Stocks rising for India’s billionaires - Hindustan Times
close_game
close_game

Stocks rising for India’s billionaires

Hindustan Times | ByNarayanan Madhavan, New Delhi
Nov 16, 2007 04:16 AM IST

As per Forbes, the top four Indian billionaires are collectively measured at $180 bn, led by steel baron Lakshmi N Mittal, who is worth $51 bn, reports Narayanan Madhavan.

India’s dollar billionaire club has got bigger and fatter this year, powered by a surging stock market that made the old rich get phenomenally richer, while ushering in new billionaires who control growing real estate and infrastructure companies.

HT Image
HT Image

Forbes, the US-based magazine that tracks billionaires worldwide, largely on the strength of the share market value of their holdings measured in US dollars, said on Thursday that led by steel baron Lakshmi N. Mittal, who is worth $51 billion, the top four Indian billionaires are collectively measured at $180 billion. That is nearly Rs 7.2 lakh crore.

Hindustan Times - your fastest source for breaking news! Read now.

These four, who include brothers Mukesh Ambani ($49 billion) and Anil Ambani ($45 billion) and DLF chairman K.P. Singh ($35 billion),

together are worth more than the top 40 of Chinese billionaires.

Collectively, Indian billionaires were worth more than $351 billion, more than double the $170 billion last year, thanks largely to the surge in the value of the stocks they own.

The rich list of India contains 40 US dollar billionaires, who include names such as Vijay Mallya of the UB group, Venugopal Dhoot of Videocon, Wipro’s Azim Premji,

Kumar Mangalam Birla and wind power baron Tulsi Tanti of Suzlon.

The net worths fall when shares do. The bulk of the new billionaires are from the real estate and infrastructure sectors which are riding high on the back of stock market listing of companies feeding a hunger for homes and offices and sitting on large tracts of urban land bought many years ago.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On