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September 4, 2002 | 1636 IST
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Kumaramangalam Birla eighth youngest billionaire: Fortune

Kumaramangalam Birla ranks the eighth youngest billionaire, outside the United States, according to Fortune magazine ratings , pipping Australian media tycoon Richard Li with $2.1 billion to his name against Li's $1.6 billion.

Fortune has compiled a list of 40 richest people under 40 years of age and Birla is the only Indian among the top 10 billionaires, according to a statement.

But none of them was anywhere near American computer magnate Michael Dell, who topped Fortune's separate list of the United States' richest 40 people under the age of 40.

Dell, 37, has wealth of $16.49 billion.

Eight Chinese figured in Fortune's list of the world's 40 richest young people outside the United States.

The wealthiest among the Chinese was Yang Bin, who ranked 15th on the list and recently saw the share price of his orchid company Euro-Asia Agriculture flounder.

Yang, 39, has riches amounting to some $900 million.

Russia was home to the richest young tycoon on the list and four others, the second highest number from any country.

Topping the list of 40 was Mikhail Khodorkovsky of Russia's second-largest oil company Yukos with a fortune of $7.2 billion.

Four people on the list were from Britain, the third most prolific country in terms of producing rich young people.

Billionaires from Japan, India and Hong Kong also figured in the top ten.

Ernesto Bertarelli of Swiss biotech company Serono was number two on the list with $4.7 billion, followed by Stefan Quandt of Germany's luxury car maker BMW and investment vehicle Delton with $4.5 billion.

Japan's Hiroshi Mikitani of online shopping mall Rakuten was sixth with $2.2 billion.

It was the first time Fortune had put together a list of some of the richest people under the age of 40 outside of the United States, a task it said was by no means easy.

Calculating their wealth was tough and some candidates did not make the cut because the magazine could not place a value on their assets, Fortune said.

"So while we cannot claim to have the 40 wealthiest people in the world outside the US under the age of 40, we do have 40 of the richest," Fortune said.

Last on the list, to be published in the magazine's September 16 issue, was Wang Yusuo of China's Xinao Gas, who boasts a cool $138 million at just 38.


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