Mukesh Ambani's wealth is equal to GDP of Azerbaijan

New Delhi: Reliance Industries Ltd chairman Mukesh Ambani has topped Forbes` annual list of India`s 100 richest tycoons of 2017 with a net worth of $38 billion.

“To put it in context, this is equal to the entire GDP of the former Soviet republic of Azerbaijan, as per World Bank Data 2016 estimates," Forbes said.

Forbes India will release the 2017 India Rich List by way of a special issue that hits the stands on November 6, 2017.

Backed by strong show of stocks in the equity market, Reliance Industries Ltd chairman Mukesh Ambani yesterday piped China’s Hui Ka Yan to become Asia’s richest person.

As per Forbes’ real time billionaire’s list, Ambani's personal wealth swelled by $466 million, with RIL shares soaring 1.22 percent to Rs 952.30 a piece on Wednesday. During the day, the stocks had jumped 1.76 percent to Rs 957.40. On NSE, the company's stock rose by 1.24 percent to close at Rs 952.55.

Forbes’ real time billionaire’s is based on the value of person’s stock holding and assets on a real time basis.

With a total wealth of $42.1 billion, Ambani's rank was at the 14th spot on Forbes’ real time billionaire’s list while Hui Ka Yan's wealth slumped by $1.28 billion to $40.6 billion on Wednesday.

On November 1, market valuation of Reliance Industries Ltd crossed the Rs 6 lakh crore mark at the close of trade, becoming the first company to reach this milestone.

RIL commanded a market capitalisation (m-cap) of Rs 6,03,097.82 crore or about USD 93 billion when the stock market closed.

RIL's market valuation had on October 24 crossed the Rs 6-lakh crore mark for a brief period on the NSE.

RIL is the country's most valued firm followed by TCS (Rs 4,98,193.35 crore), HDFC Bank (Rs 4,70,765.09 crore), ITC (Rs 3,28,592.95 crore) and HDFC (Rs 2,79,356.92 crore) in the top five list.

With Agency Inputs