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Forbes Global presents its inaugural list of India's 40 wealthiest businesspeople, the third in a series of Asia-Pacific wealth rankings.
The list extends Forbes' coverage in the country beyond individual billionaires.
Having embraced economic liberalization and foreign investment, India is a bright star in the region. Gross domestic product growth doubled to 8% in fiscal year 2003, putting it among Asia's fastest-growing economies. Since 2000, the market capitalisation on Mumbai's stock exchange has more than doubled to $340 billion.
India's entrepreneurs have thrived: Nineteen of the 40 richest created their fortunes from scratch. Two high-growth industries have fueled much of the wealth.
The ten richest Indians include 1. Lakshmi Mittal, Mittal Steel, $11.2 billion; 2. Azim Premji, Wipro, $10 billion; 3. Mukesh & Anil Ambani, Reliance group, $6.4 billion; 4. Kumar Mangalam Birla, AV Birla group, $3.5 billion; 5. Pallonji Mistry, Tata Sons, $2.9 billion; 6. Sunil Mittal, Bharti group, $2.6 billion; 7. Shiv Nadar, HCL, $2.3 billion; 8. Adi Godrej, Godrej group, $1.9 billion; 9. Malvinder & Shivinder Singh, Ranbaxy, $1.5 billion; 9. Dilip Shanghvi, Sun Pharma, $1.5 billion.
Eleven list members made their money in technology, including six who were cofounders of software firm Infosys Technologies. Another nine owe their fortunes to pharmaceuticals. Several produce and sell generics overseas--like Yusuf Hamied, who heads leading generics producer Cipla. Biotech pioneer Kiran Mazumdar-Shaw is the sole female on the list.
Although Mumbai is home to 40 per cent of list members, others hail from emerging business hot spots like Bangalore and Delhi.
A minimum net worth of $305 million was required to make the cut. For people with publicly traded fortunes, net worths were calculated using current share prices and exchange rates. For privately held fortunes, Forbes estimated what companies would be worth if they were public.
While almost all members do business in India, citizenship was enough to be eligible. Thus the inclusion of Lakshmi Mittal (whose steel business is registered in the Netherlands) as India's richest person.
Because the wealthy in India have traditionally held assets through a maze of investment firms or trusts and in family members' names, it is often difficult to get individual holdings.
So for most list members their net worths indicate family fortunes. Forbes has highlighted only wealth that it could document; thus some fortunes, like those of certain secretive real estate tycoons, may have been left off.
Additional research by C.N. Krishnakumar