Mukesh Ambani is the richest Indian

Mukesh Ambani, chairman, managing director of Reliance Industries, has replaced steel tycoon Lakshmi Mittal to become India's richest person. With dollar $19.5 billion, he is the 7th richest person in all over world.
By: Reena Dhiman
 
 
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March 31, 2009 - PRLog -- Mukesh Ambani, with a total wealth of $19.5 billion, is the richest person in India. Announced by the Forbes list, leading USA business magazine. NRI steel baron Lakshmi Mittal followed him as its worth is calculated US$19.3 billion. The plunging stock and property values due to the international monetary crisis has clinched the richest Indian title from Mittal and forced him to come on second position behind Mukesh Ambani of petroleum to telecommunications. In spite of incurring losses of $28.2 billion last year, Mukesh pipped Steel tycoon Mittal to become richest person of India.

Mukesh's brother and renowned industrialist Anil Ambani is now at 3rd position in the list with a total US$10.1 billion wealth. In this recession period, apart from Indian economic slowdown, margins have squeezed due to costly expansion and increasing competition have nosedived into Anil's wealth, added by Forbes. Mr. Sunil Mittal, Bharati Group chairperson, with total $7.7 billion is fourth richest Indian.  

In the past 1 year, Indian stock markets have tumbled around 44 per cent which as a result around 29 Indians have lost their billionaire status. Indian currency have depreciated to 18 per cent against the US dollar."These are painful times for India's richest as the ongoing global turmoil drastically reshapes their fortunes." magazine asserted. Adding further it added, "The country's once soaring stock market fell 48 per cent in the 12 months, the rupee depreciated 24 per cent against the dollar and gross domestic product growth is expected to slow down to 7.5 per cent, partly owing to double-digit inflation,"

Both Ambani and Mittal are in the pack of 24 Indians of the list of world's richest people as calculated by Forbes. On the global front, list has placed Ambani at 7th position and Mittal is at the 8th spot.  Now in Asia, India no longer holds highest number of billionaires as the title is now ceding to China where number of billionaires are increased to 28. Some of the new entrants in the list are Micky Jagtiani with $2 billion, retailer, at 16th position, followed by Murali Divi with $870, founder of Divi’s Laboratories. Hemant Shah of Akruti City holds 37th rank with $830 million.  

List of top 10 Indian richest people

1.Mukesh Ambani: 20,800
2.Lakshmi Mittal: 20,500
3.Anil Ambani: 12,500
4.Sunil Mittal: 7,900
5.Kushal Pal Singh: 7,800
6.Shashi and Ravi Ruia: 7,600
7.Azim Premji: 7,000
8.Kumar Birla: 5,000
9.Adi Godrej: 4,000
10.Gautam Adani: 3,900
(By Forbes, American business magazine)

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