Mukesh Ambani is India's richest man, with a net worth of $27 billion (Rs 1,20,980 crore) as the nation’s economic expansion and a stock market rally has created a record number of billionaires, Forbes India said.
Mukesh’s younger brother, Anil Ambani, was ranked sixth with a net worth of $13.3 billion. However, both are less wealthy than they were a year earlier.
ArcelorMittal’s London-based chairman Lakshmi Mittal was second richest, with $26.1 billion this year, while Wipro chairman Azim Premji ranked third, with net worth of $17.6 billion, the magazine said.
The collective net worth of the 100 wealthiest Indians is estimated at $300 billion by Forbes. Last year, the combined wealth of the 100 wealthiest Indians was estimated at $276 billion. The jump, despite the global gloom, indicates India's continued march as one of the world’s fastest-growing economies, led by strong corporate performance.
But the four richest Indians are now worth only a combined $86 billion, well short of the $180-billion record they set three years earlier and well shy of the $150-billion net worth of the four richest Americans.
Savitri Jindal was the only woman to make it to the top 10, with wealth estimated at $14.4 billion.
Also improving on their previous ranking to No 4 are brothers Shashi and Ravi Ruia, with $15 billion, more than their last year’s net worth of $13.6 billion. The public offer of their Essar Energy in May, which raised $1.85 billion, was the largest-ever listing in London by an Indian company.
Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager of Forbes magazine, said: “As we had predicted, the huge correction in Indian wealth which occurred in 2008 is fast becoming a distant memory. This year’s list illustrates the vibrancy and resilience of India’s economy. It signals a second wave of Indian capitalists accumulating fantastic fortunes, especially in sectors such as pharmaceuticals and real estate.”
| INDIA’S ‘RICHIE RICH’ Net worth (in $ bn) | ||||
| 2009 Rank | 2010 Rank | Name | 2009 | 2010 |
| 1 | 1 | Mukesh Ambani | 32 | 27.0 |
| 2 | 2 | Lakshmi Mittal | 30 | 26.1 |
| 4 | 3 | Azim Premji | 14.9 | 17.6 |
| 5 | 4 | Shashi & Ravi Ruia | 13.6 | 15.0 |
| 7 | 5 | Savitri Jindal | 12 | 14.4 |
| 3 | 6 | Anil Ambani | 17.5 | 13.3 |
| 10 | 7 | Gautam Adani | 6.4 | 10.7 |
| 6 | 8 | Kushal Pal Singh | 13.5 | 9.2 |
| 8 | 9 | Sunil Mittal | 8.2 | 8.6 |
| 9 | 10 | Kumar Birla | 7.8 | 8.5 |
| Source: PTI/Forbes | ||||
“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,” said Indrajit Gupta, editor of Forbes India.
A notable gainer is Ajay Piramal of life sciences firm Piramal Healthcare (no 37, $1.75 billion). Piramal talks of his plans in the cover story of the latest issue of Forbes Asia after recently selling part of his company to US-headquartered Abbott Labs for nearly $4 billion.
Also a winner this year is 45-year old media mogul Kalanithi Maran. Ranked no 17 with a net worth of $4 billion (Rs 18,000 crore), up by 74 per cent from last year’s $2.3 billion, he is the biggest gainer in percentage terms. The owner of Sun TV Network, he caused a stir this year when he took more than a one-third stake in domestic airline SpiceJet.
The list of India’s 40 richest can be found in the October issue of Forbes Asia. And, Forbes India will carry the full list of 100 Richest Indians in its collector’s edition, which hits the stands in India tomorrow.
