From incredible industrialists to the sultans of software and steel, from kings of construction to pharma flag-bearers, these are the 100 richest Indians across the globe, according to RAYMEDIA
Sometimes, all it takes is a name to evoke awe: Ambani, Mittal, Hinduja, Birla. For the aspirational nation that is India, these people – and a select few like them – are the superlatives of success. These are the people who hold sway over almost every aspect of the lives of Indians: be it the food they eat, the phones and internet they use, the houses they build, the power they consume, the vehicles they drive, the money they invest.
Through extensive research, checks and cross-checks, London-based media house RAYMEDIA came out with its second edition of the list which combines Indians, non-resident Indians and persons of Indian origin or overseas citizens of India in 2016. The qualification for inclusion on the list is a minimum net worth of US$1 billion or its equivalent.
RAYMEDIA’s original list includes 150 individuals, families or partnerships. The aggregate net worth of the people featuring on that list is more than 20% of India’s GDP. Indian Link, which has the exclusive Australian rights to publish the list, brings you the top 100 names from the list here (see full list on our website indianlink.com.au).
The template for the compilation was created by Philip Beresford, one of the most experienced wealth estimators in the world. He has been compiling the UK’s Sunday Times annual rich list for 27 years.
The net worth figures are best estimates and subject to fluctuation, given the volatility of the markets.
All figures are in US dollars.
Mukesh Ambani
1
$23.5 billion
India
Oil, gas and telecommunications
After a brief drop in 2015, Mukesh Ambani returned as the richest person in the Indian diaspora despite his Reliance Industries Limited — one of the biggest taxpayers to the Indian government — suffering from low oil and gas prices. In September 2016, Ambani shook up India’s hyper-competitive telecom market with the launch of the 4G network service Jio, that quickly notched up close to 100 million subscribers with its seemingly irresistible offer of free broadband and voice services. Reliance also controls Network 18, which owns the TV news channel CNN News 18. He dropped out of Stanford Business School’s MBA program to help his father Dhirubhai build Reliance. His home in Mumbai is one of the world’s most expensive residential properties, worth close to $1 billion.
Hinduja family
2
$17 billion
UK/Switzerland/India
Various
The return of Iran – where their business took off – and the commissioning of a part of a flagship power project in India’s Andhra Pradesh have boosted the multinational group that is run by four brothers, Srichand, Gopichand, Prakash and Ashok. They have also just launched Nxt Digital, a digital television distributor, in India. Their existing businesses include India’s second biggest truck maker Ashok Leyland, British electric bus maker Optare, interests in Gulf Oil, the US chemical company Houghton and IndusInd Bank.
Dilip Shanghvi
3
$16 billion
India
Pharmaceuticals
A warning in the US about manufacturing standards had an adverse impact on Shanghvi, as did the $4 billion acquisition of rival Ranbaxy Industries. But Sun remains India’s biggest pharmaceutical company and the 5th largest generic firm in the world. It recently introduced a generic version of Gleevec, a cancer drug made by Novartis, in the US. Shanghvi has also personally invested in green energy and has a 23% stake in the wind power firm Suzlon. His son Aalok co-founded PV Powertech, which makes solar panels.
Because Sun Pharma’s stocks plummeted on account of regulatory issues and pricing pressure in the US, Shanghvi’s net worth has slipped to $11 billion from the time this list was originally compiled.
David and Simon Reuben
4
$15.8 billion
UK/Switzerland
Property & Internet
The Reuben brothers are Mumbai born Jews. Starting in metals, in the 1990s, they reportedly controlled 7% of the world’s aluminium trade. Their property portfolio includes prime buildings in London, as well as airports and heliports. They are leading investors in the UK’s Metro Bank and also own Global Switch, a data hosting company. Reubros and Aldersgate Investments, controlled by them, are estimated to be worth $14.4 billion. Their net worth has taken a hit because of the lower value of the pound after the Brexit vote.
Azim Premji
5
$15.3 billion
India
Software
After his father’s death in 1966, Azim Premji had to cut short his studies in electrical engineering at Stanford University to take charge of the family business. He, then, transformed Wipro (an acronym for Western Indian Vegetable Products) from a seller of hydrogenated cooking fats, soaps and other consumer products into the third largest Indian software exporter. Named the most philanthropic Indian for three years straight, he has pledged 39% of his stake in Wipro to his Trust and has donated over $8.5 billion to charitable causes till date.
