Top 5 pocket half of India’s billionaire wealth
Aug 14 2014 , New Delhi
According to the analysis by research firm Wealth-X, Reliance Industries chairman Mukesh Ambani remains the richest with an estimated net worth of $24.4 billion (about Rs 1,49,474 crore).
He is followed by steel tycoon Lakshmi Mittal, drugmaker Sun Pharma's Dilip Shanghvi, IT giant Wipro's Azim Premji and Tata Sons' shareholder Pallonji Shapoorji Mistry among the top five wealthiest individuals from India. The five together control $85.5 billion in personal wealth, accounting for 47.5 per cent of India's total billionaire wealth.
Not quite so rich are Shah Rukh Khan ($600 million) and Sachin Tendulkar ($160 million.
Observing that “entrepreneurialism is the key to attaining financial success in the world’s largest democracy”, the study further says that these five entrepreneurs have made their fortunes in sectors such as oil and gas, steel and pharmaceuticals.
Through Reliance Industries group, Ambani owns the Mumbai Indians Indian Premier League (IPL) cricket team, reportedly the most valuable team at around $112 million, the report said.
Steel tycoon Lakshmi Mittal, chairman and CEO of Arcelor Mittal, takes second place on the list with a personal net worth of $17.2 billion. Mittal, 64, owns 38 per cent of ArcelorMittal and a 33 per cent stake in the Queens Park Rangers Football Club.
Sun Pharmacuetical's Dilip Sanghvi is the third wealthiest Indian on the list with an estimated net worth of $16.3 billion, followed by Wipro chairman Azim Premji ($14.9 billion) and Tata Sons shareholder Pallonji Shapoorji Mistry ($12.7 billion).
All five entrepreneurs have established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development, the report said.