Mukesh Ambani, Chairman of Reliance Industries Limited, smiles during a convocation ceremony.—Reuters Photo
Mukesh Ambani, Chairman of Reliance Industries Limited, smiles during a convocation ceremony.—Reuters Photo

MUMBAI: Energy giant Reliance Industries chairman Mukesh Ambani has retained his title as the world's richest Indian - for the fifth year in a row - with a net worth of $21 billion, according to Forbes.

London-based steel baron L.N. Mittal follows Ambani as the country's second richest person, with wealth of $16 billion, the US business magazine said on its website Thursday ahead of its November Asian edition.

Despite holding the top position, Ambani has seen his fortune drop by $1.6 billion in the past 12 months, Forbes said.

“Reliance remains India's most valuable firm despite ongoing battles with federal oil ministry over KG-D6, country's largest offshore gas field where output has sharply declined,” said the report.

Mittal also had a tough year, losing $3 billion, “as shares of his ArcelorMittal, the world's largest steelmaker, tanked due to surging costs and slumping demand in Europe”, the magazine said.

Software firm Wipro's chairman Azim Premji is the third richest Indian with wealth of $12.3 billion.

The magazine noted that India's slowing economy got a recent boost when the government “ended months of policy paralysis” through a series of reforms to boost foreign investments in retail, insurance and aviation.

“The much-needed reforms perked up sentiments in what was otherwise another year of corruption scandals, this time in mining allocations,” Forbes said.

The data was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies.

Updated Oct 25, 2012 11:30am

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Comments (28) (Closed)

Oct 25, 2012 03:52pm
wondering ...who is the richest person in pakistan and how much is his/her wealth?
Oct 26, 2012 05:52am
Mian muhammad mansha(2.6 bil) followed by asif ali zardari(1.8 bil)
raja hindustani
Oct 26, 2012 12:40pm
Good to hear that you are happy with your current situation :)
Oct 26, 2012 01:45pm
Don´t tell me that Zardari & Sharif have lost wealth in last two years! Poor kids. It is difficult to be politicians in Pakistan!
Oct 26, 2012 03:07am
What also matters is what rich people like him do for the rest of the humanity. They could show some concern like Bill Gates, Warren Buffet do.
Oct 26, 2012 03:34am
You have to wait until the outcome of the letter to Swiss is answered, a lot is at stake. That amount compounded at compound interest would and should have more than trebled. and not troubled out.
Oct 26, 2012 04:14am
Too many Indian comments allowed by dawn-too biased in favour of anti Pakistan propaganda.
Oct 26, 2012 04:03am
Wrong Zardari should be the richest. Our president has much more wealth. India beat us again - except in corruption.
Oct 26, 2012 01:59pm
I guess pakistan has already done its reforms, but due to major political instability and security risks has played a vital role in pakistan's present economy crisis.
Oct 27, 2012 10:09am
You should also consider that along with having largest poor population in India(number-wise not percentage-wise as compared to Pak) we India also has a 300 million ("larger than US population") middle-class ! That's why all the multinational global companies are trying to grab to this market of huge opportunities. And FYI, there has been seen a significant drop in poor population percentage in recent years that means we are developing(that is what the definition of a developing nation) unlike your country.
Oct 26, 2012 02:35pm
How about Jijaji's scam in Haryana?
Cyrus Howell
Oct 25, 2012 05:04pm
The magazine noted that India’s slowing economy got a recent boost when the government “ended months of policy paralysis” through a series of reforms to boost foreign investments in retail, insurance and aviation. . Pakistan should take note.
Oct 26, 2012 09:52pm
i am paying more tax than zardari and nawaz sharif combined and I belong to a middle class salaried income group. Hats off to the politicians.
Oct 26, 2012 08:55pm
Don't compare India and Pakistan, we have 1.9 Million millionaires, India is advanced by 100 years
Oct 26, 2012 08:56pm
have they done any thing for Pakistani people
Oct 25, 2012 07:25pm
richest person in pakistan isn't even a billionaire............
Oct 26, 2012 10:10am
Good to see that wealth is more evenly distributed in Pakistan. India has world's largest poor population.
Duray Abbas Malik
Oct 26, 2012 05:43pm
Well done Mr Ambani Gee. Hard work always pay. your grand father was poor school teacher in village and you have won fith time richest place of entire india. keep it up and all the best.
Oct 26, 2012 10:13am
Please Google about "2G scam", "coal gate scam", "Commonwealth(CWG) scam". These are the latest you will get an idea about how many billions Indian politicians have stole from the country. You wont get any scam close to this in your country. Thats why the so called India Against Corruption movement is going on!
Goodness Grace Me
Oct 26, 2012 05:01pm
I think it is your wrong notion that India has the largest poor population. You are only talking in terms of mere numbers in terms of number of people under poverty line but not comparing the per-capita and the area/density of population. Please compare inclusive of those rather than a mere number. As for as the wealth distribution goes, the answer is the increase in the volume of middle class along with the social responsibilities these rich corporates are showing. Find out who is behind the infrastructure development (read golden Quadrilateral) is. Govt along cannot execute those mega projects. Another example is the revenue locally generated by IPL that is literally run the corporates.
Oct 26, 2012 12:11am
I dont think it is possible to determine the net worth of rich individuals in Pakistan since most of their money and possessions are hidden.
Oct 26, 2012 12:04am
Perhaps, Zardari, Wealth: Unknown.
Oct 25, 2012 11:55pm
Perhaps 1 and Mr.Sharif at 2
Oct 25, 2012 10:58pm
Don't know the answer to that but poorest man in both India and Pakistan have the same amount of money !! So whats your point ?
Oct 25, 2012 09:47pm
Reliance group alone is worth more than the whole market cap of KSE.....
Oct 25, 2012 12:22pm
It is all about Laxmi and when it rains it pours.
Satyameva Jayate
Oct 25, 2012 06:26pm
For those who may be curious. No one from Pakistan in the 2012 list. As per 2010 list: 1. Mian Muhammad Mansha $1 bil - 5 bil 2 Asif Ali Zardari $1.8 bil 3 Nawaz Sharif $1.4 bil
Oct 25, 2012 04:48pm
weve got zardari. I recently read somewhere that his estimated wealth may now be as much as 12 billion dollars.