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Mittal, who has moved to second position with a net worth of USD 20.5 billion (rpt) USD 20.5 billion, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at USD 12.5 billion.
Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of USD 7.9 billion and USD 7.8 billion, respectively.
The magazine said that the combined net worth of India's 40 richest has declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback.
Their total wealth is now USD 139 billion, down from USD 351 billion just a year ago, according to Forbes India Rich List.
"These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past 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 in a statement.
While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollar was needed to make to the list this year, 840 million dollar less than last year.
The Ruia brothers were ranked at sixth position with a net worth of USD 7.6 billion, followed by Wipro Chairman Aziz Premji, worth USD 7 billion.
The magazine states that the combined net worth of brothers Malvinder and Shivinder Singh increased by USD 550 million, thereby grabbing 13th place on the list.
Their combined net worth stood at USD 2.8 billion after they sold their stake in Ranbaxy Laboratories to Daiichi Sankyo.
The list says the major loser was property tycoon Ramesh Chandra, whose net worth dropped by 91 per cent to USD 1 billion.
Among the new entrants in the list are retailer Micky Jagtiani at 16th position with a net worth of USD 2 billion, followed by Divi's Laboratories' founder Murali Divi at 36th place with a net worth of USD 870 million. Also Akruti City's Hemant Shah stood at 37th place with a wealth of USD 830 million.
* Following is the list of India's top 40 richest people as compiled by US-based business magazine Forbes.
Rank - Name - Net Worth ($mil)
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
11. Dilip Shanghvi: 3,100
12. Savitri Jindal: 2,900
13. Malvinder and Shivinder Singh: 2,800
14. Anil Agarwal: 2,400
15. Shiv Nadar: 2,200
16. Micky Jagtiani: 2,000
17. Indu Jain: 1,800
18. Cyrus Poonawalla: 1,600
19. Uday Kotak: 1,550
20. Chandru Raheja: 1,500
21. G M Rao: 1,470
22. Vivek Burman: 1,300
23. Anurag Dikshit: 1,250
24. Kalanithi Maran: 1,200
25. Venugopal Dhoot: 1,100
26. Yusuf Hamied: 1,060
27. Ramesh Chandra: 1,000
28. Subhash Chandra: 970
29. N R Narayana Murthy: 965
30. Rajan Raheja: 950
31. Brijmohan Lall Munjal: 940
32. Baba Kalyani: 935
33. Tulsi Tanti: 930
34. Jaiprakash Gaur: 890
35. Niranjan Hiranandani: 885
36. Murali Divi: 870
37. Hemant Shah: 830
38. Gracias Saldanha: 825
39. Anand Jain: 810
40. Rahul Bajaj: 760
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being a teacher i have invested some amount for modifying our school and providing the good computer education to the student. now i am facing the problem for managing the money education
I am facing financial problems and now I am in a critical stage. request five lacs urgent loan
congratulation for your success. sir i m right now working in luanda capital of angola and i would like to join your esteem which may be in future over so pls contact me on my email id hope you wil give me reply i m very little and up coming boy like lt.shree dhiru bhai ambani. so if you want to start your business over here pls contact me it's a request to you. here is a lot of opportunity for all kinds of business i m so a little boy you know everything about it.
hi, your list is very intresting.i regularaly read your list
check this
india's rich are truely rich. i have a suggestion. they can come togather and form a trust. this trust will create school in every backward dsitrict of india and give poor chilren education and hostel free of charges. some of these children -after completion of their education-in fact ,may join as loyal employees in these companies. the selection will be on merit on a all-india basis selection process to ensure that the brightest among the poor and backward get into these schools. these companies with money and managerial skills are capable to execute a social scheme of such scale . just imagine the goodwill(even political influence)from such a scheme that will bring to them. just a few millions from each billionaire can kickstart this project. they wont even know the differecne in their wealth. in amercia, hearst-the chocolate maker-donated billions of dollars for education of poor children. for once cant we learn from an american company?
This is a competition between India's new monies! The most of the credit goes to India middle class who generously invested in stocks.
Hi,I am wondering why tatas are not in this list...And I have never seen that ratan tata is in the list.Why?I think Tata is biggest group in India.that is really great leadership and we need more tatas then other industrialist.
The Tata group has 96 companies and they are all held in the name of a front company called Tata Sons! The owners of Tata Sons are not Ratan Tata but various charity institutions. The two main trusts are JRD Tata Trust and Ratan Tata Trust which hold 65% of the total stake. If this stake is put directly on Ratan Tata's financial statements, he probably would be worth more than Warren Buffet. Therefore, this man's efforts to the cause of charity should be legendary. A truly great leader indeed!!!
Whats the point becoming the richest at the cost of others. if so let him do something for the country and the employees . there is no point in becoming rich at the cost of employees and the country