Forbes rich list: Mukesh Ambani is India's richest, but Dilip Shanghvi topples Azim Premji

Oct 29 2013, 15:42 IST
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While Mukesh Ambani's wealth was static, there are a total of 65 billionaires on the list, four more than last year, says Forbes rich list. While Mukesh Ambani's wealth was static, there are a total of 65 billionaires on the list, four more than last year, says Forbes rich list.
SummaryMukesh Ambani wealthiest; 100 richest saw collective wealth soar by modest 3 pct, shows Forbes rich list.

With a networth of USD 21 billion, Reliance Industries (RIL)' Mukesh Ambani has retained his title as India's richest for sixth year in a row, while the country's 100 richest persons saw their collective wealth soar by a modest 3 per cent in a year, according to Forbes wealth list.

NRI steel tycoon Lakshmi Mittal (USD 16 billion) also continues to hold the second position, while Sun Pharmaceuticals Industries' Dilip Shanghvi has jumped to third place with about 50 per cent surge in his wealth to USD 13.9 billion, pushing Wipro's Azim Premji to fourth place (USD 13.8 billion).

As per US-based business magazine Forbes' annual list of India's 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to USD 259 billion.

"Growth in wealth was lacklustre due to India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes rich list showed.

Amid the sluggishness, Reliance Industries chief Mukesh Ambani and ArcelorMittal's Lakshmi Mittal saw no change in their respective networths, but pharmaceutical industry titan Dilip Shanghvi managed to buck the trend with a surge of USD 4.7 billion in his wealth to USD 13.9 billion.

Azim Premji's wealth also rose by USD 1.6 billion, but he could not retain his third slot.

Pallonji Mistry, patriarch of construction giant Shapoorji Pallonji Group which is the biggest shareholder in Tata Sons, has moved down one place to fifth rank with a networth of USD 12.5 billion. His younger son Cyrus Mistry last year succeeded Ratan Tata as new Tata group head.

NRI businessmen Hinduja brothers have moved up to sixth place (USD 9 billion), from their 9th position last year.

Shiv Nadar (USD 8.6 billion) have moved into top-ten at the 7th place, while Sunil Mittal has also returned to this league at 10th place (USD 6.6 billion). On the other hand, Essar group's Ruia brothers and Jindal group's Savitri Jindal have moved out from the group.

Adi Godrej has slipped two places to 8th rank (USD 8.3 billion), while Aditya Birla group Chairman Kumar Mangalam Birla has gained one position to 9th (USD 7.6 billion).

Anil Ambani has also retained his 11th rank, although his wealth rose to USD 6.2 billion, from USD 6 billion a year ago.

In the top-20, he is followed by Shashi and Ravi Ruia (USD 5.5 billion), Micky Jagtiani (USD 5 billion), Savitri Jindal (USD 4.9 billion), Uday Kotak (USD 4.1 billion), Cyrus Poonawalla (USD 4 billion), Anand Burman (USD 3.7 billion), Kushal Pal Singh (USD 3.4 billion), Desh Bandhu Gupta (USD 3.2 billion) and Bajaj Family (USD 3.1 billion).

There are a total of 65 billionaires on the list, four more than last year. Some of these have made their fortunes in the Middle East, including Bahrain resident Ravi Pillai (richest newcomer with USD 1.7 billion) of Saudi construction group, Nasser S Al-Hajri Corp, and retail mogul M A Yusuff Ali (USD 1.6 billion) of Abu Dhabi-based Lulu Group.

As many as 15 new members have entered the top-100 list even as more than half of last year's rich listers, including Savitri Jindal whose wealth declined by USD 3.3 billion, have seen a fall in their fortunes.

The minimum net worth to make to the list has increased to USD 635 million from USD 460 million last year.

Forbes said that the list has been compiled using shareholder and financial information obtained from families, individuals, stock exchanges, analysts and regulators.

The ranking lists family fortunes, including those shared among extended families such as the Bajaj family, while the wealth figures were calculated based on stock prices and exchange rates as of October 18, 2013.

Privately-held companies were valued based on the valuation of similar publicly-traded companies.

India rich club: Business families' fortune worth $55 bn

As many as 20 business families have found a place on latest list of India's 100 richest, with a collective fortune of USD 55 billion.

While Forbes magazine's India Rich List remains dominated by individual business leaders, those making the mark along with their family members are also quite a few and also include three in the top 10 --Hinduja Brothers (6th place), Adi Godrej & family (8th position) and Sunil Mittal & family (10th).

Individually, Reliance Industries chief Mukesh Ambani continued to be India's wealthiest for sixth year in a row, with a networth of USD 21 billion while his younger sibling Anil Ambani bagged the 11th position with a fortune of USD 6.2 billion.

According to Forbes, Hinduja Brothers with a fortune of USD 9 billion scored the sixth rank, while Adi Godrej & family with a net worth of USD 8.3 billion are spotted at the eighth place. Sunil Mittal & family are ranked at 10th spot with a wealth of USD 6.6 billion.

Families in the top 20 list included Shashi & Ravi Ruia who bagged the 12th position with a wealth of USD 5.5 billion, while Savitri Jindal & family stood at the 14th rank with a fortune of USD 4.9 billion and Bajaj Family at 20th spot with a wealth of USD 3.1 billion.

As per US-based business magazine Forbes' annual list of India's 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to USD 259 billion.

Besides, the list comprises of 20 business families with a collective fortune of USD 55.52 billion. Out of these 20 families, majority of them are billionaires and only four are millionaires.

"Growth in wealth was lacklustre due to India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes said.

Among others families in the list included Malvinder & Shivinder Singh (USD 2.3 billion), Reddy family (Dr Reddy's) at USD 1.75 billion, Kapil & Rahul Bhatia (USD 1.71 billion), N R Narayana Murthy & family (USD 1.64 billion), Rajan Raheja & family (USD 1.62 billion), Senapathy Gopalakrishnan & family (USD 1.39 billion) and Nandan Nilekani & family (USD 1.3 billion.

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