Swinging fortunes: Rich list shrinks, but top 10 add $40 billion to wealth

Richest 10 account for 41% of promoter wealth, up from 33% in December 2018

The upheaval in the broader economy has reshuffled the ranks of India’s billionaire promoters.

Changes in the market value of promoter stake in top private sector companies suggest that the number of billionaires is on the decline, after hitting a high in March last year. The gap between the rich and the not-so-rich promoters also widened in 2019.

There are now 80 promoters with net worth of a billion dollars or more. In December last year, there were 82; and in March last year, there were 91.

The 10 richest promoters in the country (in terms of net worth) are now worth nearly