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Four media barons in Forbes India’s top 100 Rich list

Subhash Chandra, Kalanithi Maran, Shobhana Bhartiya and Ramesh Agarwal figure in the latest list of 100 richest Indians

BestMediaInfo Bureau | Delhi | October 27, 2011

Inflation, corruption scandals and falling stock and currency prices are diminishing the wealth of India’s richest. According to the 2011 Forbes India Rich List, the combined wealth of India’s 100 richest people is down 20 per cent from a year ago to $241 billion. This year’s list also has 57 billionaires in all, a dozen less than last year.

Mukesh Ambani holds the top spot for the fourth year in a row, with a net worth of $22.6 billion this year, despite seeing a drop of $4.4 billion. Steel tycoon Lakshmi Mittal remains No. 2 with a net worth of $19.2 billion, down 26 per cent from last year. Despite the recovery in steel demand, shares of his flagship, ArcelorMittal, the world’s largest steelmaker, plunged 40 per cent due to surging costs.

The biggest dollar loser was Mukesh’s younger brother, Anil Ambani, down $7.4 billion. He has slipped out of the top 10 for the first time since his 2004 debut to No. 13 this year. His net worth is estimated at $5.9 billion, down from $13.3 billion last year.

Third richest is Azim Premji, head of IT outsourcer Wipro, whose net worth of $13 billion is lower by 26 per cent from $17.6 billion last year. Premji donated $2 billion worth of shares last December to a trust to fund his education charity.

The list of top 100 rich Indians has 4 media barons as well. According to Forbes India, Zee's Subhash Chandra holds 22nd rank followed by Kalanithi Maran of Sun TV Network at No.23. HT Media's Chairperson Shobhana Bhartiya and Dainik Bhaskar Group's Ramesh Agarwal at 67th and 85th ranks respectively.

Naazneen Karmali, India Editor of Forbes Asia and Mumbai Bureau Manager of Forbes magazine, said, “This has been a turbulent year for India’s richest. Despite the economy growing at close to 8 per cent, a spate of corruption scandals and rising inflation have taken a toll.”

There are 14 new faces in the list this year. The richest debutante is Ajay Kalsi, coming in at No. 38 with a net worth of $1.39 billion. He is the founder and CEO of London-listed oil and gas outfit, Indus Gas, in which he has more than two-thirds stake.

Father-son duo Kapil and Rahul Bhatia of travel group InterGlobe Enterprises make their debut at No. 51, with a net worth of $1.09 billion after their budget carrier IndiGo became India’s third-largest and most profitable airline. Making the list for the first time is also VG Siddhartha, who is ranked 84 on the list with a net worth of $595 million. He founded Café Coffee Day, India’s answer to Starbucks.

Indrajit Gupta, Editor, Forbes India, said, "Even though it's been another tough year for the wealthiest Indian entrepreneurs on the 2011 India Rich List, the fact that there are as many as 14 new entrants is a clear pointer to the exciting and diverse business opportunities in this part of the world."

Among the 15 who dropped out of the top 100 altogether are Vinod Goenka and Shahid Balwa, former billionaires now in jail for their alleged involvement in a telecom corruption scandal; both deny wrongdoing. L Madhusudan Rao of power producer Lanco Infratech saw his net wealth fall 78 per cent, more than anyone else on the list.

Only 19 of the 85 who return to the ranking are better off. One notable winner is Sun Pharmaceutical’s Dilip Shanghvi at No. 11. He is the biggest dollar gainer and is worth $6.7 billion, up by $1.5 billion from last year.

The biggest percentage gainer is Hero Group patriarch, Brijmohan Lall Munjal, ranked No. 21 with $2.7 billion.

This year, a minimum net worth of $370 million was needed to make the list of 100, down from $500 million last year.

