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India's billionaire wealth much above country's fiscal deficit

Last Updated: Tuesday, March 5, 2013 - 22:59

New Delhi/New York: The total networth of India's 55 billionaires has fallen marginally to USD 189 billion (over Rs 10 lakh crore) in the past one year, but even half of this amount exceeds the country's total fiscal deficit.

As per the annual list of world's billionaires, published by business magazine Forbes, India has 55 billionaires with a total networth of USD 189.1 billion.

In comparison, India had 48 billionaires with collective networth of USD 194.6 billion a year ago.

An analysis of Forbes rankings of Indian billionaires shows that just 10 richest from the country together command a total wealth of over USD 100 billion -- a figure higher than the estimated fiscal deficit of about USD 95 billion for the financial year ending this month.

India's fiscal deficit for the year 2012-13 is estimated at little over Rs 5 lakh crore or 5.2 percent of the country's total GDP.

Forbes has ranked Mukesh Ambani, with a networth of USD 21.5 billion, as richest from India for sixth year in a row.

While there are only three Indians in the global top-100, the overall list has 55 billionaires this year from the country. This number has grown from 48 in 2012. It was 55 in 2011 as well.

Lakshmi Mittal, the second richest Indian has a networth of USD 16.5 billion, followed by Azim Premji (USD 11.2 billion), Dilip Shanghvi (USD 9.4 billion), Shashi & Ravi Ruia (USD 8.5 billion) and Kumar Mangalam Birla (USD 7.9 billion).

Other Indians in the top ten are Savitri Jindal (USD 7.6 billion), Sunil Mittal (USD 6.8 billion), Shiv Nadar (USD 6.5 billion) and K P Singh (USD 6.3 billion).

Uday Kotak, Micky Jagtiani, Cyrus Poonawalla, Adi Godrej, Anil Agarwal, Subhash Chandra, B L Munjal, Rahul Bajaj, Rajan N R Narayana Murthy, K Anji Reddy, MA Yusuff Ali, Vikas Oberoi, S Gopalakrishnan, Venugopal Dhoot, Rakesh Jhunjhunwala and Yusuf Hamied are also on the list.

Kerala-based Kalyan Jewellers' Chairman and Managing Director T S Kalyanaraman has made it to the Forbes' billionaire-club with a net worth of USD 1 billion and ranked as the 52nd richest person in the country.

In the overall list of world's billionaires, as per the annual ranking published by US business magazine Forbes, Kalyanaraman is ranked 1,342. He holds the 52nd position in India.

There are a total 55 billionaires from India on the list of 1,426 persons from across the world having a minimum networth of USD 1 billion.

"I feel privileged to be a part of the elite Forbes list. This, however, would not have been possible without the support of our customers. We at Kalyan Jewellers have always advocated fair trade and transparency in the retail jewellery trade. All this has held us in good light," Kalyanaraman said in a statement.

Kalyan Jewellers is the single largest company-owned jewellery retail chain in the country in terms of number of showrooms and turnover with the single maximum bullion purchase from SBI at over 5 tonne, the statement said.


First Published: Tuesday, March 5, 2013 - 18:19
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