Finance

Finance

Indiaâ€™s billionaires double in crisis-hit year

20 November 2009 11:40 (UTC +04:00)

Baku â€“ APA-Economics. The number of Indiaâ€™s billionaires almost doubled to 52 this year. This is just one short of the billionaire count during the stock market boom of 2007, according to the Forbes India Rich List. Last year, the country had 27 billionaires.
Topping the list of the wealthiest is Reliance Industriesâ€™ Mukesh Ambani. His net worth at $32 billion is up 54 per cent from nearly $21 billion last year. This, despite the 66 per cent pay-cut he volunteered to take recently, a Forbes note said.
The rebounding stock market that gained two-thirds in the past year and an economy growing at 6 per cent have boosted the net worth of Indiaâ€™s richest people, the note said. The combined net worth of Indiaâ€™s 100 richest people, at $276 billion, is almost a quarter of the countryâ€™s GDP, it added.
Also, Indiaâ€™s billionaires have done better than their global counterparts, it observed. For instance, the 100 richest Indians are worth $276 billion, while their Chinese counterparts have a net worth of $170 billion. The three richest Indians are worth $79.5 billion, while it takes 24 Chinese billionaires to make the $80-billion figure, the note said.
In the rankings, Mr Mukesh Ambani is followed by Mr Lakshmi Mittal, with a net worth of $30 billion, up 46 per cent from $20.5 billion last year, and the younger Ambani brother, Anil comes third, with a net worth of $17.5 billion, 40 per cent higher than before.
The top ten positions have not quite changed, but shifts in fortunes were seen in the list. Mr Sunil Mittal has moved down from No 4 to 8, and has been replaced in the fourth place by Mr Azim Premji. The Ruia brothers, with a net worth of $13.6 billion, have made it to No 5 this year, while Mr Adi Godrej has moved out of the top 10 to the No 12 position.