Forbes India Rich List Out, Mukesh Ambani Tops for 10th Year in a Row
New Delhi: Forbes Magazine has released its India Rich List for 2017, with Reliance Industries Limited chairman Mukesh Ambani topping the charts for the 10th consecutive year with a net worth if $38 billion.
Ambani is followed by tech czar Azim Premji who jumped two places with net worth of $19 billion this year. Ranked third are the Hinduja brothers who added $3.2 billion to their net worth.
Sun Pharma's Dilip Shanghvi slipped from his earlier second place to the ninth ($12.1 billion).
Anil Ambani, Mukesh Ambani’s younger brother, was ranked at 45th place with $3.15 billion. He was ranked 32nd in 2016 ($3.4 billion) and 29th a year before that.
"(Mukesh) Ambani added $15.3 billion to his net worth this year, making him the biggest dollar gainer on the list and one of Asia’s top five richest," Forbes said. "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."
According to Forbes, the combined net worth of the 100 richest Indians stood at $479 billion, a jump of 26% from $374 billion in 2016.
"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,” said Naazneen Karmali, India Editor of Forbes Asia.
The list also boasts of newcomers like tycoon Nusli Wadia at No. 25, Paytm owner Vijay Shekhar Sharma at No. 99 and Yes Bank’s Rana Kapoor at No. 100. Acharya Balkrishna, CEO of yoga guru Ramdev’s Patanjali Ayurved, figures at No. 19 with net worth of $6.55 billion. At least 27 of those on the list added at least $1 billion to their wealth, Forbes said. Kumar Birla of Aditya Birla Group at No. 8 was among them with net worth of $12.6 billion. Forbes said the list was compiled using shareholding and financial information secured from the families and individuals, stock exchanges, analysts and 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 15. Private companies were valued based on similar companies that are publicly traded.