Mukesh Ambani is the wealthiest in India Rich List 2018

Despite the rupee rout, the tycoons featuring on the 2018 Forbes India Rich List saw their combined wealth increase to $492 billion over the course of the past year.

Here are the 5 names who made to this year’s list:

1. Mukesh Ambani | Chairman and MD, Reliance Industries | Net worth: $47.3 billion (Image: Reuters)

Ambani added $9.3 billion to his wealth amid the continuing success of telecom arm Reliance Jio. However, this is lower than the $15.3 billion rise he saw in his wealth in 2017.

2. Azim Premji | Chairman, Wipro | Net worth: $21 billion (Image: Reuters)

Tech tycoon Azim Premji retained his number two spot on the list, with his wealth rising to $21 billion from the $19 billion in the year ago period. Steel magnate Lakshmi Mittal climbed one spot to number three, with his wealth rising to $18.3 billion from $16.5 billion in 2017.

3. Lakshmi Mittal | Chairman and CEO, ArcelorMittal | Net worth: $18.3 billion (Image: Reuters)

Benefiting from the steel recovery, the company reported a surge in net profit to $4.6 billion in 2017 on revenue of $68.7 billion.

4. Hinduja Brothers | Hinduja Group | Net worth: $18 billion (Image: Reuters)

In the process, the Hinduja brothers ($18 billion) dropped one rank to number four this year, with their combined wealth falling marginally from $18.4 billion last year.

5. Pallonji Mistry | Former Chairman, Shapoorji Pallonji Group | Net worth: $15.7 billion (Image: Reuters)

Shapoorji Pallonji Group’s Pallonji Mistry rounded off the top five in this year’s 100 richest Indians list. His wealth declined slightly to $15.7 billion in 2018 from $16 billion in the year ago period.

A construction worker walks past a hoarding of Indian conglomerate Shapoorji Pallonji Group on the outskirts of Mumbai, India April 17, 2018. REUTERS/Francis Mascarenhas – RC1B89EE05D0

 

“The growth in the overall wealth of India’s richest in a challenging year is one indicator of the country’s economic advancement. New faces on the list – five of them – are also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets,” Brian Carvalho, Editor, Forbes India.

The 2018 list saw five newcomers and eight dropouts. The new faces include Graphite India’s Krishna Kumar Bangur at rank 91 ($1.7 billion), Sridhar Vembu of Zoho (rank 96; $1.56 billion), Tarang Jain of Varroc Engineering (rank 95; $1.59 billion). South India’s infrastructure magnate P. P. Reddy of Megha Engineering & Infrastructure is the richest newcomer ($3.1 billion), debuting at rank 47.

Only four women made it to the list, with Biocon’s Kiran Mazumdar-Shaw being the biggest gainer in percentage terms. Her wealth soared by two-thirds in one year, catapulting her 33 notches from rank 72 to 39 this year. Shares of Biocon jumped when it received approval from the US Food & Drug Administration last December for a cancer drug co-developed with Mylan and have nearly doubled in the past 12 months. In the 2018 list, Mazumdar-Shaw found a comfortable spot at rank 39 with a net worth of $3.6 billion.

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 21. Private companies were valued based on similar companies that are publicly traded.