Chairman of India’s most valued company– Mukesh Ambani topped the list of Forbes India Rich 2017 list with a jaw-dropping net worth of $38 billion, and what is more, he has retained the top spot for the 10th consecutive year! In the last year alone, the oil-and-telecom tycoon added $15.3 billion to his wealth, according to Forbes.
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 boasts of seasoned 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.
Interestingly, Forbes says that a dozen listees are poorer than a year ago, with half of them from the pharmaceutical sector. Pharmaceutical magnate Dilip Shanghvi (No. 9, $12.1 billion) is the biggest dollar loser on the list as his net worth fell by $4.8 billion, ending his three-year run as India’s second-richest. The Gupta family (No. 40, $3.45 billion), heirs of patriarch Desh Bandhu Gupta, who died in June, saw their fortune shrink as shares of their generics maker Lupin declined.
According to Forbes, India’s richest 100 posted a staggering $479 billion combined net worth, 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.”