The combined fortune of India's 100 richest is $276 billion, almost one-fourth the country's GDP. That is well below the total worth of $775 billion for the 100 richest Americans, but well ahead of the equivalent sum for China's top 100. Although China has more billionaires--79 vs. India's 52--India's wealthiest are worth over $100 billion more than the $170 billion total net worth of their Chinese counterparts.
Here is the list of top 10 richest indians:
#1 Mukesh Ambani
Net Worth: $32 billion
Age: 52
Marital Status: Married, 3 children
Hometown: Mumbai
Head of oil and gas conglomerate Reliance Industries, India's most valuable company, is locked in a three-year court battle with his estranged younger brother Anil, over an agreement to supply gas at a price that is 44% below the government-mandated price. Brothers' verbal duel reached crescendo in August with each accusing the other of foul play. Case is now being heard before the Supreme Court. Reliance's stock was hit in late October, when Hardy Oil and Gas, which is partnering with Reliance in the Krishna Godavari Basin off India's East coast, announced it was abandoning exploration of one well as it was dry; also hurt by drop in net profits in latest quarter. In a politically correct move, took a voluntary 66% cut in his compensation in last fiscal year, reducing it to $3.2 million.
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#2 Lakshmi Mittal
Net Worth: $30 billion
Age: 59
Marital Status: Married, 2 children
Hometown: London
His ArcelorMittal posted a net profit in third quarter after three consecutive quarterly losses; still down 75% from a year ago. Steel giant, which paid down debt in past year, is looking to invest in Brazil, India and the Middle East. Picked a site in India though may switch in response to farmers' protests. Steel workers attacked its Luxembourg headquarters during its annual shareholders meeting in May to protest temporary layoffs during slump. Owns 12-bedroom mansion in London's posh Kensington neighborhood; has stake in British soccer team QPR. Works out for an hour a day. Megha Mittal, wife of his only son, Aditya, who is steel group's financial director, recently bought the insolvent German fashion house Escada.
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#3 Anil Ambani
Net Worth: $17.5 billion
Age: 50
Marital Status: Married, 2 children
Hometown: Mumbai
Younger Ambani sibling, who runs his Reliance Anil Dhirubhai Ambani Group, with interests in telecom, power, infrastructure, financial services and entertainment, moved battle with his brother Mukesh into high gear. Created a stir when he went public with the allegation that India's petroleum minister was partial to Mukesh's Reliance Industries in their gas supply dispute. Government denied any favoritism. Matter is now in India's Supreme Court. A recent government-ordered audit of his Reliance Communications alleges that the company underpaid license fees to the government. Company has refuted the charges. In July, his entertainment unit finalized deal to invest $825 million with Steven Spielberg's DreamWorks Studios to co-produce films. His wife Tina oversees a hospital in Mumbai named after his mother.
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#4 Azim Premji
Net Worth: $14.9 billion
Age: 64
Marital Status: Married, 2 children
Hometown: Bangalore
Software czar chairs $5.5 billion (revenues) Wipro, country's third-largest software exporter. Reported a 19% jump in net profits in latest quarter, signaling a rebound for U.S.-dependent outsourcing giant. Of late, Wipro has landed big deals at home, including a $500 million, nine-year contract from Unitech Wireless, telecom unit of fellow billionaire Ramesh Chandra (No. 25), and one from Delhi International Airport, part of the GMR Group, chaired by G.M.Rao (No. 13). Company's consumer care division recently signed $46 million deal to buy Asian business of personal care brand Yardley from U.K.'s Lornamead. His private equity arm PremjiInvest has 10% in bankrupt discount retailer Subhikhsa. Eldest son Rishad, a Harvard grad who works with Wipro, was appointed general manager for treasury and investor relations in July.
