December.

• Sits on the boards of Goldman Sachs, EADS.

• Upped stake in struggling British soccer team QPR in February.

• Funding 400-foot sculpture to be built in London's Olympic Park in time for 2012 Olympics.

• Owns 12-bedroom mansion in London's posh Kensington neighborhood.

• Daughter-in-law Megha recently bought insolvent German fashion house Escada.

6) Lawrence Ellison

Net Worth: $28 billion

Source: Oracle

Residence: U.S.

• Oracle founder's fortune continues to soar; shares up 70% in past 12 months.

• Database giant has bought 57 companies in the past five years.

• Completed $7.4 billion buyout of Sun Microsystems in January; acquired BEA Systems for $8.5 billion in 2008.

• Studied physics at U. of Chicago; didn't graduate.

• Started Oracle 1977; took public a day before Microsoft in 1986.

• Owns 52% stake in business-software company NetSuite; shares worth $480 million.

• Racing junkie owns 453-foot yacht Rising Sun with pal David Geffen. Won America's Cup in February, besting longtime rival billionaire Ernesto Bertarelli.