Mukesh Ambani richest Indian for the 10th consecutive year: Forbes

Reliance Industries Chairman Mukesh Ambani has yet again climbed the list of richest Indian for the 10th consecutive year, business magazine Forbes India said. Ambani, 60 maintain the top spot in the annual list of 100 richest Indian tycoons with wealth increase to $38 billion from $22.7 billion last year; he is one of Asia's top five richest, the magazine said in a report. RIL's share price has risen over the last year on the back of the company's improved refining margins, and the telecom unit Reliance Jio's massive success in notching up 130 million subscribers since its 2016 launch. IT czar Azmi Premji, 72, of Wipro is placed as the second-richest Indian with $19 billion net worth. "The gain is partly due to increased revenue and profit at his privately held consumer-goods business Wipro Enterprises, which makes everything from soaps to lightbulbs," the report said. Naazneen Karmali, India Editor of Forbes Asia, said: "Despite India's economic slowdown, the country's 100 richest have collectively enjoyed a bumper year thanks to a buoyant stock market." "While the Indian billionaire factory continued to churn out new names from diverse sectors, the price of entry rose to a record high. The top 100 club is getting more exclusive with each passing year." -PTC News