Mukesh Ambani is the richest Indian for the fifth consecutive year; his net worth is $21 billion and he derives most of his wealth from oil & gas. Though his fortune dropped by $1.6 billion in the past year, his Reliance Industries remains India’s most valuable company by market cap

Steel baron Lakshmi Mittal is second on the list with a net worth of $16 billion. His fortune dropped more than $3 billion in the past year, and $10 billion in two years as shares of his ArcelorMittal, the world's largest steelmaker, tanked due to surging costs and slumping demand in Europe

Though shares of his Wipro remained virtually flat in what is seen as a difficult market for outsourcing firms, Azim Premji’s net worth rose to $12.2 billion, making him the third richest on the list. Asia's most generous person, Premji donated $2 billion from his personal wealth in 2010 to his foundation

Patriarch of construction giant Shapoorji Pallonji Group, Pallonji Mistry is the fourth richest with a net worth of $9.8 billion. His family's fortune is up $2.2 billion this year, after it disclosed new information on their privately held group. Mistry's family is the biggest shareholder in Tata Sons; his younger son Cyrus has been appointed Ratan Tata’s successor

Dilip Shanghvi enters the top five for the first time as shares of his Sun Pharmaceutical, which he founded in 1982, gained 48 percent in 12 months, hitting a record high in October. It is the country's most valuable drug maker with a market cap of $14 billion. Shanghvi’s net worth is $9.2 billion

Third generation to head the 115-year-old Godrej Group, a $3.8 billion (revenues) consumer goods conglomerate, Adi Godrej is the sixth in the list with a net worth of $9 billion. His family's fortune is up due to rising value of their biggest asset, a 3,500 acre estate in suburban Mumbai

It’s been a tough year for the OP Jindal Group, steel and power conglomerate founded by her late husband, which Savitri Jindal chairs. Her family's fortune fell $1.3 billion in the past year and is down $6.2 billion in two years. She is seventh on the list and her net worth is down to $8.2 billion

Brothers Shashi and Ravi Ruia have a combined net worth of $8.1 billion. Their Essar Group is a $27 billion (revenues) conglomerate with operations in 25 countries. Their fortune declined this year as shares of its London-listed Essar Energy more than halved; the group’s $12 billion debt is a concern too

The Hinduja brothers (from L-R)Prakash, Srichand, Gopichand and Ashok make their debut this year riding on a renewed focus on Indian operations. Their net worth is $8 billion.  Their flagship Ashok Leyland has a 25 percent share of the commercial vehicles market in India. Internationally, the group is beefing up its automotive, oil and wealth management operations

At 45, Kumar Mangalam Birla is the youngest of the top ten billionaires. His net worth is $7.8 billion and his $40 billion (revenues) Aditya Birla Group is racing ahead to meet the target of $65 billion turnover by 2015. In the past one year, he has been busy deal making across businesses from retail to mining and media