Fifteen newcomers debuted on Forbes India Rich List 2013

Fifteen newcomers debuted on the latest Forbes India Rich List even as the wealth of India’s 100 richest expanded a modest 3% from a year ago to $259 billion. The growth in wealth might have been lacklustre due to India’s stumbling economy, which has been hit by inflation and a falling rupee. At the same time, the five-year trend shows this elite group of entrepreneurs beating the BSE market cap’s growth.

This year’s list has 65 billionaires, four more than last year. Some of those new billion-dollar fortunes were made not in India but in the Middle East: Bahrain resident Ravi Pillai, the richest newcomer on this year’s list, made his $1.7 billion fortune in Saudi Arabia with his construction business RP Group of Companies, and retail mogul M.A. Yusuff Ali, created his $1.6 billion wealth with his LuLu Group in Abu Dhabi.

The complete list is available at  www.forbesindia.com  and a special Forbes India issue featuring in-depth stories on the rich list hits the stands on 7 November.        

Mukesh Ambani retains the top spot on the list and remains India’s richest person with wealth of $21 billion, unchanged from a year ago. The oil and gas tycoon who runs Reliance Industries remains bullish and plans to invest $25 billion in his businesses over the next 3 years. Steel magnate Lakshmi Mittal is at No. 2 with wealth of $16 billion, also unchanged from a year ago. His company ArcelorMittal continues to face weak demand for steel amid a global supply glut.  

Bucking the trend is pharmaceutical magnate Dilip Shanghvi, founder of the country’s most valuable drugmaker Sun Pharmaceutical Industries, who moved into the No. 3 spot for the first time. This year’s biggest dollar gainer with wealth of $13.9 billion, Shanghvi added $4.7 billion to his fortune, which accounted for half of the overall 3% gain. Azim Premji is No. 4 on the list with wealth of $13.8 billion, up $1.6 billion from a year ago.    

The top 10 has two new faces. Shiv Nadar makes it to this elite group for the first time after 2004 following a stupendous performance by his company HCL Technologies on the BSE. Sunil Mittal, reflecting an improved environment in the telecom sector, also makes it to the top 10. 

This is the fifth year of the Forbes India Rich List and this period throws up some interesting trends. In 2009, the top 20 people accounted for 80% of the wealth. Today they account for only 62%.          

A detailed analysis of these five years is one of the highlights of the special Forbes India Rich List issue. The issue also has a heady mix of business, lifestyle and glamour. There is also an exclusive feature on the Hinduja family’s new abode, one of London’s most opulent homes and a walk down memory lane with some rare pictures of the tycoons from their early years.                               

R Jagannathan, Editor-in-Chief of Forbes India, commented: “2013 was the year of the great standstill for big business in India. Most of them preferred to hold back in the face of political uncertainty at home. But this standstill does not reflect the great churn within the list, where there were 15 newcomers, and many old names slipping down the list or falling off”.

The minimum net worth to make the cut increased to $635 million from $460 million last year. The list was compiled using shareholder and financial information obtained from families, individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Bajaj family. Public fortunes were calculated based on stock prices and exchange rates as of October 18. Private companies were valued based on similar companies that are publicly traded.

The top 10 richest in India are:

1. Mukesh Ambani; US$21 billion
2. Lakshmi Mittal; $16 billion
3. Dilip Shanghvi; $13.9 billion
4. Azim Premji; $13.8 billion
5. Pallonji Mistry; $12.5 billion
6. Hinduja brothers; $9 billion
7. Shiv Nadar; $8.6 billion
8. Adi Godrej; $8.3 billion
9. Kumar Birla; $7.6 billion
10. Sunil Mittal; $6.6 billion

The debutants on the list are

1. Ravi Pillai: $1.7 billion (Rank 34)
2. MA Yusuff Ali : $1.6 billion (Rank 40)
3. Vijay Chauhan: $1.5 billion (Rank 43)
4. Sunny Varkey: $1.4 billion (Rank45)
5. Ravi Jaipuria: $1.36 billion (Rank47)
6. Samprada Singh: $1.35 billion (Rank48)
7. Kuldip and Gurbachan Singh Dhingra: $ 1.23billion (Rank53)
8. Nirav Modi: $1.01 billion (Rank 64)
9. Sanjay Singhal: $900 million (Rank 69)
10. Murli Dhar and Bimal Kumar Gyanchandani: $800million (Rank76)
11. Ramesh Juneja: $770million (Rank 80)
12. PNC Menon: $760million (Rank 81)
13. Abhay Firodia: $680million (Rank93 )
14. Amit Jatia: $665million (Rank 95)
15. Atul and Sagar Chordia: $ million(Rank 100)