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The
World’s
Richest
Indians
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Mirror, mirror on the wall, who is the
richest of them all. The combined net
worth of India’s 40 richest capitalists
stands at more than $300 billion dollars.
If you are part of this elite group then it is
time to uncork the bubbly. If not, then the
only recourse open for you is to sit tight and try to garner some
vicarious joy as the rich find new ways to flaunt their wealth.
The erstwhile maharajahs of India were famous for buying Rolls
Royce by the dozen and Cartier jewellery by the quintal. About
as profligate are the new maharajahs of the business world who
don’t tend to think twice before buying luxury yachts, million
dollar cars, a string of palatial homes and a plethora of gems
and art.
A scion of one of the most prestigious business dynasties
in the country, Ratan Tata is credited with transforming his
business group from a sprawling, conservative conglomerate
into a corporate powerhouse hungry for growth. Last year, he
engineered India’s biggest takeover - Tata Steel’s $13 billion
purchase of UK’s prestigious Corus
steel. But despite ranking amongst
the richest people in the world, he
drives himself to his office in a Tata
Indigo Marina wagon. While Tata may
not splurge on fancy cars, flying is a
completely different ballgame. He is
an avid aviator, who likes to pilot his
own Falcon 2000 business jet around
India. In February 2007, he created a sensation by co-piloting
a Lockheed F-16 and Boeing F-18 fighter jets at a nationally
televised air-show. He continues to hold the distinction of being
the nation’s most eligible bachelor and his weekends are spent
in solitude with his two dogs at a beachfront home he designed
himself.
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| On October 30, 2007, the day when Indian stock markets had
hit their all time high, Mukesh Ambani had became the richest
person in the world, surpassing American software czar Bill
Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett.
At that time, his wealth of about
Rs 2,49,000 crore ($62.3 billion)
included about Rs 2,10,000 crore
from RIL (50.98 per cent stake), |
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 Rs 37,500 crore from RPL (37.5
per cent) and Rs 2,100 crore from
RIIL (46.23 per cent). It is true that
Mukesh Ambani’s place at the
top was exceedingly ephemeral,
because the Indian markets started
falling almost immediately after
making a high. But by reaching the
top even once he has proved that when it comes to making money, he
is blessed with a midas touch. This
year he’s placed at the 5th richest
in the world with an estimated
worth of $43 billion. So how does
India’s richest man demonstrate
his wealth? Well, on his wife’s
birthday, Mukesh Ambani gifted
her a specially customized 242
crore rupee Airbus 319 Corporate
Jet. The plane is said to have a
state of the art business office and
cabin management system for
games, music, satellite television
and wireless communication.
It also has all the luxuries of
a home in it, namely a master
bedroom, a master lavatory with
a range of showers, galleys and
a sky bar in the forward lounge
complete with mood lighting. He
is currently engaged in building
a 600 crore skyscraper for his
family that could as well turn
out to be the world’s costliest
residence. When the 27-storey
home is completed, it will have 3
helipads, 6 floors of car parks, a
state of the art communications
system, a security system that is
at par with the best in the world, a
50 seat theatre, a luxurious gym,
three air-conditioned swimming
pools and much else.
Mukesh’s little brother, Anil
Ambani, happens to be famous
not just for his fabulous wealth,
but also for his mercurial
temperament. His net valuation
is estimated to hover around $42
billion. Other than business, he
indulges in running marathons and
attending page three type parties.
Recently he raised $3 billion
from the highly anticipated initial
offering of his Reliance Power,
the biggest in India’s history. Had
the shares of Reliance Power
performed well after listing on
the stock exchanges, Anil would
have whizzed past elder brother
Mukesh, but that didn’t happen.
Despite the hype, the stock
tumbled 17% immediately after its
February listing.
The richest Indian turns out
to be the guy who is named after
the goddess of wealth, Lakshmi.
Lakshmi Mittal is the steel king
of the world and when he opens
his wallet, watch out! Few years
ago Mittal was in the news for
buying a plush house in London
for $150 million. For that much
money you could easily buy 2,000
luxury flats in Bangalore and still
have money left to bag a luxurious
villa in Delhi’s best locality. On
his daughter’s marriage Lakshmi
Mittal lavished a cool $100 million.
The guest list at the marriage
party included 1200 members, all of them |
| cream of UK and Indian society. The party
itself was held at the magnificent Palace of Versailles,
where the French ‘Sun King’ Louis XIV held court in
the 17th century. Some say that Lakshmi Mittal made
history by throwing the most lavish wedding ever.
