“Despite a rout in the rupee that practically wiped out the Indian stock market’s 14 per cent rise from a year ago, business tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to $492 billion,” a Forbes India statement said.
NEW DELHI – Reliance Industries’ Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year with a net worth of $47.3 billion, according to Forbes magazine.
As per the ‘Forbes India Rich List 2018’, Ambani is also the year’s biggest gainer, adding $9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.
“Despite a rout in the rupee that practically wiped out the Indian stock market’s 14 per cent rise from a year ago, business tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to $492 billion,” a Forbes India statement said, adding that among the nation’s 100 richest, 11 saw their wealth jump by $1 billion or more.
Wipro Chairman Azim Premji has retained the second spot, adding $2 billion to his wealth at $21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of $18.3 billion, increasing his wealth by $1.8 billion.
Mittal is followed by the Hinduja brothers at fourth place with a net worth of $18 billion and Pallonji Mistry at fifth with $15.7 billion.
With a net worth of $14.6 billion, Shiv Nadar has bagged the sixth spot followed by Godrej family at the seventh place ($14 billion), Dilip Shanghvi at eighth position ($12.6 billion), Kumar Birla at ninth ($12.5 billion) and Gautam Adani at 10th slot ($11.9 billion).
Besides, as many as three women — Savitri Jindal, Kiran Mazumdar-Shaw and Leena Tewari — have found places in the list.
Shaw has emerged as the biggest percentage gainer of the year. She bagged the 39th spot and her net worth rose 66.7 per cent to $3.6 billion. Jindal stood at the 14th place with a fortune of $8.35 billion and Tewari at the 64th position with $2.52 billion.
“In a challenging year, which saw the rupee taking a tumble, the country’s 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India’s entrepreneurial energy is upbeat as ever,” said Naazneen Karmali, India Editor of Forbes Asia.
Forbes India Editor Brian Carvalho said that the growth in the overall wealth of India’s richest in a challenging year is one indicator of the country’s economic advancement.
Further, he said that some new faces made their place into the list, which is also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets.
Among the newcomers are infrastructure magnate P P Reddy at 47th spot with a net worth of $3.1 billion, Krishna Kumar of Graphite India at 91st place with $1.7 billion, Varroc Engineering’s Tarang Jain at 95th position with $1.59 billion and cloud-based business software maker Zoho’s Sridhar Vembu at the 96th rank with $1.56 billion.
According to the statement, this list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.
Public fortunes were calculated based on stock prices and exchange rates as of September 21. Private companies were valued based on similar companies that are publicly traded, it said.
