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<ul><li><keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday kotak</keyword> kickstarted a financial consultancy to provide cheap loans to companies at the age of 23. </li><li>The 60-year-old Uday Kotak is the <keyword id="8199778" type="UNKNOWN" weightage="20" keywordseo="richest-banker">richest banker</keyword> in Asia with <keyword id="6383453" type="UNKNOWN" weightage="20" keywordseo="wealth">wealth</keyword> of $11.8 billion, according to forbes. </li><li> His net worth grew by 268% from $3 billion in 2010 to $ 11.8 billion in 2019, primarily because of the increased value of his shareholding in Kotak Mahindra Bank. </li></ul>If not for his father, Asia’s richest banker Uday Kotak would have been working for Hindustan Unilever. While HUL could have gained from it, that was not to be. Uday’s father Suresh Kotak, convinced him to open his own business at 300 sq. ft office space. The 23 year old kickstarted a financial consultancy to provide cheap loans to companies. When he started in 1985, the interest rates for loans were very high. On the other hand, depositors too gained next to nothing from banks and deposit rates were low. "I was shocked to find that triple-A-rated borrowers would get money at 17% when families I knew would only get 6% interest on their money," he told <a href="https://www.ft.com/content/28a81150-ebfc-11e3-ab1b-00144feabdc0">the Financial Times. </a> The idea to fix both these gaps, turned out to be revolutionary. Today, Kotak Mahindra Bank is the third most valued private bank in India, serving 14.5 million customers. It has over 1400 branches and $51 million assets as of 2019. ' <div type="Slideshow" msid="71516895" hostid="261" title="Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade" firstImageMsid="71517185" slideCount="6"></div>

Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade

<ul><li>Billionaire Uday Kotak is all set to get wealthier after he ended a long-pending issue with the country’s banking regulator RBI. </li><li>The latter finally allowed them to keep 26% stake in <keyword id="46013" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, though it curtailed the voting rights of the founding family. </li><li>As of today, the shares of Kotak Mahindra Bank were already trading 4% higher in the morning and the business is valued at <a href="https://www.bseindia.com/stock-share-price/kotak-mahindra-bank-ltd/kotakbank/500247/">₹3.23 lakh crore. </a> </li></ul>Billionaire Uday Kotak is all set to get wealthier after he ended a long-pending issue with the country’s banking regulator RBI. The latter finally allowed them to keep 26% stake in Kotak Mahindra Bank, though it curtailed the voting rights of the founding family. Voting rights however will not have an effect on his stake in the bank which has been one of the best performing stocks in the <a href="https://economictimes.indiatimes.com/markets/stocks/news/icici-kotak-among-top-bank-bets-itc-in-play-too/articleshow/70237611.cms?from=mdr">last few years</a>. As of today, the shares of Kotak Mahindra Bank were already trading 4% higher in the morning and the business is valued at <a href="https://www.bseindia.com/stock-share-price/kotak-mahindra-bank-ltd/kotakbank/500247/">₹3,2 lakh crore. </a> The family also has six months time to offload some of its stake to meet RBI guidelines, as they now hold 29.9%. “Promoters’ shareholding in the Bank to be reduced to 26% of PUVESC of the Bank within six months from the date of final approval of the RBI,” <a href="https://www.bseindia.com/corporates/anndet_new.aspx?newsid=43988164-1451-4051-a947-10be65e1f28c">said a company statement on BSE. </a> According to Forbes, Kotak now has a networth of $15 billion as of <a href="https://www.forbes.com/profile/uday-kotak/#40bf3bbd74c2">January 31,2020. </a> Kotak has fewer legal problems at hand too as he withdrew a case concerning dilution of his stake, in Bombay High Court. The legal troubles started over a decade back in 2008. Then, Kotak was given a six month deadline to take action against his shareholding in the bank as per <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-agrees-kotak-mahindra-banks-proposal-on-dilution-of-promoter-equity-bank-to-withdraw-case/articleshow/73766930.cms">changed regulations. </a> Kotak tried to do so by issuing preference shares worth $7million and retaining his stake. The RBI was unhappy with it, and the case landed in courts. Kotak has been gaining in spite of the war with the regulator. His net worth has been zooming ahead<a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms"> after the bank acquired ING Vysya Bank for $2.4 billion</a>. Not only did it boost the bank’s market value, it also left him with a lion’s share of a larger pie. His <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">net worth grew by a whopping 268%</a> from $3 billion in 2010 to $11.8 billion in 2019. Most of this came from his shareholding in Kotak Mahindra Bank. And now, it looks like that is secure. See also: <a href="https://www.businessinsider.in/business/corporates/article/escorts-share-price-and-inside-story-of-how-market-value-nearly-doubled-in-a-new-book/articleshow/73763872.cms">The inside story of how Escorts turned around to become a nearly ₹10,000-crore company</a> <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade</a>

