Mukesh Ambani is richest Indian

A rebounding stock market that gained two-thirds in the past year and an economy growing at 6% have boosted the net worth of India’s richest people, according to the latest Forbes’ India Rich List.

The combined net worth of India’s 100 richest people is USD 276 billion, almost a quarter of the country’s GDP.

Last year, there were only 27 billionaires on the India Rich List. This year, the number has almost doubled to 52—two short of what India had at the peak of the stock market boom in 2007.

The head of Reliance Industries, Mukesh Ambani, is once again the wealthiest person in India. His net worth is put at $32 billion, an increase of 54% from nearly USD 21 billion last year.

Trailing behind him are Lakshmi Mittal with a net worth of USD 30 billion, up 46% from USD 20.5 billion, and Mukesh’s estranged brother, Anil, whose net worth of USD 17.5 billion, 40%, higher than before, put him in the third place.

Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager for Forbes magazine, said, “Happy days are definitely back again for India's richest. This year's list shows yet again that when conditions in the financial markets and the economy are right, India has the scale and resources to produce billionaires faster than most of the countries on earth.”

Indrajit Gupta, Editor of Forbes India, said, “The substantial jump in net worth is clear evidence that entrepreneurial capitalism is alive and kicking in India. What’s more, the growth in wealth creation has been broad-based. Entrepreneurs from a wide variety of sectors comprise the list.”

Though the top ten positions remain largely unchanged, there are some shifts in fortunes across the list. Sunil Mittal has moved down from Number 4 to Number 8 and Azim Premji has moved up to Number 4 position. The Ruia brothers with a net worth of USD 13.6 billion have made it to number 5 this year. Adi Godrej has moved out of the top 10 to the number 12 position. Savitri Jindal, Nonexecutive Chairwoman of OP Jindal Group, at a net worth of USD 12 billion this year has made it to number 7 on the list – she is one of only six women on the list.

The richest newcomers are two brothers from Torrent Power -- Sudhir and Samir Mehta, ranked 23 at USD 2.02 billion.

Another notable mention is Nandan Nilekani who has stepped down from Infosys board and is now a part of government. He ranks 43 with a net worth of USD 1.25 billion. Southern India’s TV king, Kalanithi Maran, ranked 20, almost doubled his net worth to USD 2.3 billion from USD 1.2 billion. His Sun TV Network operates in four states in the south, a region that accounts for one-quarter of India’s population and one-third of those with television in their homes. Forbes Asia features a cover story on Maran.

The Forbes India cover story highlights how 2009 has been a turnaround year for the rich in India. The list is an indicator of how India’s billionaires have done better than their counterparts in other parts of the world. The story highlights interesting differences between the rich in India and China. The 100 richest Indians are worth USD 276 billion; their Chinese counterparts have a net worth of USD 170 billion.

The three richest Indians are worth USD 79.5 billion. It takes 24 Chinese billionaires to be worth USD 80 billion.

The top 10 richest in India are:

1. Mukesh Ambani USD 32 billion

2. Lakshmi Mittal USD 30 billion

3. Anil Ambani USD 17.5 billion

4. Azim Premji USD 14.9 billion

5. Shashi and Ravi Ruia USD 13.6 billion

6. KP Singh USD 13.5 billion

7. Savitri Jindal USD 12 billion

8. Sunil Mittal USD 8.2 billion

9. Kumar Birla USD 7.8 billion

10. Gautam Adani USD 6.4 billion

Methodology

Net worths are compiled using stock prices and exchange rates taken on October 16.

Privately held fortunes were valued at book value or by coupling estimates of revenues, profits or book value to prevailing ratios for similar public companies

To compile these rankings, reporters interviewed rich listers, employees, rivals, investors, fund managers, real estate agents and securities analysts. They also sifted through documents and databases to determine value and ownership of assets.

Indian citizenship was required to make it to the list.

Unlike Forbes’ global billionaire rankings, India’s richest ranking includes some family fortunes.