Reliance Industries chairman Mukesh Ambani is close to becoming the planet's richest individual (TOI Photo) Hold your breath. In the last three months, Reliance Industries chairman Mukesh Ambani increased his wealth by roughly Rs 40 lakh every single minute. Thanks to the rapid rise in stock prices of his company, his wealth is a staggering Rs 2,20,463 crore or $55.8 billion.
The elder Ambani is also close to becoming the planet's richest individual. The men who staked their bets on businesses have come into incredible wealth.
A splurge by foreign investors combined with an unexpectedly good performance in the first quarter of the year saw the sensex soar by 3,000 points.
Delhi-based DLF's Kushal Pal Singh, the architect of Gurgaon, saw his wealth increasing by 51% to Rs 1,29,736 crore or $32.9 billion. His company shares listed on the stock markets only on July 5, just when increasing interest rates had dampened market sentiments. A spurt in the DLF stock price in the last few days has made KP Singh the second richest Indian, ahead of Anil Ambani.
The 10 richest people in India have seen their collective wealth increase by Rs 1,67,505 crore or $42.4 billion since July 1. That's twice as fast as the rise in their wealth in the first six months this year.
Since January, the wealth of India's 10 richest men shot up by Rs 2,57,813 crore or $65.3 billion. Anil Ambani is a close third, with the value of his personal stake in his group firms now at Rs 1,27,965 crore or $32.4 billion.
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Wealth of Anil Ambani, Sunil Mittal soars
MUMBAI: With Indian stock markets seeing a boom, corporate biggies' wealth is also skyrocketing. During the third quarter, Anil Ambani's wealth has shot up by 36% or roughly $8.5 billion, as his group firms like RNRL, REL, RComm and Reliance Capital touched new life-time highs. The younger Ambani ranks third on the list of the 10 richest people in India, with the value of his personal stake in his group firms now at Rs 1,27,965 crore.
Ambani is also set to hit the capital markets with an IPO worth $2.5 billion for Reliance Energy subsidiary Reliance Power before the end of this year. Sunil Mittal has also seen his wealth surge by 52% to $20.9 billion on the back of robust growth in the telecom sector. Kumar Birla and Anil Agarwal are also now worth over $12 billion each. Azim Premji is the only one in the top ten who has seen his net worth dipping in this quarter as the outlook for IT companies remains uncertain in the near term.
The rising rupee adversely affects this sector and the possibility of a slowdown in the US economy is additional bad news. His net worth is now $13.6 billion, down by $4.2 billion since the start of the year.
Apart from the current bull run on the bourses, the other factor working in favour of India's richest citizens is the rising rupee. The rupee has appreciated almost 3% since the start of the quarter and about 12% since the beginning of the year, boosting the net worth of these tycoons in dollar terms.
This impacts their positions in the global rich list as well, and a sustained bull run coupled with further rupee appreciation may see Mukesh Ambani overtaking Bill Gates and Carlos Slim as the world's richest person in the future.
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Top billionaires
The following list is the ranking of the world's richest billionaires on February 9, 2007, and does not reflect changes since that date.
Name Net Worth Citizenship Source
1. Bill Gates[7], US$56.0 billion , United States, Microsoft, investment
2. Warren Buffett[7]. US$52.0 billion , United States, Berkshire Hathaway, investment
3. Carlos Slim Helú[7]. US$49.0 billion . Mexico. Telmex, América Móvil, Grupo Carso, Comp USA
4. Ingvar Kamprad, US$33.0 billion , Sweden, IKEA, IKANO, real estate,
5. Lakshmi Mittal, US$32.0 billion , India, Arcelor Mittal
Source: http://en.wikipedia.org/wiki/List_of_billionaires_(2007)
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