Pallonji Mistry
6
$14 billion
India/Ireland
Construction & Investments
The Mistry family is the the largest shareholder in India’s largest conglomerate Tata Sons. Mistry otherwise heads Shapoorji Pallonji Group, pioneering builders in India since the 1860s, credited with the creation of some of the country’s most iconic structures. Since the 1970s, the company has also had a significant presence in the Gulf. It is currently engaged in a $200 million venture to construct 20,000 affordable homes in India. Mistry, recipient of India’s third highest civilian award Padma Bhushan, is now an Irish citizen.
Lakshmi Mittal and family
7
$13 billion
UK
Steel
As chief executive of the Luxembourg-headquartered ArcelorMittal, Lakshmi Mittal seems to be as strong as the steel he makes. After a $7.9 billion loss in 2015 due to an industry-wide crisis caused by over-capacity and dumping by China, the world’s largest steelmaker made a profit of $1.8 billion in 2016. Mittal moved from Kolkata to Indonesia before settling in Britain in 1995, where he was declared the wealthiest person for eight years, but is now only 11th on the Sunday Times Rich List.
Godrej family
8
$12.4 billion
India
Various
In 1918, the Godrej Group launched the world’s first soap product made from vegetable oil. The-119-year-old group, now headed by Adi Godrej, is involved in real estate, industrial engineering, appliances, furniture, security, agriculture and consumer goods that are also sold in other parts of Asia, Africa and South America.
Shiv Nadar
9
$12 billion
India
Software
HCL Group, co-founded by Shiv Nadar in 1976, began by selling microprocessors, but has re-invented itself into a top software operation. HCL’s recent acquisitions include businesses from Alstom, Deutsche Bank, the Godrej family-controlled software firm Geometric, and Butler America Aerospace, a defence and aerospace services firm. Nadar’s art collection is worth nearly $100 million.
Cyrus Poonawalla
10
$9 billion
India
Pharmaceuticals
From owning stud farms in Pune, Cyrus Poonawalla and his brother Zavaray launched Serum Institute of India in 1966. It is is now the world’s largest producer of vaccines; every second child in the world is inoculated by a vaccine from SII. Its range of new vaccines includes one for dengue. Poonawalla has investments in real estate and hotels.
Kumar Mangalam Birla
11
$8.8 billion
India
Aluminium & Cement
Hindalco Industries, a part of Birla’s Aditya Birla Group, is India’s second largest aluminium maker. Birla has expanded his presence in the cement sector by buying the rival Jaypee Group for $2.4 bn. Birla is a great-grandson of G D Birla, a pioneering Indian businessman in the 20th century.
Uday Kotak
12
$7.8 billion
India
Financial Services
Uday Kotak set up a small finance company Kotak Capital Management Finance in 1985, and converted it into Kotak Mahindra Bank with branches across India and offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore. It also has a stake in MCX, India’s largest commodities exchange. Last year, it acquired the rival ING Vyasya Bank.
Sunil Mittal and Family
13
$6.3 billion
India
Telecom
Bharti Airtel, controlled by Sunil Mittal and his family with SingTel of Singapore, is the world’s third largest telecom company by way of subscribers. Airtel is engaged in a price war with Reliance Jio in the 4G data space. Airtel enjoys a presence in about 18 countries in Asia and Africa. Mittal has also recently launched Airtel Payment Bank.
Gautam Adani and family
13
$6.3 billion
India
Infrastructure & Energy
Gautam Adani is known as much for his business interests in ports and power as he is for his close association with Indian Prime Minister Narendra Modi. In 2014, he acquired major ports in eastern and southern India. He has received approval for a coal-mining project in Queensland but the plan has also raised environmental concerns.
Shashi and Ravi Ruia
15
$6 billion
India
Energy, Telecom & Logistics
The Essar Group of the Ruias deals in marine construction, offshore support services, oil, steel and energy. In 2014, laden with debt, the group de-listed from the London Stock Exchange at a heavy discount as compared to its 2010 flotation price. The group recently sold their Essar Oil and a port to Russian oil producer Rosneft.
Benu Gopal Bangur
16
$5.9 billion
India
Cement
Inheriting an under-performing cement company in a family carve out in 1992, Benu Gopal Bangur turned it around. Kolkata-based Shree Cement has in recent years maintained its buoyancy despite bearish demand. Bangur is reputed to reside in a 51,000 square foot mansion which possesses a temple, home theatre, a gym and volleyball court.