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#5 Shashi & Ravi Ruia
Net Worth: $13.6 billion
Age: 65/60
Marital Status: Married, 2 children/Married, 2 children
Hometown: Mumbai
The brothers' $15 billion (revenues) Essar Group has weathered downturn and embarked on an expansion drive in all its businesses including steel, oil and power. As part of a global push, refiner Essar Oil bought 50% in Kenya Petroleum Refineries in July and is negotiating with Royal Dutch Shell to acquire three refineries with a total refining capacity of 25 million tonnes. Brothers (Ravi Ruia pictured above) are trying to raise $925 million, using part of their 33% stake in Vodafone Essar, India's third largest mobile phone operator, as collateral. But they withdrew their $150 million bid to take over Australian coal firm Rocklands Richfield, paving the way for other bidders, who include Jindal Steel & Power.
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#6 Kushal Pal Singh
Net Worth: $13.5 billion
Age: 78
Marital Status: Married, 3 children
Hometown: Delhi
Chairman of DLF, India's most valuable property company, its stock has rebounded 58% in 2009, reflecting the revival in the real estate market but still lagging the Sensex's 75% rise. Run by his son Rajiv who is DLF's vice chairman. To lure buyers, the developer cut prices earlier this year at some projects. In May, family sold nearly 10% of its DLF stake for $834 million, mainly to infuse funds into DLF Assets, their debt-laden private arm, and to buy out hedge fund D.E. Shaw's stake in it. Company has also been selling other assets, notably its 50% stake in a joint venture in Mumbai with real estate magnate Hemant Shah (No. 80), in a move to repay its considerable debts.
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#7 Savitri Jindal
Net Worth: $12 billion
Age: 59
Marital Status: Widowed, 9 children
Hometown: Hisar/Delhi
Non-executive chair of the O.P. Jindal Group, a steel and power conglomerate founded by her late husband Om Prakash Jindal in 1952. Took over as group head after he died in a helicopter crash in 2005. In his lifetime, patriarch had handed down operations to their four sons Prithviraj, Sajjan, Ratan and Naveen who run companies in their charge independently. Net worth up $9.1 billion in past year, mainly due to Naveen's Jindal Steel & Power whose market capitalization soared almost four-fold. Plans to take its power subsidiary public next year. Sajjan's JSW Energy is also planning an IPO. She recently got reelected in the assembly elections in Haryana.
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#8 Sunil Mittal
Net Worth: $8.2 billion
Age: 52
Marital Status: Married, 3 children
Hometown: Delhi
His flagship Bharti Airtel, India's largest mobile phone operator with 110 million customers, faced setbacks: after backing out of a deal to take over South Africa's MTN last year, he revived bid to pull off a mega-merger with MTN that would have created world's third largest telecom firm, but that too collapsed in September after months of negotiations. Stock is down 9% this year in a market that is up 75% in the same period. It took a hit also due to a tariff war unleashed by Tata Docomo which launched a per second billing rate forcing Bharti to match it. Group's joint venture with Wal-Mart, which younger sibling Rajan oversees, launched its first cash and carry store in May in North India.
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#9 Kumar Birla
Net Worth: $7.8 billion
Age: 42
Marital Status: Married, 3 children
Hometown: Mumbai
Head of $29 billion (revenues) commodities conglomerate Aditya Birla Group. His big move was a proposal to restructure group's cement business, eventually to be spun off from flagship Grasim Industries and merged into subsidiary UltraTech Cement. Deal will create India's biggest cement company and the world's tenth largest. Also planning to spin off financial services business, currently part of Aditya Birla Nuvo, maker of carbon black and viscose yarn, into Aditya Birla Financial Services. Idea Cellular, group's telecom unit, is embroiled in ongoing price war. Aditya Birla Retail which runs the More supermarket chain has yet to make profits. Launched private equity fund.
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#10 Gautam Adani
Net Worth: $6.4 billion
Age: 47
Marital Status: Married, 2 children
Hometown: Ahmedabad
Trader-turned-industrialist chairs Adani Group, which he founded in 1988 as a commodities trading outfit. Expanded into energy, infrastructure. His Mundra Port on India's west coast is country's biggest in private sector. Raised $652 million in August by taking 70%-owned Adani Power public. Stock is trading below issue price. He's planning to raise $325 million more through a rights issue of listed Adani Enterprises to invest in coal mining. Is reportedly on good terms with Narendra Modi, powerful chief minister of Gujarat state where Adani's businesses are located. Wife Priti oversees school run by Adani Foundation, family's charitable arm.
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