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Top Five Indian Big Business Tycoons Control Nearly Half Of Country's Billionaire Wealth

SINGAPORE, Aug. 13, 2014 /PRNewswire/ -- As India prepares for the celebration of its 68th Independence Day later this week, a Wealth-X list of India's richest individuals released today reveals that entrepreneurialism is the key to attaining financial success in the world's largest democracy.

All five entrepreneurs on the Wealth-X list made their fortunes through their businesses in sectors such as oil and gas, steel and pharmaceuticals. The five billionaires collectively control US$85.5 billion in personal wealth, accounting for 47.5% of India's total billionaire wealth.

With an estimated net worth of US$24.4 billion, the richest man in India is Mukesh Ambani, chairman and the largest shareholder of Reliance Industries, a Fortune Global 500 company with oil and gas interests. Through Reliance, Ambani owns the Mumbai Indians Indian Premier League (IPL) cricket team, reportedly the most valuable team at around US$112 million.

Steel tycoon Lakshmi Mittal takes second place on the list with a personal net worth of US$17.2 billion. Mittal is the chairman and CEO of Arcelor Mittal, the world's largest steelmaking company. Mittal, 64, owns 38% of ArcelorMittal and a 33% stake in the Queens Park Rangers Football Club.

Below are India's 5 wealthiest individuals:

Rank

Name

Net Worth

(in billions*)

Primary Company

Industry

1

Mukesh Ambani

24.4

Reliance Industries

Oil & Gas

2

Lakshmi Mittal

17.2

ArcelorMittal

Steel

3

Dilip Shanghvi

16.3

Sun Pharmaceutical Industries

Pharmaceuticals

4

Azim Premji

14.9

Wipro

Software

5

Pallonji Shapoorji Mistry

12.7

Tata Sons

Diversified Investments

* in US$

All individuals on the list have established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development.

In comparison, India's wealthiest actor, Bollywood star Shah Rukh Khan, is worth US$600 million, according to a Wealth-X estimate, while Indian cricket legend Sachin Tendulkar retired in November 2013 with a personal fortune of at least US$160 million.

About Wealth-X
Wealth-X is the world's leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)

SOURCE Wealth-X

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