FRIDAY, 12 MARCH 2010
12 Mar 2010, 0710 hrs IST, Sruthijith KK, ET Bureau
NEW DELHI: Indians are doing rather well in that most envied
league of individuals who are spectacularly successful
in the pursuit, preservation
and perpetuation of wealth. Two Indians — Mukesh Ambani
and Lakshmi Mittal — rank among the five wealthiest individuals
in the world in the annual billionaire rankings by Forbes magazine.
Fifty two-year-old Ambani, with an estimated fortune of $29 billion,
and 59-year-old Mittal, with a net worth of $28.7 billion, rank four
and five, respectively, in a list of 1,011 billionaires with an average net
worth of $3.5 billion. A net worth of at least $1 billion, or Rs 4,561 crore
at current exchange rates, gains you entry into the ‘rich list’.
Ambani and Mittal have made a habit of making it to the rich list, and most Indians have been there before. But the ones fielding the most congratulatory calls this morning will be the new entrants such as the Mehtas of Torrent and the Piramals. There are college dropouts in the rankings, too.
Fourth is the highest Mukesh Ambani has ranked on the Forbes list,
even though for a brief period in 2007, he was estimated to be the
world’s wealthiest individual. Ambani and Mittal have both added
nearly $10 billion over their fortunes last year, when they were
estimated to be worth $19.5 billion and $19.3 billion.
Neither are still close to the 2008 peak, when Mittal
was ranked fourth with a fortune of $45 billion and
Ambani fifth with $43 billion.
Mexican telecom tycoon Carlos Slim Helu, whose interests are
gradually crossing Latin American boundaries, is the world’s
richest man with a net worth of $53.5 billion.
He upstages the American domination of the top spot,
where Microsoft founder Bill Gates stayed uninterrupted for
13 years before his friend and investor Warren Buffet took
it in 2008. Gates was back on top in 2009 and Helu,
who has ranked second and third in recent years,
won the musical chairs this year.
This year, India is home to 49 billionaires, up from 24 last year,
but a few shy of the 53 billionaires the year before.
The swings in fortune are aligned with that of the markets.
Last year, there were only 793 billionaires, while in 2008,
there were 1,125, the highest ever. India's billionaires come
from a myriad of sectors, and while the usual suspects and legacy
billionaires feature prominently, there are many names that you probably
haven't heard of.
Take India's youngest billionaire, for instance: Shahid Balwa.
Just 36 years old. And a college dropout.
“India still remains a good manufacturing economy and that reflects in the
presence of billionaires from the core sectors in the list,” said Gita Piramal,
business historian and author of Business Maharajas.
“This notion that India is good only at services needs to
be revisited. Like the phoenix, the old sectors such as
cement and infrastructure are back. There are quite a few
first generation entrepreneurs and that is heartening.
Next year, we are going to see more billionaires from the core sectors.”
India has the most number of billionaires after the US, China, Russia
and Germany. The US is home to 40% of the world's billionaires,
but it is declining. Last year, it was 45%. China has 89 billionaires.
Pakistan just got its first billionaire — Mian Muhammad Mansha
of the Nishat Group, who has interests in textiles and banking
Mukesh Ambani, Lakshmi Mittal among world's 5 wealthiest
Apart from Ambani and Mittal, only four Indians rank in the top 50.
With a fortune of $17 billion, Wipro’s Azim Premji, who on Wednesday said his
Ambani’s estranged younger brother Anil Ambani, who is
locked in a bitter fued over gas prices with his richer sibling,
ranks 36 with a fortune of $13.7 billion. Essar Group's Shashi
and Ravi Ruia, who are preparing for an $8 billion listing on the
London Stock Exchange, are worth $13 billion, while OP Jindal’s
widow and non-executive chairman of Jindal Steel, Savitri Jindal,
ranks 44 with a fortune of $12.2 billion.
Three more Indians figure in the top 100. DLF Ltd’s Kushal Pal Singh,
who ranked 8th in 2008, slumped to 74 with a fortune of $9 billion,
partly reflecting the state of the real estate industry. Aditya Birla Group’s
Kumar Mangalam Birla ranks 86 with a fortune of $7.9 billion and Bharti Airtel's
Sunil Bharti Mittal, who is busy convincing shareholders that an African alliance
with Zain will be good for it, ranks 87 with $7.8 billion.
India’s 49 billionaires have a combined wealth of $222.1 billion-about
17% of India’s GDP. They have an average net worth of $4.5 billion.
India’s per capita GDP is about Rs 46,000. Mukesh Ambani and
Lakshmi Mittal account for 25% of the total Indian
billionaire wealth of $222.1 billion.
In India, like in politics, your chances of success at wealth
creation seem to rise with age. There are only 3 billionaires
in their 30s and four in their 40s. The average age is 58.6 years.
It must say something about India's pharma industry
that six of the 10 new billionaires made their fortune
in making drugs. Sudhir and Samir Mehta of Torrent
(who also have interests in power), Cipla’s Yusuf Hamied,
Zydus Cadila's Pankaj Patel, Lupin's Desh Bandhu Gupta,
Dr Reddy’s K Anji Reddy and Piramal Healthcare’s Ajay
Piramal are the new entrants into the rich list from the pharma
world. Shree Cement’s Benu Gopal Bangur debuts on the rich
list at 78 years. Only two Indian billionaires are
older — Jaypee Group’s Jaiprakash Gaur (79) and
RPG Group’s RP Goenka (80).
IRB Infrastructure's Virendra Mhaiskar, who joined
the family business at 19, is among the youngest Indian
billionaires at 38 and is a first timer on the list.
DB Realty’s Vinod Goenka and Shahid Balwa, both c
ollege dropouts, make the list for the first time.
