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Billionaires grow faster than economy

Nov. 19: Mr Mukesh Ambani, the chairman of the Reliance Group, is once again the wealthiest person in India. His net worth put at $32 billion, which is an increase of 54 per cent from nearly $21 billion last year, said the latest Forbes list of the richest Indians.
Following Mr Mukesh Ambani are ArcelorMittal chairman and a non-resident Indian, Mr Lakshmi Mittal, whose net worth is $30 billion, up 46 per cent, and the ADAG Group chairman, Mr Anil Ambani, whose net worth has risen to $17.5 billion, 40 per cent higher than last year.
The country’s billionaires, whose count has nearly doubled to 52 from 27 a year ago, owe their fortune to a still-buoyant economy, and have outpaced the country’s GDP growth with a much faster wealth creation. The current number is two short of what India had at the peak of the stock market boom in 2007.

In comparison, GDP gro-wth rate dipped from over nine per cent in November 2007 to below six per cent a year later.
Though the top ten positions remain largely unchanged, there are some shifts in fortunes across the list. Mr Sunil Mittal has moved down from number four to number eight and Mr Azim Premji has moved up to number four position.
The Ruia brothers with a net worth of $13.6 billion have made it to number five this year. Mr Adi Godrej has moved out of the top 10 to the number 12 position. Savitri Jindal, the non-executive chairwoman of O. P. Jindal Group, at a net worth of $12 billion this year has made it to number seven on the list, while south India’s TV king, Mr Kalanithi Ma-ran, ranked 20, almost doubling his net worth to $2.3 billion from $1.2 billion.

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