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How inflation hit the fortunes of India's richest

November 11, 2013 17:09 IST

Image: A girl, with her face painted in the colours of India's national flag, chants slogans as she takes part in a cultural program to celebrate India's Independence Day.
Photographs: Ajay Verma/Reuters

Rising inflation and falling rupee seem to have hit the fortune of India's 100 richest people, but they have still managed to beat the growth in Indian stock market valuation.

Though the total wealth of India's 100 richest people grew by a modest 3 per cent from the year ago period to $259 billion, the elite group of entrepreneurs have beaten the BSE market cap's growth over the last five years, as per the latest Forbes India Rich List.

"The growth in wealth might have been lacklustre because of India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes India said adding that "at the same time, the five-year trend shows this elite group of entrepreneurs beating the BSE market cap's growth".

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How inflation hit the fortunes of India's richest

Image: The Bombay Stock Exchange building is illuminated during the Diwali special trading session.
Photographs: Danish Siddiqui/Reuters

The Indian economy is battling weak growth, higher inflation levels and falling rupee which in turn has affected wealth creation.

The Wholesale Price Index-based inflation climbed to a 7-month high of 6.46 per cent in September, and the one based on Consumer Price Index inched closer to double digit at 9.84 per cent.

The rupee is currently trading at Rs 63/US dollar level.      

This year's list has a total of 65 billionaires, four more than last year, and out of these 15 were newcomers.

Some of these debutants on the list have made their fortunes in West Asia, including Bahrain resident Ravi Pillai (richest newcomer with $1.7 billion) of Saudi construction group Nasser S Al-Hajri Corp, and retail mogul M A Yusuff Ali ($1.6 billion) of Abu Dhabi-based Lulu Group.

. . .

How inflation hit the fortunes of India's richest

Image: An employee shows gold bangles to a customer at a jewellery showroom in Mumbai.
Photographs: Danish Siddiqui/Reuters

The list of new comers was topped by Ravi Pillai, who with a net-worth of $1.7 billion was ranked 34 on the list followed by M A Yusuff Ali ($1.6 billion, rank 40), Vijay Chauhan ($1.5 billion, rank 43), Sunny Varkey ($1.4 billion, rank 45).

Others on the newcomers list include, Ravi Jaipuria ($1.36 billion, rank 47), Samprada Singh ($1.35 billion, rank 48), Kuldip and Gurbachan Singh Dhingra ($1.23 billion, rank 53), Nirav Modi ($1.01 billion, rank 64), Sanjay Singhal (900 million, rank 69), Murli Dhar and Bimal Kumar Gyanchandani (800 million, rank 76).

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How inflation hit the fortunes of India's richest

Image: Mukesh Ambani.
Photographs: Pascal Lauener/Reuters

Ramesh Juneja with $770 million was ranked 80 on the list followed by PNC Menon ($760 million, rank 81), Abhay Firodia ($680 million, rank 93), Amit Jatia ($665 million, rank 95) and Atul and Sagar Chordia ($635 million, rank 100).

The list of this year's Forbes India rich List was topped by Mukesh Ambani, who with a networth of $21 billion retained his title as India's wealthiest for sixth year in a row, followed by NRI steel tycoon Lakshmi Mittal ($16 billion) and Sun Pharma's Dilip Shanghvi, who with a wealth of $13.9 billion was ranked 3rd in the list.


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