Rising inflation, falling rupee hit fortune of India's richest
New Delhi: Rising inflation and falling rupee seem to have hit the fortune of India's 100 richest people, but they have still managed to beat the growth in Indian stock market valuation.
Though the total wealth of India's 100 richest people grew by a modest 3 percent from the year ago period to USD 259 billion, the elite group of entrepreneurs have beaten the BSE market cap's growth over the last five years, as per the latest Forbes India Rich List.
"The growth in wealth might have been lacklustre due to India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes India said adding that "at the same time, the five-year trend shows this elite group of entrepreneurs beating the BSE market cap's growth".
The Indian economy is battling weak growth, higher inflation levels and falling rupee which in turn has affected wealth creation.
The Wholesale Price Index (WPI)-based inflation climbed to a 7-month high of 6.46 percent in September, and the one based on Consumer Price Index (CPI) inched closer to double digit at 9.84 percent.
The rupee is currently trading at Rs 63/US dollar level.
This year's list has a total of 65 billionaires, four more than last year, and out of these 15 were newcomers.
Some of these debutants on the list have made their fortunes in the Middle East, including Bahrain resident Ravi Pillai (richest newcomer with USD 1.7 billion) of Saudi construction group Nasser S Al-Hajri Corp, and retail mogul M A Yusuff Ali (USD 1.6 billion) of Abu Dhabi-based Lulu Group.
The list of new comers was topped by Ravi Pillai, who with a net-worth of USD 1.7 billion was ranked 34 on the list followed by M A Yusuff Ali (USD 1.6 billion, rank 40), Vijay Chauhan (USD 1.5 billion, rank 43), Sunny Varkey (USD 1.4 billion, rank 45).
Others on the newcomers list include, Ravi Jaipuria (USD 1.36 billion, rank 47), Samprada Singh (1.35 billion, rank 48), Kuldip and Gurbachan Singh Dhingra (USD 1.23 billion, rank 53), Nirav Modi (USD 1.01 billion, rank 64), Sanjay Singhal (900 million, rank 69), Murli Dhar and Bimal Kumar Gyanchandani (800 million, rank 76).
Ramesh Juneja with USD 770 million was ranked 80 on the list followed by PNC Menon (USD 760 million, rank 81), Abhay Firodia (USD 680 million, rank 93), Amit Jatia (USD 665 million, rank 95) and Atul and Sagar Chordia (USD 635 million, rank 100).
The list of this year's Forbes India rich List was topped by Mukesh Ambani, who with a networth of USD 21 billion retained his title as India's wealthiest for sixth year in a row, followed by NRI steel tycoon Lakshmi Mittal (USD 16 billion) and Sun Pharma's Dilip Shanghvi, who with a wealth of USD 13.9 billion was ranked 3rd in the list.