Reliance Industries chairperson Mukesh Ambani has topped Forbes Magazine’s annual list of India’s 100 richest tycoons for 2017. Ambani has a net worth of $38 billion (Rs 2,46,991 crore), the magazine said, up from $22 billion (Rs 1,43,000 crore) in 2016.

This comes at a time when India’s Gross Domestic Product growth dropped drastically, signalling an economic slowdown in the country. During the April-June quarter, the GDP growth fell to 5.7%.

“Despite India’s economic slowdown, the country’s 100 richest have collectively enjoyed a bumper year thanks to a buoyant stock market,” Forbes Asia’s India Editor Naazneen Karmali said. Forbes attributed the growth in Ambani’s net worth to the company’s telecom unit, Reliance Jio, notching up 13 crore subscribers since its 2016 launch.

Wipro chairperson Azim Premji has jumped two places from 2016 to the second spot in the 2017 list, with his net worth rising by $4 billion (Rs 25,999 crore) to reach $19 billion (Rs 1,23,500 crore) in 2017. Third on the list are the Hinduja brothers with a net worth of $18.4 billion (Rs 1,19,651 crore) in 2017. “While the Indian billionaire factory continued to churn out new names from diverse sectors, the price of entry rose to a record high.” Karmali said. “The top 100 club is getting more exclusive with each passing year.”