Mukesh Ambai richest Indian; Jeff Bezos tops global rich list

Agencies
March 7, 2018

New York, Mar 7: Mukesh Ambani's net worth has soared to $40.1 billion, making him the richest Indian for the 11th year in a row, while Amazon founder Jeff Bezos toppled Bill Gates as the world's wealthiest person, says Forbes.

According to Forbes' 2018 'World's Billionaires' list, Reliance Industries Chairman Mukesh Ambani's wealth surged a whopping 72.84% to $40.1 billion (Rs 2,60,622 crore) - highest among the 119 Indian billionaires on the list.

Ambani was ranked 19th globally, up from 33rd position in 2017.

"Mukesh Ambani chairs and runs $51 billion (revenues) oil and gas giant Reliance Industries, among India's most valuable companies," Forbes said.

Bezos, referred to as the "Centi-billionaire", topped the list with a net worth of $112 billion, becoming the only person to appear in the Forbes list with a 12-figure fortune.

"Shares of his e-commerce giant Amazon rose 59% in 12 months, helping boost his fortune by $39.2 billion. It was the biggest one year gain since Forbes started tracking billionaires in 1987," it said.

The Amazon founder moved ahead of Bill Gates, who is now the second richest person globally with a fortune of $90 billion.

According to Forbes, India is home to 119 billionaires, 18 more than last year.

This year's list consists of 2,043 of the richest people in the world.

The combined net worth of this elite group is a whopping $9.1 trillion, up 18% since last year. Their average net worth is a record $4.1 billion.

Azim Premji is the second richest Indian and was ranked 58th on the overall list with a net worth of $18.8 billion, followed by Lakshmi Mittal (62nd position, net worth of $18.5 billion), Shiv Nadar (98th, $14.6 billion) and Dilip Shanghvi (115th, $12.8 billion).

The 10 richest Indians include Kumar Birla, ranked 127th overall with a fortune of $11.8 billion, Uday Kotak (143, $ 10.7 billion), Radhakishan Damani (151, $10 billion), Gautam Adani (154, $ 9.7 billion) and Cyrus Poonawalla (170, $9.1 billion).

Acharya Balkrishna, the co-founder of FMCG company Patanjali Ayurved, was ranked 274th on the list with a net worth of $6.3 billion.

"Acharya Balkrishna derives his fortune from fast-growing consumer goods giant Patanjali Ayurved. Balkrishna owns 98.6% of the privately-held company, which he cofounded with politically well-connected yoga guru Baba Ramdev," Forbes said.

Meanwhile, Anil Ambani, the younger sibling of Mukesh Ambani was ranked 887th on the list with a net worth of $2.7 billion.

Indian jeweller Nirav Modi is among the drop-offs from the list, along with Papa John's Pizza founder John Schnatter, Christoffel Wiese of South Africa, and Saudi Arabia's Prince Alwaleed Bin Talal Al Saud.

Donald Trump, who became the first billionaire president in US history in January 2017, was ranked 766th on the list, down from 544, with a fortune of $3.1 billion.

Trump's fortune fell $400 million since March 2017.

There were 259 newcomers, including the first ever cryptocurrency billionaires, while 121 dropped out due to falling fortunes or political headwinds, including 10 Saudi Arabians.

Forbes further noted that the gap between the really rich and the merely rich continues to widen, as fortunes soar to new heights so much so that the 20 richest people on the planet are worth a staggering $1.2 trillion, a sum roughly equivalent to the annual economic output of Mexico.

"In aggregate, they may represent less than 1% of total billionaires but their riches amount to 13% of the total fortune of all billionaires worldwide," Forbes said.

The Forbes Worlds Billionaires list is a snapshot of wealth using stock prices and exchange rates from February 9, 2018.

Comments

JP
 - 
Wednesday, 7 Mar 2018

ACHE DIN ....ATLEAST FOR AMBANI/ADANI

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
January 2,2020

Kolkata, Jan 2: In what could spark fresh tensions between West Bengal Chief Minister Mamata Banerjee and the BJP-led centre, the Union Ministry of Defence on Wednesday rejected her state's tableau proposal for the Republic Day parade on January 26.

"The tableau proposal of West Bengal government was examined by the expert committee in two rounds of meetings. The tableau proposal of the West Bengal government was not taken forward for further consideration by the committee after deliberations in the second meeting," the ministry said in its statement.

Twenty two proposals comprising 16 states and union territories and six ministries and departments have been shortlisted for the parade. The shortlist was compiled from as many as 56 tableau proposals - 32 from states and union territories and 24 from various ministries and departments - received by the central government.

"The expert committee examines the proposals on the basis of theme, concept, design and visual impact before making its recommendations. Due to time constraints arising out of the overall duration of the parade, only a limited number of tableaux can be shortlisted for participation in the parade," the statement read, adding that West Bengal was shortlisted for the 2019 Republic Day parade through a similar process.

