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Mukesh Ambani emerges richest Indian for 11th consecutive year: Forbes

twitter-logo PTI        Last Updated: October 4, 2018  | 20:57 IST

(Eds: Adding details) New Delhi, Oct 4 (PTI) Reliance Industries' Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year with a net worth of USD 47.3 billion, according to Forbes magazine. As per the 'Forbes India Rich List 2018', Ambani is also the year's biggest gainer, adding USD 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 USD 492 billion," a Forbes India statement said, adding that among the nation's 100 richest, 11 saw their wealth jump by USD 1 billion or more. Wipro Chairman Azim Premji has retained the second spot, adding USD 2 billion to his wealth at USD 21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of USD 18.3 billion, increasing his wealth by USD 1.8 billion. Mittal is followed by the Hinduja brothers at fourth place with a net worth of USD 18 billion and Pallonji Mistry at fifth with USD 15.7 billion. With a net worth of USD 14.6 billion, Shiv Nadar has bagged the sixth spot followed by Godrej family at the seventh place (USD 14 billion), Dilip Shanghvi at eighth position (USD 12.6 billion), Kumar Birla at ninth (USD 12.5 billion) and Gautam Adani at 10th slot (USD 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 USD 3.6 billion. Jindal stood at the 14th place with a fortune of USD 8.35 billion and Tewari at the 64th position with USD 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 USD 3.1 billion, Krishna Kumar of Graphite India at 91st place with USD 1.7 billion, Varroc Engineering's Tarang Jain at 95th position with USD 1.59 billion and cloud-based business software maker Zoho's Sridhar Vembu at the 96th rank with USD 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. PTI VRN SP MKJ

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