The coronavirus pandemic has created a major shift in the economy worldwide since it first emerged in China back in Nov 2019. It happened rapidly, disrupting the world’s largest manufacturing hub to pushing the healthcare of major countries on the verge of collapse. Before India went into lockdown in March 2020, the stock market was already at its 3-year low which took the number of Indian billionaires at 102 as compared to 106 in 2019. The collective wealth of these billionaires have been cut short by 23% which roughly makes it USD 313 billion.
Azim Premji donated a large share of his public company Wipro to his education focussed foundation in 2019, amounting to a fifth of the billionaire’s wealth.
Speaking of the local players, DMart’s founder Radhakrishna Damani has successfully managed to get hold of a large chunk of wealth ($13.8 billion) which by the way made him the second-richest person of India. While the title of the richest person in India is still being held by Mukesh Ambani, Chairman & Managing Director of Reliance Industries Ltd. Although Ambani’s wealth dipped by $13.2 billion in 2019, he has promised to regain the same by selling a good chunk of his share in petrochemicals to Saudi Aramco.
It’s a no brainer that by shutting the economies to contain the spread of the virus, countries all around the world are facing an unavoidable crisis which has resulted in people losing their jobs and companies losing their year-long savings. With that being said, it will be interesting to see how businesses will jump back to normal and the time taken to return to favourable economic condition.
Forbes recently released a list of top 10 richest person in India and mentioned the notable work of Byju Ravindran, founder of Byju’s whose net worth is estimated at $1.8 billion. A quick recap to 2016 takes us to Bhavin Turakhia of Media.net and Directi who made news by standing at a net worth of $1.3 billion.
10. Azim Premji
Net worth: $6.1 billion
Main Designation: Chairman of Wipro
Main Source of Income: Technology
Azim Premji became the third biggest donor of the COVID-19 relief fund, along with Wipro Enterprises and his own contribution had made up to $132 million in the crisis donation. He is also the only Indian in the list of top 10 contributors in the private donor’s list of the world which is majorly dominated by the United States. Premji is also known widely as the czar of the IT industry. He graduated from Stanford University in electrical engineering.
9. Laxmi Mittal (King of Steel)
Net worth: $10.5 billion
Main Designation: Chairman and CEO of ArcelorMittal
Main Source of Income: Steel
Laxmi Niwas Mittal was one of the 75 most influential in the world according to Forbes in 2015. He is the member of the board of directors of Goldman Sachs since 2008. He owns 38% of ArcleorMittal, world’s largest steelmaking company. He opened his first steel factory in Sidoarjo, Indonesia during 1976 when India had put severe restrictions on steel production. He’s also known to support a lot of charities which promotes sports, medicine, education, etc. Mittal resides in London with his family.
8. Kumar Birla
Net worth: $12 billion
Main Designation: Chairman of Aditya Birla Group
Main Source of Income: Godrej Group, Consumer Goods
Cyrus Poonawalla’s Serum Institute Of India which produces and exports paediatric vaccines to over 100 countries. It is known to vaccinate one of every two children in the world. He has received ‘Lifetime Achievement Award’ by Ex prime-minister of India, Dr.Manmohan Singh in 2005.
6. Sunil Mittal
Net worth: $8.8 billion
Main Designation: Founder and Chairman of Bharti Enterprises
Main Source of Income: Multiple, some of them are into real estate, telecom, education
Sunil Mittal is the chairman of International Chamber Of Commerce since June 2016. His company Bharti Enterprises owns one of the largest telecom service provider of India, Airtel. He notably started his business with a meagre investment of INR 20,000 which he borrowed from his father. His son Kavin Bharti Mittal is the CEO of Hike Messenger, India’s application based messaging platform.
5. Gautam Adani
Net worth: $8.9 billion
Main Designation: Chairman of Adani Group
Main Source of Income: Ports
Only a few people know that Gautam Adani once worked as a diamond sorter for Mahendra Brothers before he established his own diamond brokerage firm in Mumbai. He is also an avid ready and likes to read books by Tony Robbins. He has contributed close to INR 100 Crore to PM Cares Fund of India amid the Coronavirus crisis. Adani holds a 66% stake in Adani Ports & Sez Limited. He also owns Adani Power which the largest private power producer of India.
4. Uday Kotak
Net worth: $10.4 billion
Main Designation: Managing Director of Kotak Bank
Main Source of Income: Banking
Kotak comes from a joint family of cotton traders. He holds an MBA degree from Mumbai’s Jamnalal Bajaj Institute Of Management Studies. He has also partnered with Sunil Mittal’s Bharti Airtel to lend his general insurance business to Airtel’s payments bank. In 2017, Kotak’s monthly salary was 27 Lacs ($38,000) which was highest for any CEO in the country.
3. Shiv Nadar
Net worth: $11.9 billion
Main Designation: Chairman of HCL
Main Source of Income: Technology
Nadar’s compulsive focus on innovation helped him to convert his hardware company (HCL Technologies) into an IT giant over a period of three decades. He is also a philanthropist in the area of education and has helped millions of children through Shiv Nadar Foundation. He has contributed over $1 billion towards the betterment of the society.
2. Radhakishan Damani
Net worth: $13.8 billion
Main Designation: Founder of DMart
Main Source of Income: Real Estate
Damani was once the largest shareholder of HDFC bank before it went public. His farsightedness in shares comes from being an experienced stockbroker before he ventured into founding his own enterprise. DMart first started from Mumbai’s Powai in 2000, before getting public, the store had 25 chains which grew rapidly in 2017.
1. Mukesh Ambani
Net worth: $36.8 billion
Main Designation: Chairman of Reliance Industries
Main Source of Income: Multiple
Born in Yemen, he is the second generation of the infamous Ambani family. In 2018, he surpassed Jack Ma by being the richest person in Asia with a net worth of $44.3 billion. He was also the director of Bank Of America and was the first non-American to be. He owns Mumbai Indians team in Indian Premier League. He has held the title of the richest person of India for the past ten years. He lives at the Antila Building (valued at $1 billion) with his family in Mumbai.