Mukesh Ambani topples Mittal for top slot in Forbes list

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New Delhi, Nov 13 (UNI) With a net worth of 20.8 billion dollars, Reliance Industries Ltd (RIL) Chairman Mukesh Ambani has surpassed London-based steel tycoon Lakshmi Mittal as the richest Indian in the world, according to the Forbes annual list of India's 40 Richest.

This is for the first time that the Chairman of the RIL has overtaken the head of Arcelor Mittal, the magazine said today.

Mr Mittal, who has now moved to the second position with a net worth of 20.5 billion dollars, is followed by Anil Dhirubahi Ambani Group (ADAG) Chairperson Anil Ambani, whose net worth stands at 12.5 billion dollars.

What is worth noticing, according to Forbes, is the fact that the combined net worth of the country's 40 richest people has declined by 60 per cent due to the global turmoil being witnessed in the stock markets along with the depreciating rupee.

Their total wealth is now 139 billion dollars, down from 351 billion dollars a year ago, it said.

Bharti Airtel Group head Sunil Mittal and realtor (DLF) K P Singh are ranked fourth and fifth with net worths of 7.9 billion dollars and 7.8 billion dollars, respectively.

''These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent last year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation,'' Forbes Asia said.

While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollars was needed to make it to the list this year, 840 million dollars less than the last year.

The financial capital of the country, Mumbai, has emerged as the city housing the highest number of India's richest people in the Forbes list with as many as 15 billionaires making it their hometurf.

According to Forbes, out of the 40 billionaires, 15 residing in Mumbai have a combined wealth of 62.42 billion dollars. Prominent among them are Shashi and Ravi Ruia on sixth place, Kumar Birla at eighth, followed by Adi Godrej.

Next to Mumbai is the capital of the country, Delhi, which has 10 billionaires having a cumulative net worth of 29.53 billion dollars.

What makes Delhi unique is that the city is home to the richest woman-- Savitri Jindal-- having fortunes worth 2.9 billion dollars.

The others in the top 20 list include Gautam Adani of the Adani Group (10), Dilip Sanghvi of Sun Pharmaceuticals (11), Malvinder and Shivinder Mohan Singh of Ranbaxy (13) , Anil Agarwal of Vedanta (14), Shiv Nadar of HCL (15), UAE based retailor Micky Jagtiani(16), Indu Jain of The Times of India Group (17), Cyrus Poonawala, Head of Serum Institute of India (18), Uday Kotak of Kotak Enterprises (19) and Chandru Raheja, Head of K Raheja Group (20).

The list also includes G M Rao of GMR group (21), Vivek Burman, Chairman Dabur India Ltd (22), Venugopal Dhoot of Videocon (25), Subhash Chandra of Zee Enterprises (28), N R Narayana Murthy of Infosys (29) Brijmohan Lall Munjal of Hero Honda (31), Tulsi Tanti of Suzlon (33) Jaiprakash Gaur of J P Enterprises (34) and Rahul Bajaj of Bajaj Auto (40).

UNI AK SG RAI1902

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