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  • India leads Asia billionaire club

    India leads Asia billionaire club

    India has the most billionaires in Asia with a total wealth of $191bn between them, according to the Forbes magazine annual list of richest people.

    With 36 billionaires, India has overtaken Japan's 24 billionaires, after two decades of Japan topping the Asian rich list.

    Steel magnate Lakshmi Mittal leads the Indian billionaire club, with a net worth of $32bn.

    Globally, there are a record 946 billionaires, up from 793 last year.

    "It was a sizzling year in Asia. Both India and China saw huge gains, " Forbes associate editor Luisa Kroll was reported as saying by the AFP news agency.
    China and Hong Kong together have a total of 41 billionaires, according to the list.

    Lakshmi Mittal, 56, is the fifth richest person in the world, according to the magazine.

    The other Indians in the list include Mukesh and Anil Ambani of Reliance, Wipro chief Azim Premji, Bharti Group chairman Sunil Mittal and Aditya Birla Group chairman Kumar Mangalam Birla.

    India has recorded impressive economic growth in the past few years, though critics say the poor have been largely left out of the process.

    Microsoft founder Bill Gates holds the top spot for the 13th year in a row in the world list of billionaires with a net worth of $56bn.

    BBC
    Besides the 36 Indian citizens who have made the cut this year, there are a further 4 Indian Origin individuals who have also made the cut.

    Malaysian citizen Ananda Krishnan, Omani citizen PNC Menon, US citizens Kavitark Shriram and Amar Bose,

    Surprisingly no UK citizen of Indian origin makes the cut. I would have expected the Hinduja’s to have made the cut.

    The names of the 36 Indian citizens who made the cut is available here :

    Forbes
    Last edited by Hari_Om; 09 Mar 07,, 15:45.

  • #2
    Here is what Forbes had to say on India's Billionaires :

    ………… After a 20-year reign, Japan is no longer Asia's top spot for billionaires: India has 36, worth a total of $191 billion, followed by Japan with 24, worth a combined $64 billion.

    India's rich are also marching toward the top of our rankings. Brothers Mukesh and Anil Ambani, who split up their family’s conglomerate in 2005, join Lakshmi Mittal, who heads the world's biggest steel company, Arcelor Mittal, among the world’s 20 wealthiest. India now has three in the upper echelons, second only to the U.S. ……….

    The World's Richest People

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    • #3
      L K Mittal shouldn't be counted in the list of Indians since he made his money mostly in Europe & China & has got very li'l investment in India. If only for matter of pride then anything goes
      If at first you don't succeed, call it v1.0!

      Comment


      • #4
        Originally posted by Akshay View Post
        L K Mittal shouldn't be counted in the list of Indians since he made his money mostly in Europe & China & has got very li'l investment in India. If only for matter of pride then anything goes
        Nah, he invests abroad but holds Indian citizenship and passport... ;)
        Cow is the only animal that not only inhales oxygen, but also exhales it.
        -Rekha Arya, Former Minister of Animal Husbandry

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        • #5
          Originally posted by Tronic View Post
          Nah, he invests abroad but holds Indian citizenship and passport... ;)
          What good is his money if it hasn't contributed a penny in nation's gdp? His wealth is attributed in Britain National income not India's.
          If at first you don't succeed, call it v1.0!

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          • #6
            Originally posted by Akshay View Post
            What good is his money if it hasn't contributed a penny in nation's gdp? His wealth is attributed in Britain National income not India's.
            yeh, true...
            Cow is the only animal that not only inhales oxygen, but also exhales it.
            -Rekha Arya, Former Minister of Animal Husbandry

            Comment


            • #7
              Originally posted by Akshay View Post
              L K Mittal shouldn't be counted in the list of Indians since he made his money mostly in Europe & China & has got very li'l investment in India. If only for matter of pride then anything goes

              The same could be said of Anurag Dikshit an Indian national but money made in Gibralter.

              OTOH PNC Menon may be an Omani citizen but is resident in India and his investments are in India ....... Sobha Developers.

