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<ul><li>Mittal, the CEO of the world's largest steelmaker, is the 91st richest person in the world, controlling the wealth of $13.6 billion.</li><li>Billionaire Lakshmi Mittal was born into a home without electricity and now owns three mansions worth $350 mn.</li><li>Lakshmi Mittal, the world's largest steel producer, lost more than half of his wealth in a decade.</li></ul>Steel magnate Lakshmi Mittal became the country’s fourth richest person and also the world’s largest steel maker — all in 50 years. Here’s a look at his journey: 
	
	
	<div type="Slideshow" msid="71391412" hostid="261" title="Lakshmi Mittal: How the billionaire 'Man of Steel' went from being the world's 3rd richest man to losing half of his wealth in a decade" firstImageMsid="71391507" slideCount="4"></div>

Billionaire Lakshmi Mittal was once the world's third richest man but lost $17.5 billion in the last decade

In 2020, there were only four Indians in the global top 100 rich list, now there are seven

<ul><li>Mukesh Ambani saw a 24% increase in wealth and earns ₹7 crore (almost a million dollars) every hour. </li><li>However, that’s a ninth of what Amazon founder Jeff Bezos earns per hour. </li><li>Jeff Bezos, who’ worth $140 billion, earns $8.9 million in an hour. </li><li>Whereas, <keyword id="309765" type="PERSON" weightage="20" keywordseo="Bernard-Arnault">Bernard Arnault</keyword>, the richest person in Europe and second richest person in <a href="https://www.businessinsider.in/entertainment/fashion/meet-bernard-arnault-the-richest-person-in-europe-whos-worth-80-billion-and-controls-lvmh-the-worlds-largest-maker-of-luxury-goods/articleshow/68222030.cms">the world makes $4,458,333 per hour</a>. </li></ul>As the clock chimes every hour, India’s richest man Mukesh Ambani makes ₹7 crore more. With this per-hour rate of earning, his coffers swelled by 24% last year leaving him with a networth of $67 billion (close to ₹48,000 crore). As wonderful as that sounds, Ambani is only making one a ninth of what the world’s richest man, <keyword id="6713484" type="PERSON" weightage="20" keywordseo="Jeff-Bezoes">Jeff Bezoes</keyword> earns. Amazon founder Jeff Bezos, who’s worth $140 billion, earns $8.9 million (about ₹63 crore) an hour. While Ambani is personally far away from itching close to Bezos, his company Reliance Industries hit ₹10 lakh crore in market cap or around $140 billion, last year. Which means at a personal level, Bezos is worth as much as RIL. However, Bezos who makes $2,489 a second, as per <a href="https://www.businessinsider.in/tech/we-did-the-math-to-calculate-how-much-money-jeff-bezos-makes-in-a-year-month-week-day-hour-minute-and-second/articleshow/66077481.cms#:~:text=Bezos'%20rate%20is%20equivalent%20to,Labor%20Statistics%20%E2%80%94%20in%20one%20minute.">Business Insider’s estimates, has a business that is thriving at a global level.</a> Amazon’s market cap is much higher at $991.6 billion (close to ₹69 lakh crore). According to the ninth edition of Hurun Global Rich List 2020, Mukesh Ambani, the chairperson of Reliance Industries added $13 billion to his wealth in 2019 — thanks to <a href="https://www.businessinsider.in/business/corporates/news/-mukesh-ambani-owned-reliance-jio-loses-customers-but-makes-2-billion-in-3-months/articleshow/73335783.cms">Jio which is now making $2 billion a quarter.</a> He is the ninth richest person in the world and the only Asian in the Top 10. The other Indians who succeeded Ambanis in wealth are SP Hinduja family at $27 billion; <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> at $17 billion; <keyword id="44903" type="PERSON" weightage="20" keywordseo="Shiv-Nadar">Shiv Nadar</keyword> and family at around $17 billion; and <keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword> with $15 billion, as per Hurun list. Jio: A big win The secret behind Ambani’s increase in wealth is the success of his telecom and retail ventures. Reliance Jio’s revenue increased by 28.2% to ₹16,517 crore ($2.3 billion) in the third quarter ending December. Its margins, too, improved from 18.3% to 22% after the recent tariff hikes across its 370 million users. However, Ambani has been bringing in investments across businesses be it refining or telecom, and moving towards making his empire light on debt. “Ambani is restructuring Reliance Industries to facilitate the planned strategic investments in group businesses - Reliance Jio, <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword>, refining and petrochemicals,” reported Hurun Research. See also: <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-industries-is-now-worth-10-lakh-crore-heres-why/articleshow/72275404.cms">Four reasons why Mukesh Ambani’s Reliance Industries is now worth ₹10 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/-mukesh-ambani-owned-reliance-jio-loses-customers-but-makes-2-billion-in-3-months/articleshow/73335783.cms">Three-year-old Jio is now making $2 billion in 3 months ⁠— and it is weeding out the low-spenders and making data addicts pay more</a>

