Five Indian-Americans in Forbes list of US' richest

September 30, 2014

New York, Sep 30: Five Indian-Americans have been named among the 400 richest people in the US by Forbes, a list topped by Microsoft co-founder Bill Gates for the 21st year in a row with a net worth of USD 81 billion.

Forbes listFounder of outsourcing firm Syntel Bharat Desai, entrepreneur John Kapoor, Symphony Technology founder Romesh Wadhwani, Silicon Valley angel investor Kavitark Ram Shriram and venture capitalist Vinod Khosla are among 'The Richest People In America 2014' list by Forbes.

Forbes said 2014 was another record year for American wealth, when the aggregate net worth of the richest 400 Americans was USD 2.29 trillion, up USD 270 billion from a year ago.

"Thanks to a buoyant stock market, the richest people in the US just keep getting richer," Forbes said.

Gates is the richest American for the 21st year in a row, with a net worth of US 81 billion. The Microsoft chairman's stake in the software company he cofounded accounts for just under 20 per cent of his total net worth. His friend Warren Buffett, chief executive of Berkshire Hathaway, occupies the number two spot on the 400, a rank he has held since 2001 with a net worth of USD 67 billion.

Larry Ellison, who just announced that he was giving up the CEO role at Oracle, the software firm he founded, comes in at number three, with a net worth of 50 billion dollars.

Desai and his family rank 255 on the list, followed by Kapoor who is ranked 261, Wadhwani (264), Shriram (350) and Khosla (381).

Facebook co-founder and CEO Mark Zuckerberg is now the 11th richest person in the US, and the biggest dollar gainer on the list. His fortune soared to USD 34 billion, up USD 15 billion since last year, due to a sharp rise in the price of the social network's shares.

Desai, 61, and wife Neerja Sethi founded outsourcing firm Syntel in 1980 while studying at University of Michigan. The Indian Institute of Technology alumnus has a networth of USD 2.5 billion.

Kapoor, 71, debuts on The Forbes 400 as a serial entrepreneur who has founded two pharmaceutical companies that he has guided to exceptional success.

The bulk of his wealth is concentrated in shares of Akorn Pharmaceuticals, an Illinois-based generics manufacturer that Kapoor has been involved with since the early 1990s, and INSYS Therapeutics, a cancer-treatment maker that went public in May 2013.

Kapoor, whose net worth is USD 2.5 billion, also has a small chain of fast-casual Indian restaurants in Arizona called Bombay Spice, as well as Roka Akor Japanese eateries in Chicago, Scottsdale and San Francisco.

Wadhwani, 67, an Indian Institute of Technology Bombay alumnus has a net worth of USD 2.5 billion. Forbes said over the last decade, his galaxy of companies has expanded to 20 and is generating three billion dollars in revenues with 18,000 employees worldwide.

He is the recipient of the 2013 Forbes India 'Non-Resident Philanthropist Award' and sits on the boards of the Kennedy Center and the Center for Strategic and International Studies. Wadhwani signed Bill Gates' and Warren Buffett's Giving Pledge last year.

Shriram, 57, has a net worth of USD 1.87 billion. He was an early Google backer and has been a Silicon Valley angel investor since 2000. Through his Sherpalo Ventures, he has backed early-stage tech firms such as Zazzle and Paperless Post, as well as the frozen yogurt retailer Pinkberry.

Shriram made most of his fortune through Google and has been on its board since the company was founded in 1998. In June 2014, Shriram and his wife donated $61 million to engineering initiatives at Stanford University, which both of his daughters attended and where he is a board trustee.

Khosla, 59, has a net worth of USD 1.67 Billion and has run his own venture capital firm, Khosla Ventures, since 2004, following nearly two decades at VC firm Kleiner Perkins. His highest-profile investments have lately been in clean tech: wood-based biofuel, new types of batteries and water purification.

All together, the 400 wealthiest Americans are worth a staggering USD 2.29 trillion, up USD 270 billion from a year ago.

The average net worth of list members is USD 5.7 billion, USD 700 million more than last year and a record high. An impressive 303 of the 400 saw the value of their fortunes rise compared to a year ago. Only 36 people from last year's list had lower net worths this year.

The list has 27 newcomers including Elizabeth Holmes the youngest woman on the list, and the youngest self-made female billionaire in the world. Just 30 years old, the Stanford University dropout has built blood testing company Theranos into a firm that venture capitalists have valued at USD 9 billion.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 29,2020

Washington, May 29: Reiterating his offer to mediate on the border dispute between India and China, US President Donald Trump has said that he spoke with Narendra Modi about the "big conflict" and asserted that the Indian Prime Minister is not in a "good mood" over the latest flare-ups between the two countries.

Speaking with the reporters in the Oval Office of the White House on Thursday, Trump said a "big conflict" was going on between India and China.

