New Delhi: Mukesh Ambani remains the richest Indian on earth although his net worth has dropped by $4.4 billion (Dh16.16 billion) in the past year.
Savitri Jindal with net worth of $9.5 billion is ranked overall fifth in the list of 100 richest Indians and has become the richest woman of India.
According to the latest list of the top 100 richest Indians released yestrday by Forbes Asia, the combined wealth of the top 100 is down 20 per cent from a year ago to $241 billion.
"This has been a turbulent year for India's richest. Despite the economy growing at close to eight per cent, a spate of corruption scandals and rising inflation have taken their toll," said Naazneen Karmali, India editor of Forbes Asia.
Fewer billionaires
Inflation, corruption scandals, falling stock and fall in currency prices have led to the diminishing wealth of India's richest. This year's list also has 57 billionaires in all, a dozen less than last year.
Mukesh Ambani holds the top spot for the fourth year in a row, with a net worth of $22.6 billion this year while steel tycoon Lakshmi Mittal remains No. 2 with a net worth of $19.2 billion, down 26 per cent from last year.
The biggest dollar loser was Mukesh's younger brother, Anil Ambani, down $7.4 billion; he slipped out of the top 10 for the first time since his 2004 debut to No. 13 this year. His net worth is estimated at $5.9 billion, down from $13.3 billion last year.
Third richest is Azim Premji, head of IT outsourcer Wipro, whose net worth of $13 billion is lower by 26 per cent from $17.6 billion last year.
There are 14 new faces on the list this year. The richest debutante is Ajay Kalsi, coming in at No 38 with a net worth of $1.39 billion.
Father-son duo
Father-son duo Kapil and Rahul Bhatia of travel group InterGlobe Enterprises, make their debut at No. 51, with a net worth of $1.09 billion after their budget carrier IndiGo became India's third largest and most profitable airline.
M.G. George Muthoot who built a business around the craze for gold among middle-class Indians.
Making the list for the first time is also V. G. Siddhartha, who is ranked 84 on the list with a net worth of $595 million. He founded and runs Café Coffee Day, India's answer to Starbucks.
Among the 15 who dropped out of the top 100 altogether are Vinod Goenka and Shahid Balwa, former billionaires now in jail for their alleged involvement in a telecom corruption scandal.
Only 19 better off
Only 19 of the 85 who return to the ranking are better off.
One notable winner is Sun Pharmaceutical Industries' Dilip Shanghvi at No. 11. He is the biggest dollar gainer and worth $6.7 billion, up by $1.5 billion from last year.
The biggest percentage gainer is Hero Group patriarch Brijmohan Lall Munjal, ranked No. 21 with $2.7 billion, who broke off his long-standing partnership with Honda Motor.
This year, a minimum net worth of $370 million was needed to make the list of 100, down from $500 million last year.
The India ranking, unlike the world's billionaires list, has been broadened to include family fortunes such as those of Anand Burman and Murali Divi, who are here listed on the India list but won't qualify for the worldwide rankings to be published in March.
Richest Indians
Despite the Indian economy growing at over 7.5 per cent, the top 100 rich in the country lost 20 per cent of their wealth, which was down to $241 billion in the latest ranking of Forbes magazine from $300 billion.
1. Mukesh Ambani; $22.6 billion
2. Lakshmi Mittal; $19.2 billion
3. Azim Premji; $13 billion
4. Shashi & Ravi Ruia; $10.2 billion
5. Savitri Jindal; $9.5 billion
6. Sunil Mittal; $8.8 billion
7. Gautam Adani; $8.2 billion
8. Kumar Birla; $7.7 billion
9. Pallonji Mistry; $7.6 billion
10. Adi Godrej; $6.8 billion
