Billionaire Mukesh Ambani richest Indian for 10th consecutive year:

Billionaire Mukesh Ambani richest Indian for 10th consecutive year: Forbes

Source : AGENCIES
Last Updated: Fri, Oct 06, 2017 14:05 hrs

Reliance Industries Chairman Mukesh Ambani has again topped the list of richest Indians for the 10th consecutive year, business magazine Forbes India said on Thursday.

Ambani, 60, who retains the top spot in the annual list of 100 richest Indian tycoons, saw his wealth increase to $38 billion from $22.7 billion last year, making him the biggest dollar gainer on the list and one of Asia's top five richest, the magazine said in a report.

RIL's share price has risen over the last year on the back of the company's improved refining margins, and the telecom unit Reliance Jio's massive success in notching up 130 million subscribers since its 2016 launch.

The list placed IT czar Azmi Premji, 72, of Wipro as the second-richest Indian with $19 billion net worth as his personal wealth rose by $4 billion.

"The gain is partly due to increased revenue and profit at his privately held consumer-goods business Wipro Enterprises, which makes everything from soaps to lightbulbs," the report said.

London-based Hinduja brothers, with a combined network of $18.4 billion in 2017, are third. They added $3.2 billion to their net worth.

According to the report, despite the country's economic hiccups, the combined net worth of India's 100 wealthiest stood at a whopping $479 billion, a rise of 26 per cent from $374 billion in 2016.

Naazneen Karmali, India Editor of Forbes Asia, said: "Despite India's economic slowdown, the country's 100 richest have collectively enjoyed a bumper year thanks to a buoyant stock market."

"While the Indian billionaire factory continued to churn out new names from diverse sectors, the price of entry rose to a record high. The top 100 club is getting more exclusive with each passing year."

The report observed that the 100 wealthiest on this year's list are all billionaires with the minimum amount required to make the list was $1.25 billion last year, 17 per cent lower than this year.

Patanjali Ayurveda's Acharya Balkrishna, a close associate of yoga guru Ramdev, has made a big jump from 45th place last year to 19th this year, with a net worth of $6.55 billion (around Rs 43,000 crore).

Sun Pharma's Dilip Shanghvi moved down from his earlier second place to the ninth.

Lakshmi Mittal is now ranked fourth ($16.5 billion) and Pallonji Mistry fifth ($16 billion).

Anil Ambani, Mukesh's younger brother, was ranked much lower at the 45th place with $3.15 billion.

Forbes said the list was compiled using shareholding and financial information secured from the families and individuals, stock exchanges, analysts and regulatory agencies.