"I like your prime minister a lot. He is a great gentleman," the president said.

"Have a big conflict …India and China. Two countries with 1.4 billion people (each). Two countries with very powerful militaries. India is not happy and probably China is not happy," he said when asked if he was worried about the border situation between India and China.

"I can tell you; I did speak to Prime Minister Modi. He is not in a good mood about what is going on with China," Trump said.

A day earlier, the president offered to mediate between India and China.

Trump on Wednesday said in a tweet that he was "ready, willing and able to mediate" between the two countries.

Responding to a question on his tweet, Trump reiterated his offer, saying if called for help, "I would do that (mediate). If they thought it would help" about "mediate or arbitrate, I would do that," he said.

India on Wednesday said it was engaged with China to peacefully resolve the border row, in a carefully crafted reaction to Trump's offer to arbitrate between the two Asian giants to settle their decades-old dispute.

"We are engaged with the Chinese side to peacefully resolve it," External Affairs Ministry Spokesperson Anurag Srivastava said, replying to a volley of questions at an online media briefing.

While the Chinese Foreign Ministry is yet to react to Trump's tweet which appears to have caught Beijing by surprise, an op-ed in the state-run Global Times said both countries did not need such a help from the US President.

"The latest dispute can be solved bilaterally by China and India. The two countries should keep alert on the US, which exploits every chance to create waves that jeopardise regional peace and order," it said.

In Beijing, Chinese Foreign Ministry spokesman Zhao Lijian said on Wednesday that both China and India have proper mechanisms and communication channels to resolve the issues through dialogue and consultations.

Trump previously offered to mediate between India and Pakistan on the Kashmir issue, a proposal which was rejected by New Delhi.

The situation in eastern Ladakh deteriorated after around 250 Chinese and Indian soldiers were engaged in a violent face-off on the evening of May 5 which spilled over to the next day before the two sides agreed to "disengage" following a meeting at the level of local commanders.

Over 100 Indian and Chinese soldiers were injured in the violence.

The incident in Pangong Tso was followed by a similar incident in north Sikkim on May 9.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 9,2020

Beijing, Feb 9: After making sure everyone's face mask is on and sanitizer is to hand, the Qiao family heads out to Jingshan Park, a former royal sanctuary beside the Forbidden City in China's capital Beijing.

Snow has fallen for a second day, a rare event in the city of 21.5 million that would normally bring hundreds of thousands of people out to take photos and play. But the streets are empty and the parks are so quiet the only sound is of birds chirping.

It's not just Beijing. Shanghai, China's financial hub, and other cities in the world's most populous nation have turned into ghost towns after the government extended a holiday and asked residents not to go out because of the coronavirus.

"We know the situation of the coronavirus is severe. But the epicentre is far away, so we think it should be fine here ... It's a God-given chance to enjoy this family moment with snow and without work," said Mr Qiao, who has an 11-year-old daughter.

The epidemic has killed 722 people and infected nearly 32,000 in China as of February 8. More than three-quarters of the cases are in the central Hubei province where the virus originated - more than 1,000 km (620 miles) from Beijing.

Only a few people are brave enough to come out. A security guard at Jingshan Park said there were less than a third of the number of tourists than usual, even with the rare snowfall.

Even at one of the best spots for snapping photos of snowy Beijing just outside the Forbidden City, there's barely a crowd, while the usual tour buses and groups of people speaking different dialects are nowhere to be seen.

"Last year when it snowed, I took a few hours off work to come down here to take a picture and the crowd was several layers deep," said a man in his 30s who gave his surname as Yang. "But this year, I am not at all worried about finding a space to take a photo. The virus is keeping people indoors."

Security guards along Wangfujing street, a popular pedestrianised shopping area in downtown Beijing, said it was normally so crowded during the holiday period that it was hard to move around.

"Look at it now, there are more security guards and street cleaners than tourists!" said one of the guards.

Businesses, including shops, bars and restaurants, have been severely hit by the epidemic as the government has banned mass gatherings and even group meals in an effort to curb the spread of the coronavirus.

"You would have to wait outside for a table on a normal day," said a waitress at a restaurant with more than 50 tables. Just five were taken at the peak lunch hour.

Only a handful of the more than 100 restaurants along Beijing's famous food street, Guijie, were open, and the remaining outlets were wondering how long they can hold out.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 27,2020

Geneva, May 27: The number of confirmed cases of COVID-19 worldwide has increased by nearly 100,000 over the past 24 hours to surpass 5.4 million, the World Health Organisation (WHO) said.

According to the WHO, the global case tally currently stands at 5,404,512 -- a rise by 99,780 over the past day.

The death count worldwide amounts to 343,514 -- an increase by 1,486.

Most cases of infection are recorded in the Americas -- 2,454,452, with 143,739 deaths.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.