money, will spend seems to be the motto of the elite
CHECK ON PAY
got the biggest raises? Which company was most generous?
BUT NOT MARKET MOVERS
ones who did not have to tap the market to get the numbers
definitive list of India Incs richest
of the best paymasters
we estimated wealth and earnings of billionaires
of the 46 that were turned billionaires by initial public offerings,
the top seven are real estate developers. Apart from Singh and Jain
the other five are Housing Development & Infrastructure Ltd
promoter Rakesh Kumar Wadhawan, Ravi Purvankara of Purvankara Project,
Rohtas Goel and family of Omaxe, P N C Menon and Sobha Menon of
Sobha Developers and Vyomesh M Shah and Mahipatray V Shah of Akruti
Nirman. What is more, even if their wealth is denominated in the
US dollar, the first six are still billionaires. This group has
pushed up the number of new billionaires to a staggering 168, easily
the highest-ever, and more than made up for the exit of 24 from
money, it seems, has become easier than ever. There are now
48 Indians with wealth above $1 billion (Rs 4,000 crore, or
Rs 40 billion), making them dollar billionaires. There were
23 last year and only three in 1999.
years ago, when Business Standard compiled its first list
of the wealthiest people in the country, the 100 that comprised
it were worth Rs 84,000 crore. This time, their number has
increased to 533 and their combined wealth stands at Rs 12,32,000
crore. The top five are worth over Rs 50,000 crore each.
if any was needed, came from US-based magazine Forbes
list of Indias 40 richest. Coming five days after Diwali,
it was quite a cracker. For the first time, everyone in the
list is a billionaire. In aggregate, their wealth surged to
$351 billion, a bit more than double last year's $170 billion,
making India's 40 by far the wealthiest such group in all
most development and growth parameters, India often finds
itself finishing runner-up to China. But Forbes gave India
the bragging rights. Its top four L N Mittal, the Ambani
brothers and Singh are together worth more than the
40 richest Chinese combined.
of his telecom businesses into one single entity RELIANCE
COMMUNICATION and the surge in the share prices
of his telecom, finance and power companies cemented ANIL
AMBANIs position as the SECOND RICHEST
Indian with a net worth of Rs 97,090 crore
to the Business Standard list, Mukesh Ambani heads it this time
with a net worth of Rs 1,45,000 crore. In the last two years, he
has often found himself up against his estranged brother, Anil,
in business and law courts. The case is not very different this
time. Anil is second with a net worth of Rs 97,090 crore.
the 46 that turned billionaires through
initial public offerings this year, the top 7
were real estate developers
Singh, when he was an 18-year-old cadet at the Indian Military Academy,
hatched a plan to escape the institutes rigours by running
away to England, where he had earlier dabbled in aeronautical studies.
The colonel in charge came to know of the plan and told Singh that
he could go away provided he was willing to be forever branded the
coward who ran away. Singh stayed. The escape to England may have
left him repairing aeroplanes there. Staying the course has made
him worth Rs 90,821 crore and third on the list.
much-anticipated public issue of DLF even before it, reports
had started appearing about Singhs wealth once the company
was listed hit a bump early on on account of issues pertaining
to the interests of minority shareholders.