India’s Top 100 Richest

Rank Name Net Worth ($mil) Age Hometown
1 Mukesh Ambani 22,600 54 Mumbai
2 Lakshmi Mittal 19,200 61 London
3 Azim Premji 13,000 66 Bangalore
4 Shashi & Ravi Ruia 10,200 - Mumbai/London
5 Savitri Jindal 9,500 61 Hisar/Delhi
6 Sunil Mittal 8,800 54 Delhi
7 Gautam Adani 8,200 49 Ahmedabad
8 Kumar Birla 7,700 44 Mumbai
9 Pallonji Mistry 7,600 82 Mumbai
10 Adi Godrej 6,800 69 Mumbai
11 Dilip Shanghvi 6,700 56 Mumbai
12 Kushal Pal Singh 6,500 80 Delhi
13 Anil Ambani 5,900 52 Mumbai
14 Shiv Nadar 4,600 66 Delhi
15 Uday Kotak 3,600 52 Mumbai
16 Anil Agarwal 3,500 58 London
17 Malvinder & Shivinder Singh 3,200 - Singapore/Delhi
18 Rahul Bajaj 3,100 73 Pune
19 Micky Jagtiani 3,000 60 Dubai
20 Anand Burman 2,900 59 Delhi
21 Brijmohan Lall Munjal 2,700 88 Delhi
22 Subhash Chandra 2,600 60 Mumbai
23 Kalanithi Maran 2,500 46 Chennai
24 Pankaj Patel 2,400 58 Ahmedabad
25 Indu Jain 2,300 75 Delhi
26 Cyrus Poonawalla 2,200 70 Pune
27 Desh Bandhu Gupta 2,100 73 Mumbai
28 Rajan Raheja 2,000 57 Mumbai
29 Sudhir & Samir Mehta 1,900 - Ahmedabad
30 Yusuf Hamied 1,750 75 Mumbai/London
31 Chandru Raheja 1,700 71 Mumbai
32 N.R. Narayana Murthy 1,650 65 Bangalore
33 G.M. Rao 1,600 61 Bangalore
34 Venugopal Dhoot 1,570 60 Mumbai
35 Gautam Thapar 1,500 50 Delhi
36 S. Gopalakrishnan 1,420 56 Bangalore
37 Nandan Nilekani 1,400 56 Bangalore/Delhi
38 Ajay Kalsi 1,390 49 Delhi
39 K. Anji Reddy 1,350 70 Hyderabad
40 Vikas Oberoi 1,300 41 Mumbai
41 Niranjan Hiranandani 1,270 61 Mumbai
42 Rakesh Jhunjhunwala 1,250 51 Mumbai
43 Ajay Piramal 1,220 56 Mumbai
44 Harsh Mariwala 1,210 60 Mumbai
45 Jaiprakash Gaur 1,200 80 Delhi
46 Balvant Parekh 1,190 87 Mumbai
47 Shyam & Hari Bhartia 1,150 - Delhi
48 Ashwin Dani 1,120 69 Mumbai
49 Vijay Mallya 1,110 55 Bangalore
50 M.G. George Muthoot 1,100 62 Delhi
51 Kapil & Rahul Bhatia 1,090 - New Delhi
52 Bhupendra Kumar Modi 1,070 62 Singapore
53 Murali Divi 1,050 60 Hyderabad
54 Mangal Prabhat Lodha 1,040 55 Mumbai
55 Murugappa Family 1,020 - Chennai
56 Brij Bhushan Singal 1,010 74 New Delhi
57 Rajesh Mehta 1,000 47 Bangalore
58 Ashwin Choksi 985 68 Mumbai
59 K. Dinesh 950 57 Bangalore
60 Abhay Vakil 945 61 Mumbai
61 Baba Kalyani 915 62 Pune
62 S.D. Shibulal 890 56 Bangalore
63 Kiran Mazumdar-Shaw 875 58 Bangalore
64 Benu Gopal Bangur 850 80 Kolkata
65 Mofatraj Munot 845 67 Mumbai
66 Devendra Kumar Jain 840 82 Delhi
67 Shobhana Bhartia 830 54 Delhi
68 Anand Mahindra 825 56 Mumbai
69 Gracias Saldanha 805 73 Mumbai
70 Hemendra Kothari 800 65 Mumbai
71 Ramesh Chandra 750 72 Delhi
72 Sanjiv Goenka 725 50 Kolkata
73 Analjit Singh 705 57 Delhi
74 Tulsi Tanti 690 53 Pune
75 Harsh Goenka 685 53 Mumbai
76 Radhe Shyam Agarwal 675 65 Kolkata
76 Radhe Shyam Goenka 675 64 Kolkata
78 Virendra Mhaiskar 660 40 Mumbai
79 Anu Aga 655 69 Pune
80 Habil Khorakiwala 630 69 Mumbai
81 T.T. Jagannathan 620 63 Bangalore
82 Keshub Mahindra 615 88 Mumbai
83 Anand Jain 605 54 Mumbai
84 V.G. Siddhartha 595 52 Bangalore
85 Ramesh Agarwal 585 66 Bhopal
86 Karsanbhai Patel 580 67 Ahmedabad
87 Irfan Razack 550 58 Bangalore
88 Vivek Chaand Sehgal 510 55 Delhi
89 Prathap Reddy 505 79 Chennai
90 Shishir Bajaj 500 63 Mumbai
91 L. Madhusudan Rao 495 45 Delhi
92 Prithvi Raj Singh Oberoi 485 82 Delhi
93 Kishore Biyani 475 50 Mumbai
94 Balkrishan Goenka 470 45 Mumbai
95 B.G. Raghupathy 455 58 Chennai
96 Naresh Goyal 435 62 Mumbai/London
97 Atul Ruia 405 40 Mumbai
98 Qimat Rai Gupta 395 74 New Delhi
99 Bhadresh Shah 390 60 Ahmedabad
100 G.V. Krishna Reddy 370 74 Hyderabad

Net worth is based on share prices and exchange rates on October 12. Privately held companies were valued by comparing them with similar publicly traded companies. This ranking, unlike the Forbes billionaires list, has been broadened to include family fortunes.

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Comments (1)
  • malvinder k- 7 years ago

    what good are these billionaires ..collectively if they want lot can be done for the country at least have the sanitation, roads and population under control ....all it seems is they are more interested in taking from country not building or giving back...