In a major blow, pharmaceutical business magnate Dilip Shanghvi lost a staggering $4.8 billion in net worth in the year, and slipped to the 9th spot in Forbes India Rich List 2017, from the second spot in 2016. Dilip Shanghvi, with $12.1 billion net worth, is the biggest dollar loser on the list, and the loss has ended his three-year run as India’s second-richest. The Gupta family, heirs of veteran Desh Bandhu Gupta, which owns Lupin Ltd ranked 40th in the list with $3.45 billion also saw their fortune shrink as shares of their generics maker Lupin declined.
However, the decline in fortunes was more of an exception than the norm as more than 80% of those who kept their spot on the list from last year saw their wealth rise, with 27 listees adding $1 billion or more to their net worths. In fact, the country’s top 100 wealthiest together hold a whopping $479 billion in 2017, a rise of 26 percent from $374 billion in 2016. Naazneen Karmali, India Editor of Forbes Asia, said: “Despite India’s economic slowdown, the country’s 100 richest have collectively enjoyed a bumper year thanks to a buoyant stock market. While the Indian billionaire factory continued to churn out new names from diverse sectors, the price of entry rose to a record high. The top 100 club is getting more exclusive with each passing year.”
For the 10th consecutive time Chairman of India’s most valued company– Mukesh Ambani topped the list with a net worth of $38 billion. It’s likely that with such a staggering net worth, Mukesh Ambani could continue to hold the coveted spot, as Azim Premji came in at a distant 2nd with a net worth $19 billion, half of Ambani’s currently. Mukesh Ambani, saw his wealth increase by 67 percent from $22.7 billion last year, making him the biggest dollar gainer on the list and also put him among top 5 in Asia. “Improved refining margins and his telecom unit Reliance Jio’s thundering success in notching up 130 million subscribers since its 2016 launch boosted shares of his Reliance Industries,” Forbes said.
Top 10 in the list include veteran tycoons such as Azim Premji ($19 billion), Hinduja brothers ($18.4 billion); Lakshmi Mittal ($16.5 billion), Pallonji Mistry ($16 billion), Godrej family ($14.2 billion);Shiv Nadar ($13.6 billion); Kumar Mangalam Birla ($12.6 billion), Dilip Shanghvi ($12.1 billion) and Gautam Adani ($11 billion). Notably, billionaire investor Radhakishan Damani, ranked 12th on the list with a net worth of $9.3 billion, boosted by the listing of Avenue Supermarts, which runs the D-Mart chain in India.