Anand Burman and family
17
$5.8 billion
India
FMCG & Natural Health Care
Dabur India Limited is one of India’s leading FMCG companies and the world’s largest in Ayurvedic and natural health care. Its products are available in 120 countries, with 30% of its revenues coming from outside India. Two-thirds of the company is owned by the Burman family, with Anand Burman as its chairman.
Rahul Bajaj and Family
18
$5.7 billion
India
Motorcycles
Pioneers in making two-wheelers and three-wheeler auto-rickshaws – which sell beyond Indian shores – Bajaj Motors is now run by Rahul Bajaj’s son Rajiv. Bajaj is also into home appliances, lighting, iron and steel, insurance, travel and finance. Rajiv’s recent remarks suggest that he is disillusioned with the Indian government.
Vikram Lal
19
$5.5 billion
India
Motorcycles
Eicher, which used to make tractors, switched to manufacturing motorbikes by acquiring a majority stake in Enfield India. After growing more than 50% annually in India since 2010, it has partnered with Volvo to make trucks and personal utility vehicles. Vikram Lal, who oversees operations with his son Siddhartha, commands a 55% share of Eicher.
Sri Prakash Lohia
20
$5.2 billion
Indonesia
Petrochemicals
Indorama is the world’s largest producer of polyester. In addition to Indonesia, it has production plants in Malaysia, India, Sri Lanka, Uzbekistan, Turkey and Senegal. In London, he and his wife Seema bought and restored a 1772 five storey mansion known as Sheridan House for around $66 million.
Savitri Jindal and Family
21
$5.1 billion
India
Steel, Power & Energy
Savitri Jindal took charge after the death of her husband Om Prakash in a helicopter crash in 2005, and delegated the four divisions of the company – steel, power, mining and oil and gas – to her four sons, Prithviraj, Sajjan, Ratan and Naveen. Apart from JSW Steel operated by Sajjan, the other businesses have declined.
Desh Bandhu Gupta
22
$4.9 billion
India
Pharmaceuticals
Lupin, founded by chemistry professor Desh Bandhu Gupta, is one of India’s top generic medicine firms and a global leader in anti-TB drugs. With its day-to-day running in the hands of his daughter Vinita and son Nilesh, it derives more than half its income from Japan and the US.
Pankaj Patel
23
$4.6 billion
India
Pharmaceuticals
Pankaj Patel’s Cadila Healthcare claims to have discovered a new drug for diabetes. Its Zydus Wellness division makes a popular sugar substitute called Sugar Free. It took a hit though when US authorities warned it of contravening manufacturing standards at two of its factories. 30% of its annual revenues come from the US.
Subhash Chandra
24
$4.5 billion
India
Media
The interests of Essel Group headed by Subhash Chandra, a BJP member of parliament, include the world’s largest speciality packaging company and amusement parks. But it is best known for its media-related business led by the Zee TV Group. Chandra’s Hindi channels are distributed in 169 countries, where they are watched mainly by overseas Indians and Pakistanis.
