Friday, October 11, 2019

While Mukesh Ambani remains richest Indian for 12th year, Modi's friend Adani jumps eight spots to no. 2

The net worths of more than half the Forbes' list members fell. In all, 14 were poorer by $1 billion or more, and nine members from last year’s ranks dropped off.
While Mukesh Ambani is the richest India on Forbes list for 2019, Gautam Adani (L) is a close second. (File)


Reliance Industries Ltd (RIL) chairman Mukesh Ambani has topped the Forbes list of richest Indians for the 12th consecutive year in 2019. With $51.4 billion net worth on Forbes’ list of richest Indians for the year 2019, Ambani leads the chart despite the Indian economy facing a slowdown.

Meanwhile, industrialist Gautam Adani has jumped eight spots to end at second position with an income pegged at $15.7 billion. Adani controls Mundra Port, India’s largest, in his home state of Gujarat. His $13 billion (revenue) Adani Group’s interests include power generation and transmission, edible oil, real estate and defence, Forbes listed.

The top 10 richest India includes the names of Hinduja brothers, Pallonji Mistry, Uday Kotak, Shiv Nadar, Radhakishan Damani, Godrej family, Lakshmi Mittal and Kumar Birla respectively.

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Gautam Adani has jumped eight spots to end at second position with an income pegged at $15.7 billion.

“Mukesh Ambani remains the richest Indian for the 12th year in a row. He added $4.1 billion to his net worth as Jio, a three-year-old telecom unit of his Reliance Industries, became one of India’s biggest mobile carriers with 340 million subscribers,” Forbes said.

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The economic slowdown had an effect on the list as spelt an 8 per cent drop in the total wealth of business tycoons on the Forbes list to $452 billion. The net worths of more than half the list members fell. In all, 14 were poorer by $1 billion or more, and nine members from last year’s ranks dropped off, added Forbes while releasing the list.

The Red Tea Detox

There are six new faces this year, including Byju Raveendran, the 38-year-old founder of fast-rising ed-tech unicorn Byju’s; Manohar Lal and Madhusudan Agarwal of Delhi-headquartered Haldiram Snacks; and Rajesh Mehra, whose family owns the popular Jaquar brand of bathroom fittings. Samprada Singh, founder of Alkem Laboratories, died in July and his fortune is now listed under his family.

Forbes compiled the list using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.

Top 10 Forbes richest India

Credit: IE




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