India’s five richie rich own half of nation’s billionaire wealth

Mumbai: The top five Indian billionaires led by Reliance Industries Chairman Mukesh Ambani collectively control $85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country’s total billionaire wealth, a new study revealed by Wealth-X on Wednesday.

According to the analysis by wealth research firm Wealth-X of India’s richest individuals, Mukesh Ambani remains the richest man in the country with an estimated net worth of $24.4 billion (about Rs 1,49,474 crore).

Ambani is followed by steel tycoon Lakshmi Mittal, drugmaker Sun Pharma’s Dilip Shanghvi, IT giant Wipro’s Azim Premji and Tata Sons’ shareholder Pallonji Shapoorji Mistry among the top-five wealthiest individuals from India.

“The five billionaires collectively control  $85.5 billion in personal wealth, accounting for 47.5% of India’s total billionaire wealth,” Wealth-X said.

Observing that “entrepreneurialism is the key to attaining financial success in the world’s largest democracy”, the study further said these five entrepreneurs have made their fortunes through their businesses in sectors such as oil and gas, steel and pharmaceuticals.

In comparison, India’s wealthiest actor, Bollywood star Shah Rukh Khan, is worth $600 million, while Indian cricket legend Sachin Tendulkar retired in November 2013 with a personal fortune of at least $160 million, it added.

Through Reliance Industries group, Ambani owns the Mumbai Indians Indian Premier League (IPL) cricket team, reportedly the most valuable team at around $112 million, the report said.

Steel tycoon Lakshmi Mittal takes second place on the list with a personal net worth of $17.2 billion. Mittal is the chairman and CEO of Arcelor Mittal, the world’s largest steel making company.

Mittal, 64, owns 38% of ArcelorMittal and a 33% stake in the Queens Park Rangers Football Club.

Sun Pharmacuetical’s Dilip Sanghvi is the third wealthiest Indian on the list with an estimated net worth of $16.3 billion, followed by Wipro Chairman Azim Premji ($14.9 billion) and Tata Sons Shareholder Pallonji Shapoorji Mistry ($12.7 billion).

All five entrepreneurs have also established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development, the report said.