Mittal, Ambani on Forbes’ Powerful Billionaires list | world | Hindustan Times
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Mittal, Ambani on Forbes’ Powerful Billionaires list

world Updated: Feb 16, 2009 15:47 IST
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Indian-born steel tycoon Lakshmi Mittal and Reliance Industries Chairman Mukesh Ambani are among the 20 most powerful billionaires in the world, as they possess not only the riches but also economic dominance as well as political clout, says Forbes.

The steel baron and the head of India’s largest private sector company were included in the list of “The World’s Most Powerful Billionaires” and according to Forbes “(they) have tremendous sway over the world’s markets, workers — and, in some cases, armies.”

Lakshmi Mittal, who controls the world’s largest steel firm, ArcelorMittal, has been ranked third on the list “despite his fortune falling $24.5 billion between March and November 2008.”

Elaborating his power quotient, Forbes says, Mittal’s political clout often incites controversy. Ambani was ranked seventh on the coveted list. The list was topped by Michael Bloomberg, New York City’s chief executive. Behind Bloomberg is Italian PM Silvio Berlusconi. Warren Buffett, who controls more than 50 companies that had a combined $118 billion in sales in 2008, ranks fourth.