India will have 4 lakh super rich this year

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SME Times News Bureau | 29 Jan, 2015
The number of India's rich and super-rich individuals is about to double this year, to over four lakh with a collective wealth of $2,645 billion.

And the number of super-rich households, with a minimum net worth of Rs.25 crore each, would more than triple to five lakh in the next five years with a five-fold increase in their net worth to Rs.260 trillion.

These projections have been made by industry association Assocham and Yes Bank's study of luxury market in India, released Wednesday,

The top five Indian billionaires led by Reliance Industries chairman Mukesh Ambani collectively control $90.5 billion (about Rs.5,57,661 crore) in personal wealth, accounting for nearly half of the country’s total billionaire wealth, an earlier study said.

According to Forbes magazine, Mukesh Ambani is the richest man in the country with an estimated net worth of $24.4 billion (about Rs. 1,50,000 crore).

Mukesh Ambani is followed by drugmaker Sun Pharma's Dilip Shanghvi$18 bn, IT giant Wipro’s Azim Premji $16.4 bn, Tata Sons’ shareholder Pallonji Shapoorji Mistry $15.9 bn, and steel tycoon Lakshmi Mittal $15.8 bn.

The five billionaires collectively control $90.5 billion in personal wealth, accounting for nearly 48 percent of India’s total billionaire wealth, according to reports.

In comparison, India’s wealthiest actor, Bollywood star Shah Rukh Khan is worth $600 million, while Indian cricket legend Sachin Tendulkar has a fortune of $160 million.