World | India

Mukesh Ambani continues to be richest Indian

Despite rupee losing its value against dollar, it has been a good year for the rich

  • By Pamela Raghunath, Correspondent
  • Published: 21:15 October 25, 2013
  • Gulf News

  • Image Credit: REUTERS
  • Mukesh Ambani, chairman of Reliance Industries Ltd., attends a convocation ceremony at Pandit Deendayal Petroleum University (PDPU), a school of petroleum management, at Gandhinagar in the western Indian state of Gujarat October 19, 2013.

Mumbai: Energy tycoon and Reliance Industries chairman Mukesh Ambani, 56, is the richest Indian with a personal fortune of US $18.9 billion, according to a report.

Ambani, who invested Rs 1.2 billion into infrastructure in 2013, tops the list of 141 individuals with more than US $ 300 million for the second year running, according to the second edition of Shanghai-based Hurun India Rich List 2013.

London-based L N Mittal, 63, the steel tycoon who rose from humble beginnings as a scrap metal dealer to set up ArcelorMittal (the world’s largest steel company), retains number two position with an asset of $15.9 billion—a decline of 6 percent as compared to last year.

Dilip Shangvi, 58, founder of Sun Pharmaceuticals, India’s second largest drug maker, broke into the Top 3 for the first time with a 66 percent surge in his wealth.

Azim Hashim Premji, 68, who owns 57 percent of Wipro, is not only the richest South Indian, but also the fourth richest Indian with an asset of $12 billion--this is despite a whopping US $ 1 billion contribution to charity

Mukesh Ambani’s junior sibling Anil Ambani, of Anil Dhirubhai Ambani Group, occupies 11th position with personal assets of 7.1 billion dollars. His wealth has gone up by 34 percent, resulting in promotion by two ranks.

Other top rich Indians include Kumara Mangalam Birla, 46, Aditya Birla Group, (sixth, US $ 8.4 bn), Adi Godrej, 71, Godrej Group (seventh, US $ 8.1 bn), and Pallonji Mistry, 84, (eight, US $ 8 bn) who owns a construction empire.

Only 4 percent of the list is occupied by women with steel baroness Savitri Jindal, 62, the non-executive chairman of O P Jindal Group, being the richest Indian woman with a fortune pegged at US $ 5.1 bn. She is followed by Indu Jain, 77, Anu Aga (energy), Kiran Mazumdar (pharmaceuticals) and Shobana Bhartia (media and entertainment).

Despite the rupee dropping 14 percent against the US dollar, it has been a good year for India’s richest, with 101 individuals on the Hurun India Rich List seeing their wealth increase or retained and only 40 seeing their wealth decrease.

Whilst Mumbai continues to be the capital for India’s superrich, its dominance has dwindled slightly to 33 percent down from 36 percent last year. It’s been the same with Delhi and Bengaluru, whose percentage of the richest individuals reduced to 16 percent and 11 percent, down from 22 and 15 percent respectively.

The big story, according to the report, has been the surge in India’s superrich in Dubai, now making up 9 percent of the list, up from just one percent last year.

A total of 23 High Net Individuals featuring in this year’s list are based outside India and include Mittal (London), Micky Jagtiani (Landmark Group, Dubai), Anil Agarwal (Vedanta Resources, London), Feroz Allana (IFFCO, Sharjah), Ravi Pillai (Ravi Pillai Group, Dubai), Chhabria Family (Jumbo Group, Dubai), and B K Modi (Spice Group, Singapore).

With 18 millionaires, GCC is the home to most of the new entrants in the List. Mumbai has 11 new entrants followed by Chennai with three new entrants. Bollywood superstar Shahrukh Khan with a personal asset of $ 400 million ranks 114.

Gulf News
News Editor's choice
Quick Links

  1. Business

  2. Sport

  3. The latest Entertainment news

  4. The latest Lifestyle stories

  5. Opinion

Gulf Country Finder

  1. The latest news from the UAE

  2. Saudi Arabia

  3. Qatar

  4. Bahrain

  5. Oman

  6. Kuwait

  7. Yemen

Region Country Finder

  1. Syria

  2. Palestinian territories

  3. Jordan

  4. Lebanon

  5. Iran

  6. Iraq

  7. Egypt

Influencers

  1. United States of America

  2. India

  3. Pakistan

  4. United Kingdom

Regions

  1. Gulf

  2. Region

  3. The latest news from around the world