Reliance Industries (RIL) chairman Mukesh Ambani has again topped Forbes India Rich list for the ninth consecutive year with net worth of $18.9 billion.
Reliance Industries (RIL) chairman Mukesh Ambani has again topped Forbes India Rich list for the ninth consecutive year with net worth of $18.9 billion. This is despite a drop of $4.7 billion in his net worth due to lower oil prices.
The combined net worth of India’s 100 richest remains largely unchanged at $345 billion, as compared to $346 billion a year ago.
Sun Pharmaceuticals’ Dilip Shanghvi and Wipro’s Azim Premji have retained the second and the third spot with a net worth of $18 billion and $15.9 billion respectively.
There are 12 newcomers to this year’s list. Dubai-based Sunil Vaswani of the Stallion Group, who has vast interests in Africa debuts this year at 48th spot with a fortune of $2 billion. Sachin Bansal and Binny Bansal, founders of Flipkart and India’s first e-commerce billionaires, also make their debut this year in the list at No. 86 with a net worth of $1.3 billion each. Another notable newcomer is Rakesh Gangwal (No. 70, $1.6 billion), an airline veteran and co-founder of IndiGo whose upcoming IPO earns him a debut spot. Gangwal teamed up with his pal Rahul Bhatia (No. 38, $2.4 billion) a decade ago to start IndiGo.
As many as ten tycoons on the list saw a decline of more than $1 billion each in their fortunes. This includes steel baron Lakshmi Mittal, whose fortune fell by $4.6 billion. He slips three places to No. 8 as his Arcelor Mittal, the world’s biggest steelmaker, got hit by rising imports from China.
The top 10 richest in India are:
1) Mukesh Ambani; US$18.9 billion
2) Dilip Shanghvi; $18 billion
3) Azim Premji; $15.9 billion
4) Hinduja brothers; $14.8 billion
5) Pallonji Mistry; $14.7 billion
6) Shiv Nadar; $12.9 billion
7) Godrej family; $11.4 billion
8) Lakshmi Mittal; $11.2 billion
9) Cyrus Poonawalla; $7.9 billion
10) Kumar Birla; $7.8 billion
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 11. Private companies were valued based on similar companies that are publicly traded.