Top five Indian billionaires' wealth hits $85.5bn
Singapore, August 13, 2014
A wealth-X list of India's richest individuals has been released revealing the top 5 entrepreneurs who collectively control $85.5 billion in personal wealth.
All five entrepreneurs on the wealth-X list made their fortunes through their businesses in sectors such as oil and gas, steel and pharmaceuticals and account for 47.5 per cent of India's total billionaire wealth, a statement said.
With an estimated net worth of $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 $112 million, it said.
Steel tycoon Lakshmi Mittal takes second place on the list with a personal net worth of $17.2 billion. Mittal is the chairman and CEO of ArcelorMittal, the world's largest steelmaking company. Mittal owns 38 per cent of ArcelorMittal and a 33 per cent stake in the Queens Park Rangers Football Club.
All individuals on the list have established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development, it said. – TradeArabia News Service