Some may call him exceedingly profligate. But for
the steel tycoon the event was nothing more than a demonstration of his love for his daughter. |
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 The year 2007 saw the wealth of Kushal Pal Singh, the head honcho of India’s largest real estate company, DLF, increase by 51% to $30 billion. His wealth comes mainly from the deep pockets of India’s rising middle class who suddenly find themselves capable of buying fancy flats that DLF is so proficient in building. He is credited for putting Gurgaon on the map as a destination for global companies. Ramesh Chandra, the founder of Unitech, happens to be the second real estate tycoon who has made it really big. With a net worth of $11.6 billion he is also India’s eighth richest man. He is exceedingly media shy. Only on rare occasions you might get to see him on TV.
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| Kumar Mangalam Birla wins the distinction of being the talented scion of the Birla clan. His net worth stands at around $11 billion. Kumar Manglam does not fit the bill as a typical colorful tycoon. When he is not busy attending to the concerns of his global business empire, he prefers to stay at home and spend time with his extended family. In other words, Kumar Mangalam is an epitome of what a Birla is supposed to be – he is a workaholic and a family man. Recently he was in news when his flagship company Hindalco purchased America’s largest aluminum company for a few billion dollars. Another super-rich guy is Azim Premji, the founder of Wipro. He is worth $12.7 billion and yet he continues to drive around in his old Ford Escort. But that is only because he feels that it is his lucky
car. If he so desired he could easily build
a 100 car garage and park the best of
best vehicles inside. Self-deprecation,
humility and modesty runs in the blood
of India’s IT czars. The Infosys boss, N.
R. Narayana Murthy, is famous for not
employing servants in his house. He and
his wife prefer to do their housework
themselves. In an interview he is known
to have said that his bathroom was the
cleanest in the country, because he
himself cleaned it every morning. |
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 When it comes to the steel and telecom sector, the Ruias are a name to reckon with. In 2007 brothers Shash and Ravi Ruia made it to the Forbes list of the 10 richest Indians with their combined wealth of $12 billion. There are famous for their dapper suits, their majestic bungalow in Bombay’s plush Malabar Hill area and their penchant to keep away from media and from all controversies. Their flagship company, The Essar Group, has been in business since the 1800s. Essar Chairman Shashi Ruia recently remarked about the entrepreneurial spirit that runs in the family: “I am not just an MBA, but also an MBB (Marwari by birth).”
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When you think of India’s poster
boy of conspicuous consumption and
consumerism, then the face of Vijay
Mallya automatically comes to your mind.
This is the quintessential profligate icon
who leads a charmed life surrounded
by fast cars, beautiful women, designer
houses, horses, jewellery and art. The
king of good times truly lives up to his
reputation. Recently Mallya was in news
for spending a couple of million dollars
for Tipu Sultan’s sword, which was
being auctioned by Sotheby’s in London.
His suits come from Emporio Giorgio
Armani, but he is also a patron of other prestigious labels like Napoleon, Polo
and Lanvin. He ranks number 42 on
India’s richest with an estimated worth
of $1.6 billion, but that may be because
he really knows how to spend money on
the finer things in life.
Then there is the India’s media
tycoon, the promoter of Zee network,
Subhash Chandra. He is reputed for
having lavish mansions all over the world
and he won’t be seen in any car that is
less than a Mercedes S class. Yet, he
prefers to smoke Bidi No 502. Clearly
cigarette is passé for this leader who has
made it his lifelong mission to turn the
humble bidi into a fashionable brand. But
there is nothing remotely humble about
Chandra’s preferred brand of suits,
which turn out to be the immaculately
tailored Armani.
 The guy who is credited with bringing
telecom revolution in the country, Sunil
Mittal, has earned a well-deserved place
in India’s rich list. These days his wealth
hovers around $12.5 billion. That is
quite an achievement for a man who is
said to have started his business with a
borrowed capital of just Rupees 20,000.
Golf is his passion; this is a sport in
which he is reputed to have an excellent
handicap. Today he lives in what can be
termed as New Delhi’s most lavish home.
Even in Lutyens’ Delhi, there is no more
exclusive address than Amrita Shergill
Marg. And among the mansions that line
this leafy road, Sunil Mittal’s grand house
easily stands apart from the rest.
The fact is that the year 2007 has been
very good for billionaires everywhere
in the world. This is the year that has
witnessed a phenomenal rise in the
number of billionaires. Their number
has shot up by 19 per cent to 946,
previous year the number stood at 793.
And the combined net worth of these
lucky individuals has climbed up by $900
billion to $3.5 trillion. Steve Forbes, the
chief executive of Forbes magazine,
says, “This is the richest year ever in
the human history. Never in history has
there been such a notable advance.” It’ll
be interesting to see how 2008 shapes
up. Will you make the list of India’s rich
elite? Just keep your fingers crossed. |
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