On Friday, Forbes released its list of the worlds' richest Indians for 2019, revealing that more than half have seen a decline in their net worth. The billionaires’ total fortune reduced by 8% over the last year to $452 billion. On the other hand, some tycoons have received big gains despite the slowing economy and lackluster market.
This year’s list includes six new entrants: Byju Raveendran of Byju's (no. 72 with $1.91 billion), Manohar Lal and Madhusudan Agarwal of Haldiram Snacks (no. 86 with $1.7 billion), Rajesh Mehra of Jaquar, (no. 95 with $1.5 billion) and Sandeep Engineer of Astral Poly Technik (no. 98 with $1.4 billion). Four people—Mofatraj Munot, Rajju Shroff, K. Dinesh and S.D. Shibulal—also made it back onto the list this year.
The list reveals that tycoons linked to consumer goods and the auto industry have suffered a downturn. Billionaire Azim Premji, who gave away his fortune to charity, dropped sharply from No. 2 to No. 17.
Here are the top 10 richest Indians in the world:
Net worth: $51.4 billion
Company: Reliance Industries
Mukesh Ambani has been the richest Indian in the world for 12 consecutive years with a real-time net worth of $51.4 billion. The business magnate runs the $88 billion oil and gas giant Reliance Industries, which is among the most valuable companies in India. He added $4.1 billion to his fortune as his three-year-old telecom unit, Reliance Jio, amassed 340 million subscribers. His fortune led him to be ranked at number 13 on Forbes’ Billionaires 2019 list.
Net worth: $15.7 billion
Company: Adani Ports & SEZ
Gautam Adani has jumped eight spots, making him the second most-richest person in India.
The 57-year-old infrastructure tycoon is the founder and chairman of the $13 billion Adani Group, which is estimated to be worth $15.7 billion. Adani built one of the largest infrastructures in India and has diversified his businesses from real estate and infrastructure to energy and IT.
Net worth: $15.6 billion
Company: Hinduja Group
Hinduja brothers—Srichand, Gopichand, Prakash and Ashok—are the third richest Indians this year. Based in Mumbai, the multinational conglomerate, Hinduja Group, was founded by their father in 1914. Now it has over 150,000 employees across 38 countries and ranges from stakes in oil, banking, property, IT and more. The siblings also made it to the Forbes’ Billionaires 2019 list at number 65 and currently have a net worth of $15.6 billion.
Net worth: $15 billion
Company: Shapoorji Pallonji Group
Construction billionaire Pallonji Mistry made it to the fourth spot with an estimated net worth of $15 billion. He is the chairman of the 154-year-old Shapoorji Pallonji Group, headquartered in Mumbai. His family also has an 18.4% stake in $111 billion company, Tata Sons.
Net worth: $14.8 billion
Company: Kotak Mahindra Bank
Banker Uday Kotak made it to the top five for the first time, with $14.8 billion in net worth. Kotak Mahindra Bank’s shares rose 39% in the past year. Before transforming into a bank in 2003, Kotak initially established a finance firm in 1985. Now it is recognized as one of the top four banks in the private sector in India.
Net worth: $14.4 billion
Company: HCL Technologies
Tech tycoon Shiv Nadar started his company, HCL Technologies, from a garage making calculators and microprocessors in 1976. It grew to become one of India's largest software services providers, accumulating $8.9 billion in revenue. Nadar is also known as one of the country’s leading philanthropists for donating $662 million to his own Shiv Nadar Foundation.
Net worth: $14.3 billion
Company: Avenue Supermarts
The Mumbai-based investor-entrepreneur owns India’s most profitable DMart chain of hypermarkets, operated by Avenue Supermarts Ltd. His retail venture started in 2002. Known as India's retail king, Radhakishan Damani holds stakes in a variety of companies, such as logistics provider Blue Dart Express Ltd and tobacco firm VST Industries Ltd.
Net worth: $12 billion
Company: Godrej Group
The Godrej family runs $4.7 billion consumer-goods giant Godrej Group, which was established by lawyer Ardeshir Godrej in 1897. Adi Godrej has been the chairman of the Godrej Group since 2000. The conglomerate’s Godrej Consumer Products Ltd is run by his daughter Nisaba, while Godrej Properties Ltd is chaired by his son Pirojsha. His estimated net worth was $14 billion in October 2018 but he saw this decrease to $12 billion this year.
Net worth: $10.5 billion
Lakshmi Mittal is the ninth richest Indian this year. He is the chairman and CEO of the world's biggest steelmaker, ArcelorMittal, which has a revenue of $76 billion and is currently operating in 60 countries. In the first half of 2019, he suffered a $33 million loss due to falling steel prices.
Kumar Mangalam Birla
Net worth: $9.6 billion
Company: Aditya Birla Group
Lastly, industrialist Kumar Mangalam Birla ranked 10th place of the Forbes’ richest Indians in the world. Having a net worth of $9.6 billion, Birla is the chairman of the Aditya Birla Group when he was 28 years old. The $48.3 billion (revenue) conglomerate received the seal of approval from the European Commission for its $2.6 billion proposed acquisition of Ohio-based aluminum producer Aleris Corporation.