Thursday, August 14, 2014
Top 5 Richest Indians Have Half of Nation's Billionaire Wealth
The top five Indian billionaires, led by Reliance Industries chairman Mukesh Ambani, collectively control $85.5 billion (Rs.5,21,550 crore at 1 dollar = 61 rupees) in personal wealth, accounting for nearly half (47.5 per cent) of the country's total billionaire wealth, according to a report by Wealth-X.
Of India's richest individuals, Mukesh Ambani remains at the top with an estimated net worth of $24.4 billion (Rs. 1,48,840 crore), the report by the wealth research firm said.
He was followed by steel tycoon Lakshmi Mittal, drug maker 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 per cent 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 report further said that 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 Shah Rukh Khan is worth $600 million (Rs. 3,660 crore), while Indian cricket legend Sachin Tendulkar retired in November 2013 with a personal fortune of at least $160 million (Rs. 976 crore), it added.
Through Reliance Industries group, Mr Ambani owns the Mumbai Indians Indian Premier League (IPL) cricket team, reportedly the most valuable team at around $112 million (Rs. 683.2 crore), it noted.
Steel tycoon Lakshmi Mittal takes the second position on the list with a personal net worth of $17.2 billion (Rs. 1,04,920 crore). He is the chairman and CEO of Arcelor Mittal, the world's largest steel making company.
Mr Mittal, 64, owns a 38 per cent stake in ArcelorMittal and 33 per cent of 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 $15.63 billion, or Rs. 95,343 crore, followed by Wipro chairman Azim Premji ($14.9 billion, or Rs.90,890 crore) and Tata Sons Shareholder Pallonji Shapoorji Mistry ($12.7 billion, or Rs. 77,470 crore).
All five entrepreneurs have also established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development, the Wealth-X report added.