Mukesh Ambani India's richest man for third year in a row: Forbes' India Rich List

India's rising stock market and a booming economy that's expanding by 8.5% have boosted the net worth of India's richest people, according to the latest Forbes' India Rich List. The combined net worth of India's 100 richest people is $300 billion, up from $276 billion last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year.

Mukesh Ambani, head of Reliance Industries, has topped the latest Forbes' India Rich List with a net worth of $27 billion, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of $26.1 billion. However both are less well off than they were a year ago.

Moving up to third position this year is IT outsourcer Wipro's Azim Premji. His wealth increased to $17.6 billion from $14.9 billion last year amid an improving outlook for the sector.

Also improving on their previous ranking to No. 4 are brothers Shashi and Ravi Ruia with $15 billion, more than their last year's net worth of $13.6 billion. The IPO of their Essar Energy in May, which raised $1.85 billion, was the largest ever listing in London by an Indian company.

Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager of Forbes magazine, said: "As we had predicted, the huge correction in Indian wealth which occurred in 2008 is fast becoming a distant memory. This year's list illustrates the vibrancy and resilience of India's economy. It signals a second wave of Indian capitalists accumulating fantastic fortunes especially in sectors such as pharmaceuticals and real estate."

"The record number of billionaires on this year's Forbes list of 100 Richest Indians is yet another clear signal that the centre of gravity will increasingly shift to India and China over the next decade. Frontline Indian entrepreneurs have once again displayed their ability to harness the unprecedented wealth creation opportunities that exist in this part of the world," said Indrajit Gupta, Editor of Forbes India.

2) Lakshmi Mittal; $26.1 billion

4) Shashi & Ravi Ruia; $15 billion

6) Anil Ambani; $13.3 billion

8) Kushal Pal Singh; $9.2 billion

10) Kumar Birla; $8.5 billion