Reliance Industries chairperson Mukesh Ambani is the richest Indian for the 11th consecutive year, with a net worth of $47.3 billion (Rs 3.49 lakh crore), according to Forbes India. Ambani added $9.3 billion (Rs 68,610 crore) to his wealth in 2018, lower than the rise of $15.3 billion in his wealth in 2017.
Wipro chairperson Azim Premji retained the second spot on the “Forbes India Rich List 2018”, with his wealth rising to $21 billion (Rs 1.54 lakh crore). ArcelorMittal chairperson and Chief Executive Officer Lakshmi Mittal moved to the third position with a net worth of $18.3 billion (Rs 1.35 lakh crore), increasing his wealth by $1.8 billion since last year’s list.
Mittal is followed by the Hinduja brothers, who have a net worth of $18 billion (Rs 1.32 lakh crore) and Pallonji Mistry, with $15.7 billion (Rs 1.15 lakh crore). Shiv Nadar, the Godrej family, Dilip Shanghvi, Kumar Mangalam Birla and Gautam Adani were among the top 10 on the list.
The list included only four women this year, including Biocon’s Kiran Mazumdar-Shaw, who was the biggest gainer in percentage terms. Her wealth soared by two-thirds in one year, placing her at 39 on the list this year from 72 last year.
“A rout in the rupee – down 13% since a year ago – wiped out the Indian stock market’s 14% rise in the same period,” a statement issued by the magazine said. “Even so, 11 of the nation’s 100 richest saw their fortunes jump by $1 billion or more.” The statement said the fortunes of nearly half of the top 100 reduced, with the wealth of six billionaires in the list “shedding over $1 billion”.
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.