Despite a slowing economy, some tycoons saw big gains to their fortunes. Mukesh Ambani remains India’s richest for the 12th consecutive year, with USD 51.4 billion in wealth. He added USD 4.1 billion to his net worth as Jio, the three-year-old telecom unit of his Reliance Industries, became India’s biggest mobile carriers with 340 million subscribers.
Another big gainer was infrastructure tycoon Gautam Adani, who jumps eight spots to No. 2 this year with a net worth of USD 15.7 billion. After a nine-year wait, Adani secured permission in June to start work on an Australian coal mine. He has also ventured into a slew of new businesses from airports to data centers. Reliance Industries Ltd (RIL) Chairman Mukesh Ambani has once again bagged the number one spot with $51.4 billion net worth on Forbes’ list of richest Indians for the year 2019. Infrastructure tycoon Gautam Adani came a close second as he jumped 8 spots on the list with a net worth of $15.7 billion.
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“Mukesh Ambani remains the richest Indian for the 12th year in a row. He added $4.1 billion to his net worth as Jio, a three-year-old telecom unit of his Reliance Industries, became one of India’s biggest mobile carriers with 340 million subscribers,” Forbes said. Ashok Leyland owners Hinduja brothers came third with a net worth of $15.6 billion, Shapoorji Pallonji Group’s Pallonji Mistry was on fourth spot with a $15 billion net worth, Kotak Mahindra Bank’s Uday Kotak ranked fifth with $14.8 billion net worth followed by HCL Technologies’ Shiv Nadar with a net worth of $14.4 billion. This year also spelled an 8% drop in the total wealth of business tycoons on the Forbes’ 2019 list to $452 billion. It had been a “challenging year for the nation’s wealthies” owing to economic slowdown.