As in cricket, Indians are also emerging as world-beaters at creating wealth and unlocking value. Four of the world's eight richest individuals are Indians. In fact, India has more billionaires in the top 10 than any other country, according to Forbes magazine.

In all, India has 53 billionaires - the most in Asia and the fourth highest in the world, behind the US (469), Russia (87) and Germany (59). The Indians in the top 10 are Lakshmi Mittal (4th, $45b), followed by Mukesh Ambani ($43b), Anil Ambani ($42b) and K P Singh (8th, $30b).

Anil Ambani was the biggest gainer globally, with his wealth soaring by $23.8b since last year. Mukesh followed with a rise of $22.9b. But these figures were based on value of equity holdings as on February 11 and the subsequent downturn in the markets would have eroded some of these gains. Back-of-the-envelope calculations indicate that on Feb 28 alone, Mukesh Ambani lost Rs 5,000 crore ($1.25b) and brother Anil about Rs 2,500 crore ($625m).

The rich list announced by the Forbes magazine has 53 billionaires from India. However, analysts point out that estimates of wealth based on holdi ngs in unlisted companies could be quite misleading. They could overstate the value of the holdings, in which case they are unfair to potential investors in the relevant company. Or they could understate the value, which would be unfair to those who currently hold the shares.

Apart from those in the global top 10, the wealthiest Indians include Essar group's Shashi and Ravi Ruia (43rd with a combined networth of $15 billion), Wipro's Azim Premji (60th, $12.7 billion), Sunil Mittal and family (64th, $11.8 billion), Kumar Mangalam Birla (76th, $10.2 billion), Unitech's Ramesh Chandra (86th, $9.6 billion) and Gautam Adani (91st, $9.3 billion). Adani emerged as Asia's richest newcomer to the list.

The combined wealth of India's richie-rich crowd is equivalent to about 31% of the country's GDP, a higher proportion than in most other countries. The only country of any significant size which has a higher figure is Russia, where the 87 billionaires have wealth that is about 36% of GDP.

} The combined wealth of India's 53 billionaires, at $334.6 billion, is in fact greater than the $284.6 billion that all of Germany's 59 billionaires could tot up among themselves. This does not include billionaires of Indian origin like Pallonji Mistry, now an Irish citizen, Amar Bose or PNC Menon, Oman's lone billionaire.

Among cities, Moscow is home to 74 billionaires, followed by New York (71), London (36), Istanbul (34), and Hong Kong (30).

Meanwhile, US financier Warren Buffett overtook software tycoon Bill Gates as the world's richest man. Buffett, the 77-year-old chief of Berkshire Hathaway, saw his wealth jump from $52 billion last year to $62 billion, pushing Microsoft co-founder Gates into third position after 13 years at the top. The legendary investor, called the 'Oracle of Omaha' said last year that his investing method was to ''be fearful when others are greedy, and be greedy when others are fearful". It obviously paid off.
Mexico's telecom mogul Carlos Slim Helu grabbed second place with a tidy nest egg of $60 billion, up from $49 billion last year. Gates saw his wealth rise by $2 billion but that could only get him third place with $58 billion. It might be some consolation to Gates that Buffett had announced in 2006 that he would donate a majority of his fortune to the Bill & Melinda Gates Foundation.

Sweden's Ingvar Kamprad, founder of home furnishing retail chain Ikea, was seventh with $31 billion, making him the list's top European, while Russia's richest man, Oleg Deripaska, was ninth with $28 billion. Retired German supermarket mogul Karl Albrecht was 10th with $27 billion. The world's richest woman, France's Liliane Bettencourt, the daughter of the founder of L'Oreal cosmetics company, was 17th overall, with $22 billion.

It was a record-breaking year for young billionaires, with 50 under the age of 40, and 25 of them new to the list. An impressive 68% percent of the under-40 tycoons are selfmade billionaires, including Google co-fousnders Sergey Brin and Larry Page; India's Sameer Gehlaut, who started online brokerage Indiabulls; and Facebook founder Mark Zuckerberg, who at age 23 is the youngest self-made billionaire ever to make a Forbes list.

In all, this year's list sees 1,125 people around the world making the bill i o n a i re 's list, up from 946 last year. Among the additions is J K Rowlings of Harry Potter fame, even if she shares bottom rank with dozens of others.

The total net worth of the world's billionaires stands at $4.4 trillion dollars, up from $3.5 trillion last year.

Asians accounted for 211 people on the list, up from 160 last year, with India counting 53, up from 36 in 2007, and China, which had just 20 billionaires last year, now boasting 42.
Hong Kong saw five more entrepreneurs make the grade, giving it a total of 26. China and Hong Kong, which has a special administrative status under Beijing, would lead the Asian list if grouped together.

Japan, which last year lost Asia's leading spot after 20 years at the top, by contrast counted only 24 tycoons on the list, unchanged from last year and down from 27 in 2006.


Source: TOI