Mukesh Ambani, Reliance Industries Chairman, has been named as the richest Indian for the 11th consecutive year with a net worth of around US$ 47.3 billion, according to Forbes magazine. After the success of Reliance Jio broadband telco service, Ambani also emerged as the biggest gainer of the year, adding US$ 9.3 billion to his wealth.
According to the ‘Forbes India Rich List 2018’, Wipro Chairman Azim Premji has maintained the second spot while adding US$ 2 billion to his wealth reported at US$ 21 billion, whereas Lakshmi Mittal, the ArcelorMittal Chairman and CEO moved a place ahead to the third slot with a net worth of US$ 18.3 billion.
Mittal is tailed by the Hinduja brothers with a net worth reported at US$ 18 billion and Pallonji Mistry at US$ 15.7 billion. Other industrialists making the top 10 list in the sequence are Shiv Nadar (US$ 14.6 billion), Godrej family (US$ 14 billion), Dilip Shanghvi (US$ 12.6 billion), Kumar Birla (US$ 12.5 billion) and Gautam Adani (US$ 11.9 billion).
Naazneen Karmali, India Editor of Forbes Asia, stated, “In a challenging year, which saw the rupee taking a tumble, the country’s 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India’s entrepreneurial energy is upbeat as ever.”
According to a Forbes India statement, “Despite a rout in the rupee that practically wiped out the Indian stock market’s 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to $492 billion.”