Forbes India Rich list

Reliance Industries' Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal as the richest Indian in the world, with a net worth of USD 20.8 billion, Forbes said in its annual rich list for the country. Mittal, who has moved to second position with a net worth of USD 20.8 billion, is followed by Mukesh's younger brother Anil Ambani, whose wealth stood at USD 12.5 billion.

Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of USD 7.9 billion and USD 7.8 billion, respectively. The magazine said that the combined net worth of India's 40 richest has declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback.

Their total wealth is now USD 139 billion, down from USD 351 billion just a year ago, according to Forbes India Rich List. "These are painful times for India's tycoons. The country's once soaring stock market fell 48 per cent the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation," Forbes Asia said in a statement. While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollar was needed to make to the list this year, 840 million dollar less than last year. The Ruia brothers were ranked at sixth position with a net worth of USD 7.6 billion, followed by Wipro Chairman Aziz Premji, worth USD 7 billion.The magazine states that the combined net worth of brothers Malvinder and Shivinder Singh increased by USD 550 million, thereby grabbing 13th place on the list.Their combined net worth stood at USD 2.8 billion after they sold their stake in Ranbaxy Laboratories to Daiichi Sankyo.The list says the major loser was property tycoon Ramesh Chandra, whose net worth dropped by 91 per cent to USD 1 billion.Among the new entrants in the list are retailer Micky Jagtiani at 16th position with a net worth of USD 2 billion, followed by Divi's Laboratories' founder Murali Divi at 36th place with a net worth of USD 870 million. Also Akruti City's Hemant Shah stood at 37th place with a wealth of USD 830 million.

With as many as 15 billionaires, country's financial hub-- Mumbai-- has emerged as the city housing the highest number of India's richest people in the Forbes list.Out of the 40 Indian billionaires, 15 residing in Mumbai have a combined wealth of USD 62.42 billion.

In the league of 40 billionaires, there are five people from Mumbai, including the country's richest man Mukesh Ambani, in the top 10. Others are Anil Ambani (3rd rank), Shashi and Ravi Ruia (6), Kumar Birla (8)and Adi Godrej (9). National capital Delhi has 10 billionaires having a cumulative networth of USD 29.53 billion, next only to Mumbai.The city boasts of country's fourth richest man--telecom czar Sunil Mittal and the richest women--Savitri Jindal-- with fortunes worth USD 7.9 billion and USD 2.9 billion, respectively. Apart from Mittal, Delhi houses one more billionaire--Kushal Pal Singh-- who has found a place in the top 10, with a networth of USD 7.8 billion.Meanwhile, pharma major Cipla's Yusuf Hamied--who is placed at the 26th spot with a net worth of USD 1.06 billion-- resides both in Mumbai and London.

Further, another city Pune is home to four billionaires, while the country's IT hub Bangalore houses three. However, when it comes to networth, Bangalore takes the lead with USD 9.43 billion, whereas Pune's billionaires' are together worth just USD 4.22 billion.Others billionaires residing in Mumbai includes Dilip Shanghvi (11), Uday Kotak (19),Chandru Raheja (20), Venugopal Dhoot (25), Subhash Chandra (28), Rajan Raheja (30), Niranjan Hiranandani (35), Hemant Shah (37), Gracias Saldanha (38)and Anand Jain (39).Billionaires from Delhi includes Malvinder and Shivinder Singh (13), Shiv Nadar (15), Indu Jain (17) and Ramesh Chandra (27).
In the latest Forbes list, there are three people of Indian origin who reside in London, Dubai and Gibraltar with a total worth of USD 26.15 billion. They are steel tycoon Lakshmi Mittal, Vedanta Resources-promoter Anil Agarwal, Dubai retailer Micky Jagtiani and Anurag Dikshit. Besides, three billionaires Gautam Adani, Kalanithi Maran and Murali Divi-- reside in Ahmedabad, Chennai and Hyderabad, respectively.