What it means to be India's wealthiest
This is the first-ever Rich List which combines Indians, non-resident Indians and persons of Indian origin.business Updated: Mar 16, 2015 11:42 IST
This is the first-ever Rich List which combines Indians, non-resident Indians and persons of Indian origin.
The benchmark for inclusion in the list was a minimum net worth of $1 billion or its equivalent. In our view, 145 individuals, families or partnerships have qualified for such recognition.
The names and their profiles will be serially published starting today and up to March 22 from the billion dollar mark upwards. The middle five days — March 17 to 21 — will additionally focus on the richest writers, musicians, sportspeople, film stars and politicians in that order.
The aggregate net worth of the people featuring on the list is nearly $440 billion or equal to roughly 23% of India’s GDP.
The largest number of billionaires — 23 — is in the property related sector, 18 are in pharmaceuticals, while 13 are conglomerates. Nine people are in healthcare while seven are in software. These reflect the areas of entrepreneurial success within and outside India.
All reasonable effort has been made to base selection on evidence and not hearsay. The net worth figures are, of course, best estimates and subject to fluctuation within short periods, given the volatility of markets.
No list of the kind produced can be flawless. But Philip Beresford is one of the most experienced wealth estimators in the world. He has been compiling the UK’s Sunday Times annual rich list for 26 years. It was invaluable that he worked for RAYMEDIA to scan and unearth the super affluent in the diverse Indian diaspora. Considerable discussion ensued after his initial findings before an entry or extent of wealth was finally accepted or rejected.
The list is open to suggestions. Our aim is to henceforth publish it annually. In the event of any inadvertent commission or omission, we would be only too happy to revise and update this next year. We can be contacted in confidence. The deadline for submission of information for the 2016 List is October 2015.
Under no circumstances is the compiler, producer and publisher of the list liable for its content or any consequences or damages resulting from its use.
First Published: Mar 16, 2015 10:37 IST