Nusli Wadia, chairman of the Wadia Group of companies, has made his debut in the Forbes India Rich List for 2017 at the 25th slot with a net worth of $5.6 billion, according to a press release issued by the magazine.
Other notable new entrants in the list, which sees Reliance Industries' Mukesh Ambani at the top slot for the 10th consecutive year, are Dinesh Nandwana (88th spot with $1.72 billion) of e-governance services firm Vakrangee; Vijay Shekhar Sharma (99th spot, $1.47 billion) of Paytm; and Rana Kapoor (100th spot, $1.46 billion) of YES Bank. Of the new entrants, Wadia is the richest.
In one year, Ambani added $15.3 billion to his net worth, which stands at $38 billion. He is also among Asia’s top five richest now.
Another big gainer on the list is Azim Premji of Wipro, who jumped two places to the second spot with a net worth of $19 billion.
"More than four-fifths of those who kept their spot on the list from last year saw their wealth rise, with 27 listees adding $1 billion or more to their net worths," the magazine said.
Among them, Kumar Mangalam Birla is at the eighth spot with a net worth of $12.6 billion. Vivek Chaand Sehgal of the Samavardhan Motherson Group added $2.5 billion to his kitty to reach the 23rd spot with a net worth of $5.85 billion.
The combined wealth of the 100 richest Indians soared 26 percent to a whopping $479 billion during the last one year.
“Despite India's economic slowdown, the country's 100 richest have collectively enjoyed a bumper year thanks to a buoyant stock market. While the Indian billionaire factory continued to churn out new names from diverse sectors, the price of entry rose to a record high. The top 100 club is getting more exclusive with each passing year,” said Naazneen Karmali, India Editor of Forbes Asia. The entry point to the list this year is at $1.46 billion.
According to Sourav Majumdar, editor of Forbes India, the list shows that the country's entrepreneurial energy is flourishing despite challenges.
You can access the full list here.
(Disclosure: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
Published Date: Oct 05, 2017 09:45 am | Updated Date: Oct 05, 2017 09:45 am