India’s 100 richest are worth 25% of GDP


Daylife/Getty Images used by permission

The Billionaires Club of India almost doubled from last year to 54 members up from 27, aided by are bounding stock market that gained two-thirds in the past year and an economy growing at six percent, says the Forbes Asia magazine.

The country’s 100 richest people have a combined net worth of 276 billion U.S. dollars, which was almost a quarter of the country’s Gross Domestic Product (GDP)…

Mukesh Ambani, heading Reliance Industries Limited, is once again the wealthiest person in India with his net worth increasing by 54 percent to 32 billion U.S. dollars from nearly 21 billion last year.

Trailing behind him are Lakshmi Mittal with a net worth of 30 billion U.S. dollars, up 46 percent from 20.5 billion, and Mukesh’s estranged brother, Anil, whose net worth of 17.5 billion U.S. dollars, 40 percent higher than before, put him in the third place.

India Editor of Forbes Asia Naazneen Karmali said in a statement, “Happy days are definitely back again for India’s richest. This year’s list shows yet again that when conditions in the financial markets and the economy are right, India has the scale and resources to produce billionaires faster than most of the countries on earth.”

Anyone wondering if the politics of India are offering the same growth in income to the remainder of the population? That’s nothing hard-nosed – just a reminder from a distant friend. When you’re rocking and rolling down the Yellow Brick Road, sometimes you forget about the streetcleaners.

5 thoughts on “India’s 100 richest are worth 25% of GDP

  1. Cinaedh says:

    “…aided by a rebounding stock market…”

    Same thing here in North America, I guess…

    It would be one thing if this wealth really existed as gold or something tangible but presumably, once again, most of the rebounding wealth is air, paper and imaginary numbers in an accountant’s ledger.

    It can take a long time to learn the difference between your elbow and a hot rock.

      • Mr. Fusion says:

        I’d love to try that but I keep getting these pieces of paper in the mail telling me they want my money more than I do. And damn if they don’t have the best lines, such as “or we’ll turn your gas off”.

        😛

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.