While the rest of the world has been struggling with the worst recession in decades, India's economy has glided serenely through the crisis, registering 6.1 per cent GDP growth to date in 2009 and enriching its top earners to such an extent that the number of billionaires in the country doubled last year. During that time the Mumbai stock market has soared by three-quarters to the joy of India's super-rich elite.
Forbes Asia magazine released its annual rich list yesterday, and there were 52 dollar billionaires on it, up from 27 last year. In pride of place at the top of the table with $32bn was Mukesh Ambani, the 52-year-old chairman and managing director of Reliance Industries, India's largest private sector conglomerate.
Ambani took over the family firm, of which he owns 48 per cent, from his father Dhirubhai, and is currently locked in a bitter legal battle with his brother Anil over a business deal. Mukesh is the owner of the Indian Premier League team Mumbai Indians, for which he paid $111.9m.
Nestled behind Ambani in second place, with just $2bn less, is Lakshmi Mittal, the chairman and CEO of steel giant Arcelor-Mittal. Confusingly Mittal, 59, is also considered to be the richest person in the UK, where he maintains a house in Kensington that he bought from fellow tycoon Bernie Ecclestone in 2004. He paid £57m for the 12-bedroom mansion – breaking the world record at the time for a single property. He also owns a stake in Queens Park Rangers football club alongside Ecclestone and disgraced Formula 1 team principal Flavio Briatore.
Between them, the 100 richest Indians are valued at $276bn, almost 23 per cent of the country's 2008 GDP of $1.2tr. The growing inequality in the nation - where more than 800m people live on less than $0.50 a day - has prompted calls from academics and government ministers for action. Ambani sensibly saw the way the wind was blowing and cut his annual salary by 66 per cent to just $3.2m.
By Seth Jacobson
i just want to become same.
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