With a net wealth of $51.4 billion Mukesh Ambani, the CEO and Managing Director of Reliance Industries, has topped the Forbes India Rich List for the 12th consecutive year.
Infrastructure tycoon Gautam Adani, jumped eight spots to secure the second position in the list with a net wealth of $15.7 billion. Ashok Leyland's Hinduja Brothers, Pallonji Mistry and Uday Kotak secured the third, fourth and fifth positions.
“Ambani 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 India said.
The Forbes website states that the net worths of more than half the list members fell last year. In all, 14 were poorer by $1 billion or more, and nine members from last year’s ranks dropped off. The total wealth of this year’s 100 richest shrank 8 percent from a year ago to $452 billion.
But more than a third of that decline was due to the remarkable largesse of tech tycoon Azim Premji, who gave away a chunk of his fortune in March and consequently dropped in the ranks to No. 17 from No. 2.
The Forbes India list also saw are six new entrants this year, including Byju Raveendran, the 38-year-old founder of fast-rising edtech unicorn Byju’s; Manohar Lal and Madhusudan Agarwal of Haldiram Snacks; Rajesh Mehra of Jaquar bathroom fittings and Samprada Singh, founder of Alkem Laboratories.
Eight Keralites made it to the top 100 list.
1. MA Yusuff Ali of Lulu group at rank 26 with a net wealth of $4.3 billion
2. Ravi Pillai of RP group at rank 43 with a net wealth of $3.1 billion
3. MG George Muthoot of Muthoot Finance at rank 44 with a net wealth of $3.05 billion
4. Senapathy Gopalakrishnan of Infosys at rank 55 with a net wealth of $2.3 billion
5. Sunny Varkey of GEMS education at rank 67 with a net wealth of $2.05 billion
6. Byju Raveendran of Byju's group at rank 43 with a net wealth of $1.91 billion
7. Dr Shamsheer Vayalil of VPS Healthcare at rank 99 with a net wealth of $1.41 billion
8. SD Shibulal of Infosys at rank 100 with a net wealth of $1.4 billion