They have partnered UAE's Etisalat for a telecom business.
NEW DELHI: Indians are doing rather well in that most envied
league of individuals who are spectacularly successful
in the pursuit, preservation
and perpetuation of wealth. Two Indians — Mukesh Ambani
and Lakshmi Mittal — rank among the five wealthiest individuals
in the world in the annual billionaire rankings by Forbes magazine.
Fifty two-year-old Ambani, with an estimated fortune of $29 billion,
and 59-year-old Mittal, with a net worth of $28.7 billion, rank four
and five, respectively, in a list of 1,011 billionaires with an average net
worth of $3.5 billion. A net worth of at least $1 billion, or Rs 4,561 crore
at current exchange rates, gains you entry into the ‘rich list’.
Ambani and Mittal have made a habit of making it to the rich list, and most Indians have been there before. But the ones fielding the most congratulatory calls this morning will be the new entrants such as the Mehtas of Torrent and the Piramals. There are college dropouts in the rankings, too.
Fourth is the highest Mukesh Ambani has ranked on the Forbes list,
even though for a brief period in 2007, he was estimated to be the
world’s wealthiest individual. Ambani and Mittal have both added
nearly $10 billion over their fortunes last year, when they were
estimated to be worth $19.5 billion and $19.3 billion.
Neither are still close to the 2008 peak, when Mittal
was ranked fourth with a fortune of $45 billion and
Ambani fifth with $43 billion.
Mexican telecom tycoon Carlos Slim Helu, whose interests are
gradually crossing Latin American boundaries, is the world’s
richest man with a net worth of $53.5 billion.
He upstages the American domination of the top spot,
where Microsoft founder Bill Gates stayed uninterrupted for
13 years before his friend and investor Warren Buffet took
it in 2008. Gates was back on top in 2009 and Helu,
who has ranked second and third in recent years,
won the musical chairs this year.
This year, India is home to 49 billionaires, up from 24 last year,
but a few shy of the 53 billionaires the year before.
The swings in fortune are aligned with that of the markets.
Last year, there were only 793 billionaires, while in 2008,
there were 1,125, the highest ever. India's billionaires come
from a myriad of sectors, and while the usual suspects and legacy
billionaires feature prominently, there are many names that you probably
haven't heard of.
Take India's youngest billionaire, for instance: Shahid Balwa.
Just 36 years old. And a college dropout.
“India still remains a good manufacturing economy and that reflects in the
presence of billionaires from the core sectors in the list,” said Gita Piramal,
business historian and author of Business Maharajas.
“This notion that India is good only at services needs to
be revisited. Like the phoenix, the old sectors such as
cement and infrastructure are back. There are quite a few
first generation entrepreneurs and that is heartening.
Next year, we are going to see more billionaires from the core sectors.”
India has the most number of billionaires after the US, China, Russia
and Germany. The US is home to 40% of the world's billionaires,
but it is declining. Last year, it was 45%. China has 89 billionaires.
Pakistan just got its first billionaire — Mian Muhammad Mansha
of the Nishat Group, who has interests in textiles and banking
Mukesh Ambani, Lakshmi Mittal among world's 5 wealthiest
Apart from Ambani and Mittal, only four Indians rank in the top 50.
With a fortune of $17 billion, Wipro’s Azim Premji, who on Wednesday said his
Ambani’s estranged younger brother Anil Ambani, who is
locked in a bitter fued over gas prices with his richer sibling,
ranks 36 with a fortune of $13.7 billion. Essar Group's Shashi
and Ravi Ruia, who are preparing for an $8 billion listing on the
London Stock Exchange, are worth $13 billion, while OP Jindal’s
widow and non-executive chairman of Jindal Steel, Savitri Jindal,
ranks 44 with a fortune of $12.2 billion.
Three more Indians figure in the top 100. DLF Ltd’s Kushal Pal Singh,
who ranked 8th in 2008, slumped to 74 with a fortune of $9 billion,
partly reflecting the state of the real estate industry. Aditya Birla Group’s
Kumar Mangalam Birla ranks 86 with a fortune of $7.9 billion and Bharti Airtel's
Sunil Bharti Mittal, who is busy convincing shareholders that an African alliance
with Zain will be good for it, ranks 87 with $7.8 billion.
India’s 49 billionaires have a combined wealth of $222.1 billion-about
17% of India’s GDP. They have an average net worth of $4.5 billion.
India’s per capita GDP is about Rs 46,000. Mukesh Ambani and
Lakshmi Mittal account for 25% of the total Indian
billionaire wealth of $222.1 billion.
In India, like in politics, your chances of success at wealth
creation seem to rise with age. There are only 3 billionaires
in their 30s and four in their 40s. The average age is 58.6 years.
It must say something about India's pharma industry
that six of the 10 new billionaires made their fortune
in making drugs. Sudhir and Samir Mehta of Torrent
(who also have interests in power), Cipla’s Yusuf Hamied,
Zydus Cadila's Pankaj Patel, Lupin's Desh Bandhu Gupta,
Dr Reddy’s K Anji Reddy and Piramal Healthcare’s Ajay
Piramal are the new entrants into the rich list from the pharma
world. Shree Cement’s Benu Gopal Bangur debuts on the rich
list at 78 years. Only two Indian billionaires are
older — Jaypee Group’s Jaiprakash Gaur (79) and
RPG Group’s RP Goenka (80).
IRB Infrastructure's Virendra Mhaiskar, who joined
the family business at 19, is among the youngest Indian
billionaires at 38 and is a first timer on the list.
DB Realty’s Vinod Goenka and Shahid Balwa, both c
ollege dropouts, make the list for the first time.
They have partnered UAE's Etisalat for a telecom business.
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