Steel tycoon Lakshmi Mittal, who owns the world’s largest steel group, Arcelor Mittal, tops the list of Indian billionaires with a staggering $51 billion, Forbes magazine said on Thursday. A bull run in the domestic markets ensured Mukesh Ambani, who heads private firm Reliance Industries, ran a close second to London-based Mittal with a personal fortune of $49 billion. His brother Anil Ambani, who owns India’s second-ranked mobile carrier, was third with a net worth of $45 billion.The top three are worth more than China’s top 40. The richest 40 Indians, according to Forbes, are all billionaires, and together are the wealthiest such group in Asia, raking in cash as Asia’s third-largest economy surges. It grew by its fastest in nearly two decades at 9.4 per cent in 2006/07.“The Indian fortunes were helped by a roaring stock market which was up 53 per cent in the past year and a rupee that has appreciated 12 per cent. The country now boasts of 54 billionaires, 18 more than last year,” Forbes said. Mittal, who heads a European firm and has made much of his wealth outside India, topped the list as he holds an Indian passport.Mukesh Ambani, 50, more than doubled his wealth to $49 billion from $18.5 billion in the previous year. While Anil’s wealth rose a phenomenal $30.2 billion, Forbes said. Entrepreneur Kushal Pal Singh is fourth on the India rich list with a net worth of $35 billion. Forbes said ten newcomers entered the top 40, including Gautam Adani, the richest new entrant at 13th with $6.7 billion. Forbes describe Adani as a college dropout who spurned his father’s textile trading business and then went into commodities exports and later diversified into infrastructure. Although there are 54 billionaires in India according to Forbes, 14 of them could not make the cut for the India’s 40 Richest list which required a minimum wealth of $1.6 billion.Richie Riches •With a personal fortune of $49 billion, Mukesh Ambani ranks second •With a net worth of $45 billion, Anil Ambani ranks third •Kushal Pal Singh is fourth on the India rich list with a net worth of $35 billion •Gautam Adani, new entrant at 13th has a net worth of $6.7 billion