Kushal Pal Singh
25
$4.3 billion
India
Real Estate
Micky Jagtiani
25
$4.3 billion
Dubai
Retail & Hotels
Feroz Allana
25
$4.3 billion
UAE
Food
M A Yusuff Ali
28
$4.2 billion (Retail)
Abu Dhabi
Madhukar Parekh
29
$ 3.9 billion (Adhesives)
India
Kuldip Singh and Gurbachan Singh Dhingra
30
$3.8 billion (Paints)
India
Sudhir and Samir Mehta
31
$3.7 billion (Pharmaceuticals & Power)
India
Ravi Pillai
32
$3.6 billion (Construction)
Dubai
Kapil and Rahul Bhatia
32
$3.6 billion (Aviation and Hotels)
India
Vivek Chaand Sehgal
32
$3.6 billion (Auto Parts)
India
Harsh Mariwala and family
32
$3.6 billion (Consumer Goods)
India
P V Ramprasad Reddy
36
$3.3 billion (Paints)
India
Ashwin Dani
36
$3.3 billion (Paints)
India
Indu Jain and family
38
$3.2 billion (Media)
India
Munjal family
38
$3.2 billion (Motorcycles)
India
Anil Ambani
38
$3.2 billion (Infrastructure, Power and Communications)
India
Kalanithi Maran
38
$3.2 billion (Media)
India
Ajay Piramal
38
$3.2 billion (Health care, financial services, realty)
India
Romesh Wadhwani and family
43
$3 billion (Private Equity)
USA
Vijay Chauhan
43
$3 billion (Biscuits)
India
Nitin Sandesara
45
$2.8 billion (Pharmaceuticals, healthcare, oil & gas)
India
Raj Kumar & Kishin R K
46
$2.7 billion (Property Development)
Singapore
Murali Divi and family
46
$2.7 billion (Pharmaceuticals)
India
Samprada Singh
46
$2.7 billion (Pharmaceuticals)
India
Rajan Raheja
49
$2.6 billion (Realty, hospitality, media, others)
India
Bavaguthu Shetty
49
$2.6 billion (Healthcare & Foreign Exchange)
India
Ashwin and Mahendra Choksi
49
$2.6 billion (Paints)
India
Rishad Naoroji
52
$2.5 billion (Inheritance)
India
Abhay Vakil and family
52
$2.5 billion (Paints)
India
Chandru Raheja
54
$2.4 billion (Property Development)
India
Rakesh Gangwal
54
$2.4 billion (Aviation)
USA
Baba Kalyani
56
$2.3 billion (Forging, defence, others)
India
Simon, Bobby and Robin Arora
57
$2.2 billion (Retail)
UK
Anil Agarwal
57
$2.2 billion (Metals & oil)
UK/India
Rakesh Jhunjhunwala
57
$2.2 billion (Investor)
India
Karsanbhai Patel
60
$2.1 billion (Detergent, pharma, cement, others)
India
Sunil Vaswani
61
$2 billion (Transport and food)
UK/Nigeria/Dubai
Mangal Lodha and family
61
$2 billion (Property Development)
India
Kiran Mazumdar-Shaw and John Shaw
61
$2 billion (Bio-Pharma)
India
Kavitark Ram Shriram
64
$1.95 billion (Private Equity)
USA
Mansoor and Aminmohammed Lalji and family
64
$1.95 billion (Property development)
Canada
Abhay Firodia
64
$1.95 billion (Vehicles)
India
Satish Reddy and G V Prasad
67
$1.9 billion (Pharmaceuticals)
India
Sunny Varkey
67
$1.9 billion (Education)
Dubai
N R Narayana Murthy
67
$1.9 billion (Software)
India
Rajesh Mehta and family
67
$1.9 billion (Jewellery)
India
Mannalal Agrawal and family
67
$1.9 billion (Pharmaceuticals)
India
Rajendra Agarwal and family
67
$1.9 billion (Pharmaceuticals)
India
M G George Muthoot and family
67
$1.9 billion (Financial Services)
India
Hasmukh Chudgar
74
$1.85 billion (Pharmaceuticals)
India
Glenn Saldanha and family
75
$1.8 billion (Pharmaceuticals)
India
Lachhman Das Mittal
75
$1.8 billion (Various)
India
Mofatraj Munot
77
$1.75 billion (Property development)
India
Bharat Desai and family
78
$1.7 billion (Investment)
USA
Ranjan Pai
78
$1.7 billion (Education and healthcare)
India
Nirav Modi
78
$1.7 billion (Diamonds)
India
Harsh Goenka
78
$1.7 billion (Tyres, power, pharma)
India
A Velayyan and Murugappa family
78
$1.7 billion (Auto components, cycles, sugar)
India
Leena Tewari
83
$1.65 billion (Pharmaceuticals)
India
Satish Mehta
83
$1.65 billion (Pharmaceuticals)
India
Nandan Nilekani
83
$1.65 billion (Software)
India
Sameer Gehlaut
83
