Forbes, Mukesh Ambani
2 years ago Nikhil Pillai 0
Forbes, Mukesh Ambani
Reliance Industries chief, Mukesh Ambani wealth at $22.7 billion equals Estonia’s GDP: Forbes.
Forbes, Mukesh Ambani, who has been named India richest person for the 9th year in a row by Forbes. With a sharp increase in net worth to the US $22.7 billion. And Has the fortune that is similar to Estonia’s GDP, says Forbes.
Ambani outranks 14 Indian states and union territories as far as their annual GDP is concerned. These include Himachal Pradesh, Uttarakhand, and Chandigarh.
Similarly, Wipro Azim Premji, the 4th richest Indian on the Forbes list, has the net worth of the US $15 billion more than Mozambique’s GDP of $14.7 billion.
Sun Pharma Dilip Shanghvi is the second richest with a wealth of the US $16.9 billion. And the Hinduja Family rank up to the third position wealth of the US $15.2 billion on the annual list of India 100 Richest People.
The Pallonji Mistry with a wealth of $13.90 billion is the 5th richest Indian on the list of Forbes.
The totals wealth of India top five billionaires, which stands at a whopping $83.7 billion, is more than the cost of the 1,230 Mars Orbiter ‘Mangalyaan’ Missions and is more than 18 times the cost of handling the 2016 Rio Olympics.
Much of the wealth is accumulated in the top half of the ‘Richie Rich’ league, Forbes said, adding that if ’80-20 rule’ is involved to the list, it indicates a ‘trickling down’ of fortunes to the lower position.
“The 80-20 rule, when applied to a rich list, should translate to the top 20 billionaires accounting for 80 percent of the wealth. Though the share of top 20 in overall wealth has steadily consumed from 70 percent in 2009 to 52 percent in 2016, indicating trickling down of fortunes to the lower position,” the business magazine added.
According to the list, the total wealth of the 100 richest stood at $381 billion, up 10 percent from $345 billion in 2015.
From 2014, all the richest Indians have been ‘billionaires’ instead of some millionaires earlier. The minimum cut-off to figure in the 100 Richest Indians list hit a record high of $1.25 billion this year. In Last year it was USD 1.1 billion.
The top 10 billionaires from the 2015 list also figure in 2016 top 10, with a few inter-see changes.
Sourav Majumdar, Editor, Forbes India. said that “The 2016 Forbes India Rich List is proof that Indian enterprise is alive. The cut-off for entry into this exclusive club has hit a record high of $1.25 billion in this year. And while there are some notable exclusions, new and younger entrepreneurs have also announced their arrival into the list,”
The Top gainers on the list in percent terms were KP Singh ($4.80 billion) and Ajay Piramal ($3.25 billion). Who scored a whopping 84.6 percent and 82.6 percent of their wealth, respectively.
The Young entrepreneurs like Flipkart’s Sachin and Binny Bansal dropped off from the list. While outsiders like tech entrepreneurs the Turakhia brothers and Acharya Balkrishna make theirs debut.