LN Mittal pips Mukesh Ambani to emerge as richest Indian in Forbes list

More than 50 Indian billionaires are featured in the World's Billionaires list of Forbes, the US-based publisher announced today. Top of the list is UK-based Indian-origin, steel baron, Lakshmi Mittal, who ranks as the richest Indian and the sixth internationally, with his wealth estimated at $31.1 billion.

Mukesh Ambani, the second-richest Indian (with wealth of $27 billion) has an overall global ranking of ninth. The world's richest person is Mexico's Carlos Slim, with assets valued at $74 billion. Next is Bill Gates ($56 billion), followed by Warren Buffet ($50 billion), Bernard Arnault ($41 billion) and Larry Ellison ($39.5 billion).

Mittal's net worth grew from $28.7 billion last year to $31.1 billion, making him the richest Indian. Ambani, who was the richest Indian for three years in a row, was pushed to second place by Mittal. Younger brother Anil, with net assets worth $8.8 billion, ranked eighth in India and 103rd globally.

There were a total of 1,120 billionaires globally with a combined net worth of $4.5 trillion, way above the gross domestic product (GDP) of most countries except the US, China and Japan.

The 10 richest Indians include Lakshmi Mittal, Mukesh Ambani, Azim Premji (Wipro), Shashi and Ravi Ruia (Essar), Savitri Jindal and family (Jindals), Gautam Adani (Adani group), Kumar Mangalam Birla (Aditya Birla Group), Anil Ambani, Sunil Mittal and family (Bharti) and Adi Godrej and family (Godrej group). Construction magnet Pallonji Mistry also figures in the top list, but he has an Irish passport.

The Wipro chairman, with assets of $16.8 billion, is the richest in the IT sector. India's fastest growing sector has several other billionaires, with Infosys Technologies alone accounting for a bulk of them. Infosys founder N.R. Narayana Murthy and his family members, with assets of $2 billion, rank 26th in the list of richest Indians (595 global ranking).