In the midst of a difficult year for the economy, the total wealth of the head honchos on the 2019 Forbes India Rich List shrank 8% to US$452 billion from a year prior. More than half of India’s 100 richest saw a decrease in their net assets.
Forbes as of late released the 100 Richest Indians 2019 List. The list was assembled utilizing shareholding and budgetary data got from the families and people, stock trades, analysts and regulatory organizations.
Reliance Industries’ Chairman Mukesh Ambani has sacked the top spot in Forbes’ list of the richest Indians for the year 2019 in what the American business magazine said was ‘a difficult year’ for the Indian economy. This is the twelfth time in succession that Ambani; whose riches expand to $51.4 billion this year; has topped the rundown.
Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, said, “While India’s slowing economy took a toll on the combined wealth of the nation’s 100 richest this year, there were some who defied the odds to charge ahead. It won’t be long before they bounce back.”
Reliance Industries chairman Mukesh Ambani added $4.1 billion to his net assets owing generally to the success of Jio, the three-year-old telecom unit which ended up one of India’s biggest mobile carriers.
Six newcomers made their debut on this year’s list. One of them is the Adani Group.
Adani Group founder and chairman Gautam Adani followed Ambani at number two spot. The infrastructure magnate hopped eight spots to No. 2 with total assets of $15.7 billion. Following a nine-year pause, Adani secured authorization in June to begin to work on an Australian coal mine. Aside from this, he has ventured into a large number of new organizations from airports to data centres.
The spot before was with Wipro founder Azim Premji who lost it and was positioned seventeenth after his choice to give away a huge lump of his money to charity.
The Hinduja brothers are positioned at No. 3 this year with total assets of $15.6 billion, while Pallonji Mistry positions No. 4 with $15 billion. A $4 billion lift propelled banker Uday Kotak into the top five for the first time with a net worth of $14.8 billion. Shares of his Kotak Mahindra Bank rose 39% in the previous year.
The Singh family (no. 41, $3.18 billion), who inherited the fortune of pharma magnate Samprada Singh, founder of Alkem Laboratories, who died in July this year; Byju Raveendran (no. 72, $1.91 billion), the 38-year-old founder of fast-rising ed-tech unicorn Byju’s; Mahendra Prasad (no. 81, $1.77 billion) of Aristo Pharmaceuticals;
Manohar Lal and Madhusudan Agarwal (No. 86, $1.7 billion) of Delhi-headquartered Haldiram Snacks; Rajesh Mehra (no. 95, $1.5 billion), whose family owns the popular sanitary ware brand Jaquar, and Sandeep Engineer (no. 98, $1.45 billion) of Astral Poly Technik.
There are four returnees to this year list. They include Mofatraj Munot (No. 75, $1.85 billion) of Kalpataru, Rajju Shroff (No. 87, $1.69 billion) of UPL, as well as K. Dinesh (No. 89, $1.61 billion) and S.D. Shibulal (No. 100, $1.4 billion) cofounders of Infosys.
A few fortunes connected to cars and purchaser products experienced weak consumer sentiment. About a tenth of the listees this year are automotive honchos, who are enduring the worst part of an industry slump.