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Mukesh Ambani gets richer by $9.3 billion this year; 5 new faces in Forbes India rich list

Wipro chairman Azim Premji retained the second spot on the 'Forbes India Rich List 2018', adding $2 billion to his wealth at $21 billion.

Mail Today Bureau        Last Updated: October 5, 2018  | 08:14 IST
Mukesh Ambani gets richer by $9.3 billion this year; 5 new faces in Forbes India rich list

Reliance Industries chairman Mukesh Ambani is the richest Indian for the 11th year in a row with a net worth of $47.3 billion, according to Forbes magazine.  The billionaire tycoon is also the year's biggest gainer, growing richer by $9.3 billion as his telecom startup Reliance Jio has seen continued success. Wipro chairman Azim Premji retained the second spot on the 'Forbes India Rich List 2018', adding $2 billion to his wealth at $21 billion. ArcelorMittal chairman and CEO Lakshmi Mittal moved up one spot to the third place with a net worth of $18.3 billion, increasing his wealth by $1.8 billion. Mittal is followed by the Hinduja brothers with a net worth of $18 billion and Pallonji Mistry with $15.7 billion.

Other business magnates in the top 10 list are Shiv Nadar ($14.6 billion), Godrej family ($14 billion), Dilip Shanghvi ($12.6 billion), Kumar Birla ($12.5 billion) and Gautam Adani ($11.9 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 Forbes Asia India editor Naazneen Karmali.

Biotechnology pioneer Kiran Mazumdar-Shaw has emerged as the biggest percentage gainer of the year. One of only four women on the list, her net worth rose 66.7 per cent to $3.6 billion. In terms of net worth, she stood at 39th spot.

Despite a rout in the rupee that practically wiped out the Indian stock market's 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to USD 492 billion, a Forbes India statement said.

It said 11 of the nation's 100 richest saw their wealth jump by $1 billion or more. The growth in the overall wealth of India's richest in a challenging year is one indicator of the country's economic advancement, Forbes India editor Brian Carvalho said.

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