Forbes' has released its 2010 Rich List for India, which puts the combined net worth of the country's 100 richest people at $300 billion, up from $276 billion last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year. Mukesh Ambani, head of Reliance Industries, has topped the latest Forbes’ India Rich List with a net worth of $27 billion, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at number two with a net worth of $26.1 billion. Wipro’s Azim Premji is at number three.
Five media barons are part of the Top 100 Rich List. This includes Kalanithi Maran at number 17. His rise in the Rich List is the most spectacular. With a net worth of $4 billion, up by 74% from last year’s $2.3 billion, he is the biggest gainer in percentage terms. Bennett & Coleman's Indu Jain is ranked at number 21. Zee Group's Subhash Chandra is ranked at number 23. HT Media's Shobhana Bhartia is ranked at 76 while Dainik Bhaskar Group's Ramesh Agarwal is ranked at number 80.
Commenting on this year's List, Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager of Forbes magazine, said, “As we had predicted, the huge correction in Indian wealth which occurred in 2008 is fast becoming a distant memory. This year’s list illustrates the vibrancy and resilience of India’s economy. It signals a second wave of Indian capitalists accumulating fantastic fortunes especially in sectors such as pharmaceuticals and real estate."
"The record number of billionaires on this year’s Forbes list of 100 Richest Indians is yet another clear signal that the centre of gravity will increasingly shift to India and China over the next decade. Frontline Indian entrepreneurs have once again displayed their ability to harness the unprecedented wealth creation opportunities that exist in this part of the world,” said Indrajit Gupta, editor of Forbes India.
The net worths are compiled using stock prices and exchange rates taken on September 9. Privately held fortunes were valued at book value or by coupling estimates of revenues, profits or book value to prevailing ratios for similar public companies. To compile these rankings, reporters interviewed rich listers, employees, rivals, investors, fund managers, real estate agents and securities analysts. They also sifted through documents and databases to determine value and ownership of assets. Indian citizenship was required to make it to the list. Unlike Forbes’ global billionaire rankings, India’s richest ranking includes some family fortunes.