Reliance Industries Chairman Mukesh Ambani is again India’s richest person with a net worth of US $22.7 billion, according to the freshest Forbes list.
Mukesh Ambani’s estate grew from $18.9 billion last year as shares of RIL rose 21% in the past 12 months. Recently, the firm launched its much awaited Jio 4G service, that created history in Indian Markets.
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India’s richest pharmaceutical tycoon, Dilip Shanghvi, settles at number 2 with a net worth of $16.9 billion. His stock dropped by $1.1 billion along with a decline in the percentages of his Sun Pharmaceutical Industries, the world’s fifth-largest generics producer.
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Holding the third spot are the Hinduja brothers with a net worth of $15.2 billion, up from $14.8 billion in 2015. The Hinduja group holds businesses extending from trucks and lubricants to banking and cable television.
Tech-industrialist Azim Premji, who has led Wipro for five decades, slides one spot to number 4 with a net worth of $15 billion. Wipro, India’s third-largest outsourcer, listed a 6% fall in net earnings to $304 million in a recent quarter amid torpid sales.
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Naazneen Karmali, Forbes Asia Editor, said: “In a post-Brexit world, India appears a steady ship with an economy growing at 7% plus. The majority of India’s 100 richest have notched up handsome gains as their companies have outperformed the stock market in the past year. As the domestic investment cycle starts kicking in, we can expect more gains and new names in the future.”
This list was assembled with the help of shareholding and financial info gathered from the families and individuals, stock exchanges, analysts and India’s regulatory firms.
Sourav Majumdar, Editor, Forbes India, said: “This year’s list sees a rise in the overall wealth of the country’s top 100 billionaires, in line with the movement of the markets. While the composition at the top of the list remains largely unchanged, the distribution of wealth within the list continues, with the top 20 now contributing 52% of the total, down from 55% last year.”
Eight personalities reenlist the ranks after their businesses outperformed the stock business 12% rise in the year 2015. One well-known returnee is biotech pioneer and India’s richest self-made woman Kiran Mazumdar-Shaw, shares of her listed Biocon.
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Making a debut in the list, Acharya Balkrishna (number 48, $2.5 billion) also made his signature as his fast-growing consumer goods outfit Patanjali Ayurved, which he co-founded with guru Baba Ramdev has been ranked number 48 on the list.
Another fresh appearance is Pawan Munjal (No. 29, $3.65 billion), chairman of HeroMoto corp. The motorcycle tycoon runs flagship Hero MotoCorp, which is the world’s largest manufacturer of two-wheelers by volume. The firm has marketed 65 million units to date, of which more than 6.6 million were sold in the year ended March 2016.