New Delhi: Mukesh Ambani has emerged as India's richest man third time in a row with a net worth of $ 27 billion, as the number of billionaires on the Forbes India’s Rich List has gone up to 69, 17 more than last year, boosted by a booming economy and rising stock market.
Steel magnate Lakshmi Mittal has secured the second spot with a net worth of $ 26.1 billion. However both are less well off than they were a year ago. The net worth of Ambani, who heads Reliance Industries, has fallen this year from $ 32 billion last year.
Wipro’s Azim Premji, whose wealth increased to $ 17.6 billion from $14.9 billion last year amid an improving outlook for the sector, is in third place on the Forbes list announced on Thursday. Premji managed to gain 18 per cent over last year.
Anil Ambani, at 6th spot with a net worth of $ 13.3 billion, saw the biggest reduction in wealth, losing lost 24 per cent over last year.
The combined net worth of India’s 100 richest people is $ 300 billion, up from $ 276 billion last year.
Brothers Shashi and Ravi Ruia with a net worth of $ 15 billion, more than their last year’s worth of $ 13.6 billion have moved up to the fourth place. The IPO of their Essar Energy in May, which raised $ 1.85 billion, was the largest ever listing in London by an Indian company.
“As we had predicted, the huge correction in Indian wealth which occurred in 2008 is fast becoming a distant memory,” Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager of Forbes magazine said.
“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.” Indrajit Gupta, Editor of Forbes India, said.
The top four tycoons on the list are worth a combined $ 86 billion, short of the $ 180 billion record they set three years ago, and well shy of the $ 150 billion net worth of the four richest Americans.
A notable gainer is Ajay Piramal, who ranks 37 on the Forbes India list of wealthiest Indians, of life sciences firm Piramal Healthcare with a net worth of $ 1.75 billion.
Media mogul Kalanithi Maran, 45, ranked No. 17 with a net worth of $ 4 billion, up by 74 per cent from last year’s $ 2.3 billion. He is the biggest gainer in percentage terms.
The list of India’s 40 richest can be found in the October 2010 issue of Forbes Asia. Forbes India will carry the full list of 100 Richest Indians in its collector’s edition, which will hit the stands in India on October 1, 2010.
The top 10 richest in India are:
1. Mukesh Ambani; US $ 27 billion
2. Lakshmi Mittal; $ 26.1 billion
3. Azim Premji; $ 17.6 billion
4. Shashi & Ravi Ruia; $ 15 billion
5. Savitri Jindal; $ 14.4 billion
6. Anil Ambani; $ 13.3 billion
7. Gautam Adani; $ 10.7 billion
8. Kushal Pal Singh; $ 9.2 billion
9. Sunil Mittal; $ 8.6 billion
10. Kumar Birla; $ 8.5 billion
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