With a net worth of Rs 175,400 crore ($26 billion), Reliance Industries chairman Mukesh Ambani remains the richest Indian in 2017, according to a report by Hurun Global Rich List India.
After acquiring more than 10 crore customers in less than 6 months, Mukesh Ambani's telecom venture Reliance Jio has triggered a price war in the country's telecom sector.
The founder of Sun Pharmaceuticals, India's richest pharma magnate Dilip Shanghvi dropped to 3rd position because of a 22 per cent decline in his wealth of Rs 99,000 crore, fueled by 18% drop of Sun Pharma shares, his flagship company. Earlier this year, Shanghvi withdrew his plans to form a payment bank venture in India, the report added.
Twenty one billionaires in the Hurun Global Rich List India are from pharmaceuticals sector. B Parthasaradhi Reddy with RS 12,500 crore is a new entrant on the list. Kiran Mazumdar-Shaw, the only self-made women billionaire from India, has a personal fortune of Rs 12,900 crore in Biocon.
With a wealth of Rs 24,900 crore, Acharya Balakrishna of Patanjali Ayurveda ranks 28th on the list. After cashing in on the government's demonetisation move, Paytm founder Vijay Shekhar Sharma ranked 79th on the list.
Others in the list include Shiv Nadar, Cyrus Poonawalla, Azim Premji, Uday Kotak, SP Hinduja & family and Lakshmi N Mittal.
Indian construction tycoon, Pallonji Mistry, who ranks 97th globally is on the fourth position. Mistry is the largest individual shareholder in Tata Sons. His net worth of Rs 82,700 crore equals the entire market capitalization of Tata Motors, the report said.
The total wealth of India's top 132 in 2017 increased to Rs 2,690,376 crore, 16 per cent rise than last year. Mumbai is home to 42 billionaires, followed by New Delhi (21) and Ahmedabad (9).
"India had a tough year because of disruptive government policies such as demonetisation drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs", said Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India.