Forbes India has released the annual India rich list and Reliance Industries’ Chairman Mukesh Ambani has topped the Forbes’ ‘100 Richest Indians’ list with a net worth of USD 22.7 billion.
Mukesh Ambani’s fortune increased from $18.9 billion last year as shares of RIL rose 21% in the past 12 months. The company launched its 4G phone service, Jio, in September, sparking a price war in India’s hypercompetitive telecommunications market.
India’s richest pharmaceutical magnate Dilip Shanghvi remains at number two with a net worth of USD 16.9 billion. His wealth fell by USD 1.1 billion along with a drop in the shares of his Sun Pharmaceutical Industries, the world’s fifth-largest generics maker.
Taking the third spot are the Hinduja brothers with a net worth of USD 15.2 billion, up from USD 14.8 billion last year.
Tech magnate Azim Premji, who has led Wipro for five decades, slips one spot to No 4 on the list with a net worth of USD 15 billion.
Construction magnate Pallonji Mistry takes the fifth spot with net worth of USD 13.9 billion.
A surprise entry includes Patanjali Ayurved’s Acharya Balkrishna, known as a close associate of yoga guru Ramdev, has made a surprise entry at the 48th position with a networth of 2.5 billion dollar on the list compiled by the American business magazine known for its rich lists.
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.