"The rejection of the West Bengal tableau for the Republic Day parade is discriminatory. It has been done because West Bengal has been opposing the centre's CAA (Citizenship Amendment Act) and the NRC (National Register of Citizens) plans," Trinamool Congress MP Saugata Roy told news agency.

"West Bengal is known to be living state as far as culture, including arts, music and other things are concerned. So obviously, this is a discriminatory step taken by the central government against West Bengal," Mr Roy added.

The Trinamool Congress-led Bengal government is at loggerheads with the central government over several issues, and the expanding presence of the BJP in the eastern state ahead of the 2021 assembly elections has further intensified their rivalry.

Mamata Banerjee has repeatedly said that she will not allow Bengal to be a part of the proposed nationwide National Register of Citizens, an assertion that the BJP claims is proof of her minority appeasement strategy. Last month, a four-member delegation of Trinamool Congress politicians that visited BJP-ruled Uttar Pradesh to meet families of those killed in violent protests against the Citizenship Amendment Act were stopped by police personnel at the Lucknow airport.

The BJP leadership has now decided to launch a campaign blitzkrieg in West Bengal to counter what it claims is the Trinamool's "misinformation programmes" against the amended citizenship law and reach out to refugees. Protests across the country have currently put the party on the backfoot.

The Citizenship Amendment Act, for the first time, makes religion the test of citizenship in India. The government says it will help minorities from three Muslim-dominated countries get citizenship if they fled to India because of religious persecution before 2015. Critics say it is designed to discriminate against Muslims and violates the secular principals of the Constitution.

Brazilian President Jair Bolsonaro will be the chief guest at the Republic Day celebrations.

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
July 27,2020

Chengdu, China, Jul 27: The American flag was lowered at the United States consulate in Chengdu on Monday, days after Beijing ordered it to close in retaliation for the shuttering of the Chinese consulate in Houston.

Footage on state broadcaster CCTV from outside the consulate showed the flag being slowly lowered early Monday morning, after diplomatic tensions soared between the two powers with both alleging the other had endangered national security.

Relations deteriorated in recent weeks in a Cold War-style standoff, with the Chengdu mission Friday ordered to shut in retaliation for the forced closure of Beijing's consulate in Houston, Texas.

The deadline for the Americans to exit Chengdu has been unclear, but the Chinese consulate in Houston was given 72 hours to close after the original order was made.

On Saturday news agency reporters saw workers removing the US insignia from the front of the consulate.

Over the weekend, removals trucks entered the US consulate and cleaners were seen carting large black rubbish bags from the building.

Beijing says closing the Chengdu consulate was a "legitimate and necessary response to the unreasonable measures by the United States", and has alleged that staff at the diplomatic mission endangered China's security and interests.

Washington officials, meanwhile, said there had been unacceptable efforts by the Chinese consulate in Houston to steal US corporate secrets.

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
April 12,2020

Hyderabad, Apr 12: Indicating that prolonged lockdown to contain coronavirus spread may lead to job cuts in the Indian IT industry, NASSCOM former president R Chandrashekhar has said that the work-from-home culture may become a positive development in the long run as it opens up newer avenues and save investments by IT firms.

The former bureaucrat also said startups which are surviving on funds infused by venture capitalists may face tougher situations if the present scenario deteriorates.

"The larger companies may not be actually cutting jobs for two reasons. One is that they do not want to lose their employees and they have money to pay. Many of them ( big companies), even if they do shed some jobs it might be at the most people who are on temporary or intern type and all. But they would not want regular and permanent employees to go. So as long as they have sufficient flexibility in their books, they would continue," said NASSCOM former president.

"But beyond a point that it goes on, for let us say, two months or three months, then even for them, they will feel the pressure. They may not just keep on providing subsidies to the employees. So the key question will be how long that goes on," Chandrasekhar said.

He also said the work-from-home systems being adopted by several firms across the globe, including India, may have a negative impact on the industry in the short-term, but in the long run it would change the work culture which hitherto was not experienced by many of the IT firms in India.

 On impact of the prolonged lockdown on startups, he said it would be a big challenge for the budding enterprises as the investments they get are based on their ideas and future revenues and the present situation under which peoples movement is curbed may shackle their progress.

 "Where will they (startups) get money to pay salaries to their employees. Venture capital investors would not pay the money or invest their money to pay salaries because they are not in the charity business."

If the employees are not paid and if they leave and it is difficult for the startup againto come up. So the whole investment plan goes for a toss, he said.

Former chairman of NASSCOM, B V R Mohan Reddy said a clear picture as to what is going to happen has not yet emerged as the situation with all respects is still evolving. Reddy said there will be a demand shrinkage for the IT industry as the entire world is under stress. "There is no economy in this world that is going to do well in this situation.

So, therefore, there will be a demand shrinkage, he said, indicating tougher times of the industry ahead.

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.