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Mukesh Ambani pips Mittal in Forbes India Rich list
Mukesh Ambani has overtaken Lakshmi Mittal as the richest Indian in the world, with a net worth of USD 20.8 billion, Forbes said in its annual rich list for the country.
Updated : Mar 29, 2018, 02:56 AM IST
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KUALA LUMPUR: Reliance Industries' Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of USD 20.8 billion, Forbes said in its annual rich list for the country.
Mittal, who has moved to second position with a net worth of USD 20.8 billion, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at USD 12.5 billion.
Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of USD 7.9 billion and USD 7.8 billion, respectively.
The magazine said that the combined net worth of India's 40 richest has declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback.
Their total wealth is now USD 139 billion, down from USD 351 billion just a year ago, according to Forbes India Rich List.
"These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation," Forbes Asia said in a statement.
While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollar was needed to make to the list this year, 840 million dollar less than last year.
The Ruia brothers were ranked at sixth position with a net worth of USD 7.6 billion, followed by Wipro Chairman Aziz Premji, worth USD 7 billion.
The magazine states that the combined net worth of brothers Malvinder and Shivinder Singh increased by USD 550 million, thereby grabbing 13th place on the list.
Their combined net worth stood at USD 2.8 billion after they sold their stake in Ranbaxy Laboratories to Daiichi Sankyo.
The list says the major loser was property tycoon Ramesh Chandra, whose net worth dropped by 91 per cent to USD 1 billion.
Among the new entrants in the list are retailer Micky Jagtiani at 16th position with a net worth of USD 2 billion, followed by Divi's Laboratories' founder Murali Divi at 36th place with a net worth of USD 870 million. Also Akruti City's Hemant Shah stood at 37th place with a wealth of USD 830 million.