$1.65 billion (Property development)
India
Senapathy Gopalakrishnan
83
$1.65 billion (Software)
India
Puthan N C Menon
83
$1.65 billion (Property development)
Dubai
Ravi Jaipuria
89
$1.6 billion (Bottling & Fast Foods)
India
Jitendra Virwani
89
$1.6 billion (Property development)
India
Vivek Chand Burman
89
$1.6 billion (FMCG & Natural Healthcare)
India
Devendra Jain
89
$1.6 billion (Paper, Energy & Entertainment)
India
Vinod Khosla
93
$1.55 billion (Private Equity)
USA
Vikas Oberoi
93
$1.55 billion (Property Development)
India
Nusli Wadia Group
95
$1.55 billion (Textiles, aviation, property)
India
Radhe Shyam Agarwal
95
$1.5 billion (Health and personal care products)
India
Yusuf Hamied
95
$1.5 billion (Pharmaceuticals)
India
Radhe Shyam Goenka
95
$1.5 billion (Health and personal care products)
India
Suhail Rizvi
95
$1.5 billion (Investor)
USA
Malvinder and Shivinder Singh
100
$1.4 billion (Pharmaceuticals)
India
Aloke Lohia
100
$1.4 billion (Textiles)
Thailand
Sanjiv Goenka
100
$1.4 billion (Power distribution, retail)
India
Ajay Kalsi
103
$1.35 billion
India
Energy
Dilip and Anand Surana
104
$1.3 billion
India
Pharmaceuticals
Rajju Shroff
104
$1.3 billion
India
Agrochemicals
Azad Moopen
104
$1.3 billion
Dubai
Healthcare
Anand Mahindra
104
$1.3 billion
India
Various
Asok Kumar and Bobby Hiranandani
104
$1.3 billion
Singapore
Property Development
Hari and Shyam Bhartia
104
$1.3 billion
India
Life Sciences & Fast Food
Jasminder Singh and Family
110
1.25 billion
UK
Hotels
Aneel Bhusri
110
$1.25 billion
USA
Private Equity
Binny Bansal
110
$1.25 billion
India
Internet Retail
Sachin Bansal
110
$1.25 billion
India
Internet Retail
T S Kalyanaraman
110
$1.25 billion
India
Jewellery
Achal Bakeri
110
$1.25 billion
India
Air Coolers
K Dinesh and Family
116
$1.2 billion
India
Software
Vidya Chhabria
116
$1.2 billion
UAE
Consumer Electronics
Tony Jashanmal
116
$1.2 billion
Gulf
Retail
Binod Chaudhary and Family
116
$1.2 Billion
Nepal
Various
Navin and Varsha Engineer
116
$1.2 billion
UK
Pharmaceuticals
Chirayu Ramanbhai Amin and Family
116
$1.2 billion
India
Various
Bhadresh Shah
116
$1.2 billion
India
Engineering
Kuldip Rai Sahi
123
$1.15 billion
Canada
Property & Transport
Joy Alukkas
123
$1.15 billion
India
Jewellery
Surendra Hiranandani
123
$1.15 billion
India
Property Development
Balkrishan Goenka
126
$1.1 billion
India
Textiles
Venugopal Dhoot
126
$1.1 billion
India
Consumer Electronics
Mohammed Dewji
126
$1.1 billion
Tanzania
Various
Habil Khorakiwala
126
$1.1 billion
India
Pharmaceuticals
Prem Watsa
126
$1.1 billion
Canada
Finance
Lekhraj Thakurdas Pagarani and Family
126
$1.1 billion
Dubai
Food, Hospitality & Logistics
Raghuvinder Kataria
126
$1.1 billion
UK/Dubai
Investor
Niranjan Hiranandani
126
$1.1 billion
India
Property Development
Murli Dhar and Bimal Kumar Gyanchandani
134
$1 billion
India
Detergents
Raj Matharu and Family
134
$1 billion
UK
Hotels
Prithviraj Kothari
134
$1 billion
India
Precious Metals
Radhakishan Damani
134
$1 billion
India
Investor
Lord Swraj Paul and Family
134
$1 billion
UK
Steel & Hotels
Qimat Rai Gupta
134
$1 billion
India
Electrical Goods
V G Siddhartha
134
$1 billion
India
Coffee
Irfan Razack
134
$1 billion
India
Property Development
Mallika Srinivasan
134
$1 billion
India
Tractors
Anu Aga and family
134
$1 billion
India
Engineering
Harindarpal Banga and Family
134
$1 billion
Hong Kong
Commodities
Manoj Bhargava
134
$1 billion
USA
Energy Drinks
Harshad Mehta
134
$1 billion
UAE
Diamonds
Grandhi Rao
134
$1 billion
India
Infrastructure
Dr Prathap Reddy
134
$1 billion
India
Healthcare
S D Shibulal
134
$1 billion
India
Software
Amit Burman
134
$1 billion
India
FMCG & Natural Healthcare
