For 9th year running, Mukesh Ambani is India’s richest person

SAN FRANCISCO (Diya TV) — Mukesh Ambani, chairman of Reliance Industries Ltd., has once again topped Forbes India’s list of India’s richest persons with a net worth of $22.7 billion.

According to the list, which is published annually and showcases India’s 100 richest tycoons, Ambani’s wealth increased from $18.9 billion last year due to a 21 percent rise in the share value of Reliance Industries. He was named the richest Indian for a ninth year in a row.

Sun Pharma’s Dilip Shanghvi ranked second with a net worth of $16.9 million, though his wealth fell by $1.1 billion owing to the decline in the share price of Sun Pharmaceuticals, the world’s fifth-largest generics maker.

“This year’s list sees a rise in the overall wealth of the country’s top 100 billionaires, in line with the movement of the markets. While the composition at the top of the list remains largely unchanged, the distribution of wealth within the list continues, with the top 20 now contributing 52 percent of the total, down from 55 percent last year,” said Sourav Majumdar, Editor, Forbes India.

The combined net worth of India’s 100 wealthiest reached $381 billion, a rise of 10 percent from $345 billion in 2015. Eight people returned to the list after their companies outperformed the stock market’s 12 percent rise in the past year.

Though the economic outlook around the world remains gloomy, the outstanding performance of Indian companies makes India the fastest economy in the world.

“In a post-Brexit world, India appears a steady ship with an economy growing at 7 percent-plus. The majority of India’s 100 richest have notched up handsome gains as their companies have outperformed the stock market in the past year. As the domestic investment cycle starts kicking in, we can expect more gains and new names in the future,” said Naazneen Karmali, India Editor of Forbes Asia.