markets incessant rise has encouraged companies to raise funds
from the public
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 the wealth and earnings of billionaires
the promoters of listed companies, we use the accepted method of
estimating wealth based on the market value of their holdings in
listed companies. This is the category we have been estimating for
the last nine years. In line with international practices, we have
eliminated crossholdings in their stakes.
year, instead of removing the entire market value of crossholding
from the promoters' net worth, we have added back their share in
the crossholding as their net worth. This results in wealth estimates
based on the promoters' direct holding in listed companies and share
year we also collected information on public shareholders whose
personal investment of over one per cent in various companies was
made available by both the Bombay Stock Exchange and the National
Stock Exchange. Rakesh Jhunjhunwala with net worth of Rs 2,375 crore
top the list of investors' billionaire. Balrajsinh Parmar, an investor,
too joined the big league with net worth of Rs 540 crore, followed
by Desai brothers Rs 491 crore and Shivanand Mankekar Rs 344 crore.
in previous years, we estimated individual net worth by taking the
average market price of shares for the last one month. So we estimated
wealth for the current period on the basis of the average price
for August 2007 and similarly for August 2006 for comparison purposes.
Also, we estimated the net worth of individual promoters (or even
members of the promoter family) only if a break up of the individual
share holdings is available.
for the salaried wealthy, we look at big-buck salaries, both of
promoters who take a salary from the company and of professional
managers. Strictly speaking, professional managers are a different
genre. Unlike the previous two categories which are based on the
stock concept of wealth, these are based on the flow concept of
income. So obviously, these earning billionaires cannot be compared
with the other billionaires.
the salaried lot, the biggest group is the professional managers,
or middle class millionaires. Their earnings are reported in the
annual reports of companies. By and large, these are very accurate
but because of innovative compensation structuring the figures may
tend to be a bit lower than the actual sums.
is no systemic bias in the data. Data for promoters' net worth are
sourced from information on shareholding patterns published by the
Bombay Stock Exchange. The data on the salaried classes are sourced
from the annual reports of companies for the accounting years ending
anywhere between April 2006 and June 2007.
here for Alphabetical Index