Amazon's Jeff Bezos' personal net worth is as big as RIL — and twice as much as Mukesh Ambani

Check out the more than 50 pitch decks fintechs used to raise millions in funding from top investors

<ul><li>Even before the coronavirus outbreak, Indian economy has been slowing down which has led <keyword id="390386" type="PERSON" weightage="20" keywordseo="Indian-billionaires">Indian billionaires</keyword> to collectively lose 23% of their net worth. </li><li>Mukesh Ambani is still the richest man in India with a networth of $36.8 billion though he fell to 21st rank from the tenth rank he held earlier, globally. </li><li>The other billionaires who lost wealth include Uday Kotak, Gautam Adani, and Shiv Nadar. Radhakishan Damani and Sunil Bharati Mittal were the only exceptions.</li></ul>The Covid-19 outbreak and slowdown has cost many people their salaries, jobs and much more. Indian billionaires are not immune to it either. Collectively all of India’s 102 billionaires lost $93 billion - or a quarter of their wealth. Indian billionaires are now worth $313 billion as opposed to $406 billion last year - that is 23% lower than what they held last year. “The COVID-19 pandemic was a double whammy for India’s billionaires, whose fortunes had already taken a hit from a slowing economy and falling consumer demand. Even before India went into a total lockdown at the end of March, its stock market had plunged to a three-year low as of March 18, the date we finalized this year’s list,” <a href="https://www.forbes.com/sites/naazneenkarmali/2020/04/07/indias-10-richest-billionaires-in-2020/#498bb74b7c23">reported Forbes</a>. As all Indian billionaires lost, Mukesh Ambani could retain his title as India’s richest man. But his net worth slumped to $36.8 billion from $50 billion earlier, which made him lose his global ranking. He is now the 21st richest man in the world as opposed to 9th richest man earlier. Many other billionaires including Uday Kotak, Cyrus Poonawalla, and Shiv Nadar lost over a billion dollars each. Radhakishan Damani of DMart and Sunil Bharati Mittal were the only exceptions. Damani is now the second richest man in India. His net worth rose by a quarter to $13.8 billion from $11.1 billion earlier after shares of Avenue Supermarts surged 31% between January 1 and February 18. But slowdown is not the only reason why many billionaires lost their wealth. This number was greatly affected by generosity, and mostly from one person. Tech tycoon <a href="https://www.businessinsider.in/india/news/azim-premji-foundation-and-wipro-donate-1125-crore-to-fight-coronavirus-pandemic/articleshow/74927786.cms">and owner of Wipro Azim Premji donated 73% of his wealth</a>, reducing the collective net worth by a substantial amount. Here are the latest set of 10 richest people in India and net worth, according to Forbes Note: All the net worth are current estimates as of March 18, 2020 <ol><li>Mukesh Ambani, Chairman and managing director of Reliance Industries <div type="image" title="3500BF99-ADA7-4187-AFC5-5DF385AB4058" msid="75045524" hostid="261"></div></li></ol>Net worth 2020: $36.8 billion Networth 2019: $50 billion Residence: Mumbai Source of wealth: Petrochemicals, Oil &amp; Gas 2. Radhakishan Damani, Founder of Avenue Supermart <div type="image" title="06C7A9DE-52BF-4316-9635-5EEC5EA4890C" msid="75045582" hostid="261"></div> Net worth 2020: $13.8 billion Net worth 2019: $11.3 billion Residence: Mumbai Source of wealth: Retail, Investments 3. Shiv Nadar, Founder and chairman of HCL <div type="image" title="C8AD9138-2839-45DC-8C94-46256308BFCB" msid="75045592" hostid="261"></div> Net worth 2020: $11.9 billion Net worth 2019: $14.6 billion Residence: Delhi Source of wealth: Software Services 4. Uday Kotak, Executive VC and MD of Kotak Mahindra Bank <div type="image" title="ABC9EE1B-76CF-4463-B54C-B7457AC758DE" msid="75045640" hostid="261"></div> Net worth 2020: $10.4 billion Net worth 2019: $11.8 billion Residence: Mumbai Source of wealth: Banking 5. Gautam Adani, Chairman and founder of the Adani Group <div type="image" title="A6E80505-C2D3-48CC-A228-08FEBD998BA9" msid="75045766" hostid="261"></div>Net worth 2020: $8.9 billion Net worth 2019: $8.7 billion Residence: Ahmedabad Source of wealth: Commodities, Ports 6. Sunil Mittal, Founder and chairman of Bharti Enterprises <div type="image" title="4A9E7EB2-CF33-4723-876C-21F540D987DC" msid="75045796" hostid="261"></div> Net worth 2020: $8.8 billion Net worth 2019: $6.5 billion Residence: Delhi Source of Wealth: Telecom 7. Cyrus Poonawalla, Chairman of Poonawalla Group <div type="image" title="248E9904-19C2-413C-8FD5-C86D30E8A0F3" msid="75045921" hostid="261"></div> Net worth 2020: $8.2 billion Net worth 2019: $9.5 billion Residence: Pune Source of wealth: Vaccines 8. Kumar Mangalam Birla, Chairman of the Aditya Birla Group <div type="image" title="5E1CAFDB-A6D1-46A9-B3D1-EE21862E28BD" msid="75045951" hostid="261"></div>Net worth 2020: $7.6 billion Net worth 2019: $11.1 billion Residence: Mumbai Source of wealth: Commodities 9. Lakshmi Mittal, Chairman and CEO of ArcelorMittal <div type="image" title="12A0597E-8231-43FA-99BB-19EBDEDFE9D4" msid="75045988" hostid="261"></div>Net worth 2020: $7.4 billion Net worth 2019: $10.5 billion Residence: London Source of wealth: Steel 10. Azim Premji , Chairman of Wipro (rank tied with Dilip Sanghvi), <div type="image" title="7BC8A475-B3D0-4213-8014-2D33120E441B" msid="75046024" hostid="261"></div> Net worth 2020: $6.1 billion Net worth 2019: $22.6 billion Residence: Bangalore Source of wealth: Software Services 10. Dilip Shanghvi, Founder Sun Pharmaceuticals <div type="image" title="Dilip_Shanghvi1" msid="75046063" hostid="261"></div>Net worth 2020: $6.1 billion Net worth 2019: $7.6 billion Residence: Mumbai Source of Wealth: Pharmaceuticals <a href="https://www.businessinsider.in/politics/india/news/mukesh-ambani-drops-11-places-in-forbes-rich-list-after-coronacrash-is-now-the-21st-richest-man/articleshow/75040009.cms" data-type="tilCustomLink">Mukesh Ambani drops 12 places in Forbes rich list after Coronacrash — is now the 21st richest man in the world</a>

