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Mukesh Ambani Loses $4.7 Billion But Remains India’s Richest Person: Forbes List

mukeshambaniMukesh Ambani remains India’s richest man though his wealth has been declining in value since 2010 around the same time his new mansion Antila in Mumbai was built at $1 billion, though its value is around $2 billion now.

Last year, his net worth was at $23 billion but it dipped by $4.7 billion in a year, despite his move to cap his salary drastically. Announcing the top 100 World Billionaires, Forbes magazine that has business partnership with one of Mukesh Ambani’s media outfits, said he is still the top billionaire from India for the ninth consecutive year in row.

Though he is gearing up to move into other business arenas, his petroleum and petrochemical giant Reliance Industries accounts for most of his wealth and it is currently facing turbulence due to lower oil prices and falling shares. The group has even exited from some of its overseas ventures recently.

Now all cards of Mukesh Amabani are thumped on December 2015 show when Mukesh Ambani-owned Reliance Jio enters the telecom sector offering 4G services. However, as no media baron ever continued to be a billionaire, similar fate is apparently reckoning Mukesh Ambani who tested his luck buying Network 18, that incudes Firstpost.com and Moneycontrol.com and IBN-CNN TV channel among others last year.

Otherwise, Mukesh Ambani is closely followed by Sun Pharma’s Dilip Shanghvi with a net worth of $18 billion and Wipro’s Azim Premji with $15.9 billion. Next in the line are traditional billionaires such as Hinduja brothers at 4th with $15.9 billion, followed by Pallonji Mistry at $14.7 billion, Shiv Nadar ($12. 9 billion), Godrej family ($11.4 billion), Lakshmi Mittal (11.2 billion), Cyrus Poonawala ($7.9 billion) and Kumar Mangalam Birla ($7.8 billion).

Noteworthy in the list has been the entry of Flipkart founders Sachin and Binni Bansal, who made their debut at 86th position with a net worth of $1.3 billion each and London-based steel baron Lakshmi Mittal saw his net worth go down to $4.6 billion. Otherwise, India’s top 100 richest people own $345 billion net worth, slightly down from $346 billion recorded in 2014, Forbes said.


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