Billionaire Uday Kotak all set to get richer after RBI relaxes stock holding rules

<ul><li>All the 100 richest people named by Forbes together are worth $452 billion. </li><li>However, his year’s total fortune of the 100 richest people is 8% more than last year.’ </li><li>Mukesh Ambani<a href="https://www.businessinsider.in/meet-the-ambanis-the-richest-family-in-asia-who-live-in-a-1-billion-skyscraper-and-mingle-with-royals-politicians-and-bollywood-stars/articleshow/67150327.cms"> remains the richest person in India</a> with a total net worth of $51.4 billion. </li></ul>The top 100 richest people in India together hold a fortune of $452 billion — that’s 16.58% of the country’s GDP. According to World Bank, India’s GDP was $2.76 trillion in 2018 and its per capita income is $1,670 per annum. Mukesh Ambani adds over $4 billion to his wealth According to the <keyword id="727662" type="ORGANIZATION" weightage="20" keywordseo="Forbes-India-Rich-List">Forbes India rich list</keyword> 2019, this year’s total fortune of the 100 richest people is 8% less than last year. Mukesh Ambani<a href="https://www.businessinsider.in/meet-the-ambanis-the-richest-family-in-asia-who-live-in-a-1-billion-skyscraper-and-mingle-with-royals-politicians-and-bollywood-stars/articleshow/67150327.cms"> is the richest person in India</a> with a total net worth of $51.4 billion. He added $4.1 billion after the success of Reliance’s flagship telecom business— Jio. The venture which started in 2016 <a href="https://www.businessinsider.in/reliance-jio-subscribers-cross-330-million-and-profits-jump/articleshow/70295851.cms">added over 330 million subscribers. </a> Ambani is followed by <a href="https://www.businessinsider.in/gautam-adanis-wealth-multiplied-nearly-3-times-in-the-last-four-years/articleshow/71304596.cms">Gautam Adani</a>, the promoter of Adani group, who<a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1"> jumped</a> from position 8 in 2018 to 2 this year. Hinduja brothers came in at the third position. Their networth has dropped from $19.5 billion in 2018 to $15.6 billion in 2019. Forbes placed Pallonji Mistry ($14.4), the owner of the 154-year-old Shapoorji Pallonji Group at fourth position. <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">Uday Kotak,</a>who is among the three gainers on the list, took the fifth position. <a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1">He added $4 billion to his wealth</a> thanks to a 39% increase in the value of his stake in Kotak Mahindra Bank. India’s per capita income is $148 a month A government report earlier stated that India’s per capita income is around <a href="https://timesofindia.indiatimes.com/business/india-business/indias-per-capita-income-rises-10-to-rs-10534-a-month-in-fy19/articleshow/69601770.cms">$148 (₹10,534) in FY 19</a>. This comes after a Credit Suisse report highlighted the inequality in wealth distribution in India. According to the 2018 report , 77.4% of India’s wealth is in the hands of 10% of its population.And, 1% of the richest of India control more than 51% of the country’s wealth. “While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 91% of the adult population has wealth below $10,000. At the other extreme, a small fraction of the population (0.6% of adults) has a net worth over $100,000,” said Credit Suisse. Billionaires lost more than $1 billion because of economic slowdown Most of the people on the list have lost fortune except for Ambani, Adani and Kotak. The net worth of half the listees shrank because of the current economic slowdown. As many as 14 people on the list lost more than $1 billion, reported Forbes. However, the total wealth held by all the 100 people, is still more than India’s per capita income. See more: <a href="https://www.businessinsider.in/thelife/personalities/news/byju-raveendran-is-newest-and-youngest-face-on-the-forbes-list-of-100-richest-indians/articleshow/71537667.cms">Byju Raveendran is the newest face on the Forbes list of 100 richest Indians</a> <a href="https://www.businessinsider.in/thelife/personalities/news/savitri-jindal-kiran-mazumdar-shaw-and-leena-tiwari-the-only-three-women-on-forbes-list-of-100-richest-indians/articleshow/71538301.cms">Savitri Jindal, Kiran Mazumdar Shaw and Leena Tiwari — the only three women on Forbes list of 100 richest Indians</a> <h1 style="line-height:1.38;margin-top:20pt;margin-bottom:6pt;"><a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade</a> </h1>

India's 100 wealthiest people together are worth $452 billion

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

<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>

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Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade

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Billionaire Uday Kotak all set to get richer after RBI relaxes stock holding rules

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India's 100 wealthiest people together are worth $452 billion

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

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

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