Mining magnate Ivan Glasenberg becomes multi-billionaire overnight

Glencore is notoriously tight-lipped about its business interests: news of the formidable flotation only came to light after a 'prospectus' was sent out to drum up interest with potential investors. The mind-boggling pay-outs for the Swiss-based firm's top executives were couched in some 1,600 pages of financial data, valuing the firm at up to $66.1billion.

The listing, due to take place this month, is breaking all existing records at the London Stock Exchange, raising $11billion and fast-tracking Glencore directly into the FTSE100.

Chief executive Ivan Glasenberg is taking the biggest slice of the pie. His 16% stake will be worth nearly $10bn following the float. Glasenberg has revealed that he will not be selling his entire stake immediately; the amount will be gradually accumulated over a five-year period.

It is not surprising that Glencore was attempting to keep the firm's value under wraps: such riches are jarring set against the backdrop of rising unemployment and economic doubt.

TUC general secretary Brendan Barber told The Daily Mail: 'These sums are simply staggering at a time when most people are seeing cuts in their living standards.'

'This is not a reward for hard-work or innovation, but for being good at speculation often at the expense of some of the world's poorest people. This is the unacceptable face of capitalism.'

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