The richest Indians - Mukesh Ambani Tops For The Third Year In India's Richest Top 10 list

CALCUTTA, West Bengal, September 30, 2010 /Washington Bangla Radio - India PRwire/ -- India's rising stock market and a booming economy that's expanding by 8.5% have boosted the net worth of India's richest people, according to the latest Forbes' India Rich List. The combined net worth of India's 100 richest people is $300 billion, up from $276 billion last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year.

Mukesh Ambani, head of Reliance Industries, has topped the latest Forbes' India Rich List with a net worth of $27 billion, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of $26.1 billion. However both are less well off than they were a year ago.

Moving up to third position this year is IT outsourcer Wipro's Azim Premji. His wealth increased to $17.6 billion from $14.9 billion last year amid an improving outlook for the sector.

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 IPO 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."

"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.

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 of life sciences firm Piramal Healthcare (No. 37; $1.75 billion). Piramal talks about his plans in the cover story of the latest issue of Forbes Asia after recently selling part of his company to U.S.-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, up by 74% from last year's $2.3 billion, he is the biggest gainer in percentage terms. The owner of Sun TV Network caused a stir this year when he took more than one-third stake in domestic airline SpiceJet.

The list of India's 40 richest can be found in the October 2010 issue of Forbes Asia, which is available on newsstands now. Forbes India will carry the full list of 100 Richest Indians in its collector's edition, which hits 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

Methodology

  • Net worths are compiled using stock prices and exchange rates taken on September 9.
  • Privately held fortunes were valued at book value or by coupling estimates of revenues, profits or book value to prevailing ratios for similar public companies
  • To compile these rankings, reporters interviewed rich listers, employees, rivals, investors, fund managers, real estate agents and securities analysts. They also sifted through documents and databases to determine value and ownership of assets.
  • Indian citizenship was required to make it to the list.
  • Unlike Forbes' global billionaire rankings, India's richest ranking includes some family fortunes

Forbes Asia and Forbes India with the list (40 richest in Forbes Asia, 100 richest in Forbes India) are on newsstands now. For more information and the complete list, visit www.forbes.com/india.