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Web Exclusive/Web Special | Sep 30, 2010 | 38336 views

India has 69 Billionaires, Mukesh Ambani is the Richest

Combined net worth of India’s 100 richest people is US$300 billion, there are 17 more billionaires this year than last year

mg_36132_mukesh_ambani_sm_280x210.jpgMukesh Ambani, chairman of Reliance Industries, has topped the latest Forbes’ India Rich List with a net worth of US$27 billion, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of US$26.1 billion. However both are less well off than they were a year ago, with 15% of Mukesh’s wealth and 15% Lakshmi’s being lopped off over the year.

India’s rising stock market and a booming economy that is expanding by 8.5% have boosted the net worth of the rich. The combined net worth of India’s 100 richest people is US$300 billion, up from US$276 billion last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year.

 

mg_36152_lakshmi_mittal_sm_280x210.jpgMoving up to third position this year is Wipro’s Azim Premji, who was at number four last year. His wealth increased to $17.6 billion from $14.9 billion last year amid an improving outlook for the sector. Among those who lost ground on the list are Anil Ambani, who is now at No.6, down from No.3 last year. Real estate magnate KP Singh too slid two positions to No. 8 this year, buffeted by cross winds in the industry.

Brothers Shashi and Ravi Ruia have improved on their previous ranking to No. 4 with a net worth of $15bn. They were at No.5 last year. The IPO of Essar Energy in May, which raised $1.85 billion, was the largest ever listing by an Indian company in London. The record number of billionaires on this year’s Forbes list of 100 Richest Indians is yet another clear signal that the centre of gravity will increasingly shift to India and China over the next decade. Frontline Indian entrepreneurs have once again displayed their ability to harness the unprecedented wealth creation opportunities that exist in this part of the world.

mg_36142_ajim_premji_sm_280x210.jpgThe top four tycoons on the list are worth a combined US$86 billion, short of the $180 billion record they set three years ago, and well shy of the US$150 billion net worth of the four richest Americans. A notable gainer is Ajay Piramal of life sciences firm Piramal Healthcare (No. 37; $1.75 billion). Piramal recently sold part of his company to U.S.-headquartered Abbott Labs.

Also a winner this year is 45-year old media mogul Kalanithi Maran. Ranked No. 17 with a net worth of $4 billion, up by 74% from last year’s $2.3 billion, he is the biggest gainer in percentage terms. The owner of Sun TV Network caused a stir this year when he took more than one-third stake in domestic airline SpiceJet.

Mumbai retains its pre-eminent position as the city that is home to most rich, with 44 of the top 100 coming from the Maximum city.

The threshold of admission to this exclusive club of top 100 has gone up. Last year, you could enter the list if you had just $415 million. This year, you would need $500 million to be included.

The Rich List has five women, among which Jindal family matriarch Savitri Jindal leads with a networth of $14.4bn. At 31 years Dhiraj Wadhawan is the youngest and B.L Munjal & Keshub Mahindra (87 Yrs) are the oldest on the list.

There are five returnees to the top 40 from previous years, three of them pharma entrepreneurs: Ajay Piramal, who sold part of his domestic business to Abbott for $3.7 billion; Pankaj Patel, whose Cadila Healthcare launched India's first swine flu vaccine; and Desh Bandhu Gupta, whose Lupin has gained lately in the U.S. generics market. A prominent returnee is the reclusive Pallonji Mistry, the largest shareholder of Tata Sons, the holding outfit of the Tata conglomerate. He was excluded from the list after he became an Irish citizen but brought back due to his business ties to India.

The Forbes India special Rich list edition, available on the newsstands from 1 October 2010, looks at Wealth creation in the next decade and ways to plan growth in family businesses, apart from profiles and information on the rich.