Indian billionaires lost $93 billion in a year as Covid-19 and slowdown ate into their wealth

The annual extravaganza that all Indian businessmen wait for with bated breath but pretend they don’t and everyone else who want to disappoint themselves at the heights everyone but him are reaching, is here. 
 
<a href="http://www.businessinsider.in/Five-Indian-Firms-Make-Their-Way-In-Forbes-List-Of-Most-Innovative-Companies/articleshow/40579454.cms">Forbes</a> just announced its 2015 list of India’s 100 Richest People and we at Business Insider give you the five important takeaways from the contents of the list that everyone is talking about- 
 
1. <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> will hold the distinction of being the richest Indian until the world ends: If the Forbes ‘India’s 100 Richest People’ List teaches us anything, it’s that <a href="http://www.businessinsider.in/topic/Mukesh-Ambani">Mukesh Ambani</a> of <a href="http://www.businessinsider.in/RIL-to-take-over-TV-content-distribution-business-by-2017/articleshow/47771219.cms">Reliance Industries</a> will continue holding on to the crown of being the richest person to breathe in India, come what may.No earthquake, recession or even the world ending can change the fact. Thus, it comes as no surprise that at 58, Ambani tops the list for the ninth year in a row despite his wealth dipping by $4.7 billion in a year. 
Mukesh Ambani’s net worth stands at a whopping $18.9 million, followed by Sun Pharma’s Dilip Shanghvi coming in second whose net worth stands at $18 million. Wipro’s Azim Premji retains his third spots with a net worth calculated at $15.9 billion 
 
