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Boom time for billionaires

business Updated: Oct 01, 2010 03:04 IST
HT Correspondent

The richest in India just got richer.

According to Forbes magazine’s India Rich List, 2010, the richest 100 people of the country added a matter of 8 per cent to their combined net worth in the year, from $276 billion to $ 300 billion.

The country’s rising stock market and booming economy have boosted the net worth of India’s richest people, Forbes India said on Thursday while releasing the list.

Reliance Industries head Mukesh Ambani continues to lord over the billionaires, for the third year in a row, with net worth of $27 billion. Close on his heels is UK-based steel baron, Lakshmi Mittal, with $26.1 billion.

However, the net worth of both dipped from last year, while Azim Premji of Wipro, at number 3, has increased his net worth to $17.6 billion from $ 14.9 billion last year.

There are 69 billionaires in the list of 100 richest Indians, 17 more than last year.

The top four tycoons on the list are worth a combined $86 billion — less than half the $180-billion record they set three years ago, and well shy of the $150 billion net worth of the four richest Americans, Forbes said.

The fifth rank was held by Savitri Jindal of Jindal Steel and Power, with a net worth of $ 14.4 billion, while Anil Ambani of ADAG was sixth with $ 13.3 billion. The younger Ambani saw the maximum erosion in his net worth: 24 per cent over last year.

At least 11 businessmen joined the Forbes richest Indians list— four from the real estate sector.