The top 10 richest in India are:

1 ) Mukesh Ambani; US$27 billion

2 ) Lakshmi Mittal; $26.1 billion

3 ) Azim Premji; $17.6 billion

4 ) Shashi & Ravi Ruia; $15 billion

5 ) Savitri Jindal; $14.4 billion

6 ) Anil Ambani; $13.3 billion

7 ) Gautam Adani; $10.7 billion

8 ) Kushal Pal Singh; $9.2 billion

9 ) Sunil Mittal; $8.6 billion

1 0 ) Kumar Birla; $8.5 billion

Forbes India Rich List Methodology
• Net worths are compiled using stock prices and exchange rates taken on September 9. Privately held fortunes were valued at book value or by coupling estimates of revenues, profits or book value to prevailing ratios for similar public companies

•To compile these rankings, reporters interviewed rich listers, employees, rivals, investors, fund managers, real estate agents and securities analysts. They also sifted through documents and databases to determine value and ownership of assets.

•Indian citizenship was required to make it to the list.

Photographs: Mukesh Ambani - Vikas Khot, Azim Premji - Jagadeesh N/Reuters, Lakshmi Mittal - Jean-Paul Pelissier/Reuters

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Comments (17)
Navin Kumar Saraiya Oct 3, 2013
Records presented are just fabulous
Curtis Orr Oct 27, 2011
Hello am the project Cordinator of a Humanitarian group in my country Trinidad and Tobago and we were wondering if these billionares would help us financially construct our new Humanitarian Centre to house over 25 various programmes to the poor and needy and to also supply over 1.3million people with HUMANITARIAN NEEDS thank you in advance ...
Goutham Oct 22, 2011
it looks like all the billionaires are having an healthy compitition,those figures of their wealth is like,we would definitely see the topbillionaire of the world from india very soon.
Sobby Sep 19, 2011
Its stupid to blame the rich for the poverty in india which is caused by bad governance and saying that they should look after the poor is pathetic !!!

They have created industries and factories.
Response to Sobby:
Goutham Oct 22, 2011
I would agree with what you have said.
Raj Nov 30, 2010
All these Billies have so much money only due to stock market and i sometimes believe stock market is like White collar gambling legalised by govt...
Hats off to MA he is showing off his money power by building worlds costliest house than to keep his money in the bank by this way companies who were behind the construction got business and people got jobs....!!!!!!!
M.N.Alam Oct 8, 2010
Nisheel, yes they are providing thousands of jobs to our citizen thereby reducing the poverty to some extent. They
are certainly doing good job.
Response to M.N.Alam:
Sanjay Mar 17, 2014
Please Mr Modi, give me 100 acres of land @1 re per sqft. And a loan of 100 mil. I will also create lot of employment opportunities for the poor.

Thank you
Response to Sanjay:
M.n.alam Mar 17, 2014
Mr. Sanjay,
If somebody will pay you money and land there is no guarantte that you will come up as a successful business man.There are lot of qualities required . All these Billionaires have came up to certain level and proved their ability. Lot of people getting loans from Banks and Financial Institutions but 95 % fail to establish a good business.
sudhir sharma Oct 6, 2010
I feel we are unnecessarily making hype towards rich people. The TATAs , Venkatesh Bhagawan, Swami Narayan trust might be the richest in India. Please may your list for such organisations also be included as you have taken Ruia brothers in joint earning. Why are Birlas, Singhanias left behind?
Fahad Methar Oct 5, 2010
Its not their responsibility for feed the poor, they will provide the facilities for the poor to become rich. They have done their Job, now its our responsibility to utilize them.
Nisheel Oct 4, 2010
Are these people's industries reducing the poverty in India? Then why be proud of them?
M V Rangaraajan Oct 2, 2010
Very good news! That means they will create more employment as they have been doing all these years.
geeta Oct 1, 2010
We our proud to have rich men in our country but what have these people done towards society. Their wealth is for themselves. They should donate not for name but for good deed.
Response to geeta:
Mak Nov 14, 2010
It's true Geetha, they should donate their wealth for better cause like Bill Gates. All these rich men earn for themselves. Ofcourse, they create employment but it's for their own growth.
Rajkumar Sharma Sep 30, 2010
Its makes me feel proud that Indians are making mark, might be after 20 years i will be part of list.
Response to Rajkumar Sharma:
Surya Pratap Singh Feb 16, 2013
I am proud to have such legends in our country. And for those, who are saying that these people should have donated their wealth to the society, for our betterment...
I would like to remind them, that these people are the backbone of Indian Capital,.. And they "are" doing a lot for the society..
Millions of jobs to the jobless youth, new innovations.
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