 
 
2. Flipkart’s Sachin and <keyword id="6364080" type="PERSON" weightage="80" keywordseo="Binny-Bansal">Binny Bansal</keyword> make a compelling debut and are the youngest on the list: At 32 and 34 respectively<a href="http://www.businessinsider.in/searchresult.cms?query=FLIPKART">, Flipkart’s</a> co-founders Binny Bansal and <keyword id="225032" type="PERSON" weightage="80" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> just proved to the country that age is just a number. 
Making their presence felt for the first time at the 86th spot, they are also the youngest on the list. Their estimated net worth stands at $1.3 billion. 
 
 
 
3. Brijmohan Lall Munjal proves that old is definitely gold: The owner and founder of Hero Motocorp (Hero group of companies) ranked 27 in the list, at the ripe age of 92. If anything, he definitely proves that old is gold. And, a lot of it that too, considering his net worth is estimated at a staggering $3 billion. 
 
 
 
4. Welcome the newcomers: This year, the list features atleast 12 newcomers including the Flipkart co-founders and Indigo co-founder Rakesh Gangwal (picture above) who had debuted at the 70th spot with a net worth of $ 1.6 billion ahead of his company’s IPO. 
 
 
 
5. Meet the women with the moolah: Last but not the least, this year’s list also had as many as four businesswomen being featured on it. The notable two are sixty-five year old Savitri Jindal (picture above), of Jindal Steel &amp; Power Limited was ranked at 23, with an estimated net worth of $3.8 billion and seventy-nine year old Indu Jain, current chairperson of India’s largest media group, Bennet Coleman &amp; Co Ltd at the 57th spot, with a net worth of $ 1.9 billion 
 Apart from these, the top 10 featured the usual suspects, i.e. <keyword id="29201" type="PERSON" weightage="80" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, Hinduja brothers, Godrej Family, Shiv Nadar etc. And, according to Forbes, the combined wealth of India's 100 richest persons remained largely unchanged at $345 billion, compared with $346 billion in 2014. 
Image credit: Indiatimes

Five
takeaways from the Forbes India Rich List

Top 100 richest people in the world: Some interesting facts

India added more than three dollar billionaires every month in 2019, taking the tally to 138 that has helped the country to feature at the third position globally, says a report. China and the US occupied the first and second spot with 799 and 626 billionaires, respectively. In total, India got 34 new billionaires to take the count to 138 on the list, topped by Mukesh Ambani of Reliance Industries with USD 67 billion in networth, minting Rs 7 crore every hour, and the number jumps to 170 if Indian-origin billionaires outside the country are tallied. According to the ninth edition of the Hurun Global Rich List 2020, which has a list of 2,817 individuals across the globe having a networth of USD 1 billion or more, the world has added 480 billionaires in 2019, more than one a day, while China added more than three a week and India did more than three billionaires a month. However, according to the report, with 799 China is home to more billionaires than the US (626) and India combined and is set to add many more pharma billionaires this year as the communist nation fights a deadly coronavirus epidemic that has already killed more than 2,710 people since mid-January. There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12. With USD 67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with USD 140 billion. The second in the list is SP Hinduja family (USD 27 billion), Gautam Adani (a little over USD 17 billion), Shiv Nadar &amp; family (close to USD 17 billion), and Lakshmi Mittal with over USD 15 billion in networth. At the sixth lot is banker Uday Kotak with a networth of around USD 15 billion, making him the richest self-made banker in the whole world. At the seventh slot is Azim Premji with (USD 14 billion), followed by Cyrus Poonawalla of Serum Institute (USD 12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with USD 11 billion each. And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a networth of USD 1.1 billion. Hurun Report India managing director Anas Rahman Junaid said the Indian billionaires are defying gravity as the deepening slowdown does not seem to hamper their growth. It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year. The 50 billionaires of Mumbai control around USD 218 billion of wealth between them, followed by 30 in New Delhi holding USD 76 billion and 17 in Bengaluru are worth USD 42 billion, while the 12 in Ahmedabad are worth USD 36 billion and the seven in Hyderabad are worth USD 13 billion, according to Junaid.

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