Gates back on top of rich list

Mukesh Ambani Pips Lakshmi Mittal To Become The Richest Indian

THE toll on the markets has not only shrunk the wealth of the world's billionaires, compiled every year by Forbes, but also changed the pecking order. Bill Gates is once again the world's richest, and Mukesh Ambani has replaced Lakshmi Mittal as the richest Indian.
    The world is left with fewer billionaires as the economic downturn shaved millions off the fortunes of the world's richest. India's wealthiest fared no better, as 24 made it to the Forbes' list of billionaires this year and another 29 who were on the list last year found themselves reduced to multi-millionaires, thanks not just to the steep fall in share prices but also to the rupee's depreciation by nearly a fifth, which depresses the dollar value of rupee wealth.
    Leading the pack among India's richest and ranked seventh in the world is Reliance Industries (RIL) chief Mukesh Ambani. His net worth is down to $19.5 billion after the RIL stock plunged about 40% in the last one year.
    Close behind is ArcelorMittal CEO Lakshmi Mittal, who is ranked eighth with a net worth of $19.3 billion. His fortune dwindled as shares of the world's largest steel firm hit four-year lows amid slackening global demand.
    The next Indian on the list is Anil Ambani. Ranked 34, the Reliance ADAG chairman, who was the biggest gainer last year, lost $32 billion, or 76% of his fortune, in the last one year as shares of his group firms — Reliance Communications, Reliance Power and Reliance Capital — declined.
    Bharti group CEO Sunil Mittal is the fourth richest Indian, ranked 59 globally, with a net worth of $7.7 billion. Wipro chief Azim Premji makes it to the list with a total wealth of $5.7 billion, as do brothers Shashi and Ravi Ruia of Essar ($5.6 billion).
    Other Indians on the list include DLF's KP Singh ($5 billion), Kumar Birla ($4.2 billion), Adi Godrej ($3.3 billion), Dilip Shanghvi ($3 billion) and Savitri Jindal ($2.7 billion). Brothers Malvinder and Shivinder Singh also feature in the list, with a net worth of $2.6 billion.
    Among notable drop-offs in the list are Unitech founder Ramesh Chandra, who lost an estimated $9 billion due to a slump in realty stocks, and Suzlon's Tulsi Tanti, who is poorer by $2.6 billion. Jet Airways chairman Naresh Goyal saw his net worth lowered by $1.1 billion, while investment banker Nimesh Kampani and Indiabulls promoter Sameer Gehlaut lost $1 billion each. Liquor baron Vijay Mallya is another ex-billionaire.
    Microsoft founder Bill Gates pipped billionaire investor Warren Buffet to emerge as the wealthiest man in the world with an estimated fortune of $40 billion. Having lost $25 billion in 12 months, Mr Buffet comes second ($37 billion). Mexican telecom czar Carlos Slim Helu ($35 billion) is ranked third on the list, followed by Oracle CEO Lawrence Ellison ($22.5 billion) and furniture firm Ikea founder Ingvar Kamprad ($22 billion).
    According to Forbes, there are now 793 billionaires globally, down from 1,125 a year ago. India not only saw its share of the wealthiest plummet, it also gave up its position as home to most billionaires in Asia to China, which has 28.
Billionaires can chip in to erase India's deficit
NEW YORK: India can write off its current fiscal deficit with less than two-third wealth of its billionaires, but the US would need more than the fortunes of its billion-dollar citizens for the same. Besides, India would meet over half of its proposed expenditure for the next fiscal with its billionaires' wealth, while the American billionaires' wealth would meet only one-third of their country's proposed expenditure.—PTI