Friday, October 26, 2012

Mukesh Ambani does it 5th time in a row

Attaining top slot is a difficult task. But after reaching the pedestal maintaining one's position over there is also equally challenging. Not if you are Mukesh Ambani. The Forbes richest Indians' list is out. And for the fifth time in a row, Mukesh Ambani has claimed the title of being the richest Indian on earth. His net worth stood at US$ 21 bn for the year under consideration. Second in the list was ArcelorMittal's Chairman, Lakshmi Mittal. However, Bharti's Chairman, Sunil Mittal and Adani Group's Chairman, Gautam Adani were out of the annual list of 10 richest Indians. The telecom scam and power woes saw share prices of their companies tumble which eroded their net worth. Dilip Shanghvi of Sun Pharma was a surprise entry into the list. In fact, he entered the top 5 for the first time.

It is interesting to note that the collective wealth of India's 100 richest Indians increased 3.7% to US$ 250 bn. And this increase in wealth is approximately 14% of the country's nominal GDP. In a country, where majority of the people live below poverty line, such a concentration of wealth in hands of few people is really astounding.

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