              Anyway that still leaves 34 Billionaires who are Indian citizens who made their billion/s in India and contributed to India's GDP.
              Last edited by Hari_Om; 10 Mar 07,, 03:28.

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              • #8
                Does anyone think that there is something very wrong with the fact that in a country where 75% of the population lives under $2 a day and 50% of children under 4 years of age are malnourished, there are also the largest number of billionaires? Something indicates an extreme social and economic disparity here.

                Should we be proud of this? I don't know. Should we be proud that there is such tremendous social inequality in India?

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                • #9
                  Originally posted by gamercube View Post
                  Does anyone think that there is something very wrong with the fact that in a country where 75% of the population lives under $2 a day and 50% of children under 4 years of age are malnourished, there are also the largest number of billionaires? Something indicates an extreme social and economic disparity here.

                  Should we be proud of this? I don't know. Should we be proud that there is such tremendous social inequality in India?
                  Social inequality? U think all of these guys are born billionaires.No.Lakshmi Mittal came from a village in Rajasthan and made his fortune. Same goes for late Dhirubhai ambani, Sunil Mittal etc... opportunities are there for everyone to be taken.If someone doesn't take it am I suppose to feel sorry for him.No ways.

                  Comment


                  • #10
                    Far from it me that I criticise someone on how to spend his hard earned money but in this case of Mittal, I think a little bit of criticism is justified. I don't think he's indian because he has not contributed back one dollar to the development of India. I don't see any large donations made by him. If he did, then I am not aware of it and must apologise for my criticisms. I admire people who give money that they have earned through honest means away anonymously.

                    Comment


                    • #11
                      Originally posted by Hari_Om View Post
                      The same could be said of Anurag Dikshit an Indian national but money made in Gibralter.

                      OTOH PNC Menon may be an Omani citizen but is resident in India and his investments are in India ....... Sobha Developers.

                      Anyway that still leaves 34 Billionaires who are Indian citizens who made their billion/s in India and contributed to India's GDP.
                      It works this way.. If you are an Indian working in US then you contribute to US' national income. Your native country can benefit from the remittances you send in the form of valuable foreign currency but those remittances are purely non-taxable. But, somewhere this whole notion of so many billionaires from this country or from that country is faulty since we are living in a globalized world. Microsoft's Hyderabad development centre must've made some contribution in swelling Bill Gates' personal income. Similarly Ratan Tata can make his billions from Europe/ Latiin America through his Corus channel.
                      If at first you don't succeed, call it v1.0!

                      Comment


                      • #12
                        Originally posted by gamercube View Post
                        Does anyone think that there is something very wrong with the fact that in a country where 75% of the population lives under $2 a day and 50% of children under 4 years of age are malnourished, there are also the largest number of billionaires? Something indicates an extreme social and economic disparity here.
                        Atleast somebody is benefitting. 45 years of socialist policies did provide equal sharing of misery. Atleast now there is unequal sharing of oppurtunity. I am a very optimistic man & I believe eventually everyone will benefit. In 1991 there were 36% people living below the poverty line. 2006, the number is somewhere between 21-23%. Approximating the population growth then nearly 150 million people have been lifted out of poverty. Except for China, no nation in history has lifted so many people out of poverty.
                        If at first you don't succeed, call it v1.0!

                        Comment


                        • #13
                          Originally posted by Blademaster View Post
                          Far from it me that I criticise someone on how to spend his hard earned money but in this case of Mittal, I think a little bit of criticism is justified. I don't think he's indian because he has not contributed back one dollar to the development of India. .............
                          BM,

                          That looks set to change.

                          News as of 3 weeks ago is that Mr. L.N.Mittal is taking a 49% stake in the new Bhatinda refinery and will be investing INR 32 Billion ( USD 728 Million) :

                          Mittal to invest Rs 3,200 cr in HPCL refinery

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                          • #14
                            Originally posted by Akshay View Post
                            Atleast somebody is benefitting.45 years of socialist policies did provide equal sharing of misery.
                            Ameen.

                            Now if we could only get our fashionably progressive socialist leaning types to go all mournful when a Indian author has received a major literary award as to how accepting the award could be morally correct given India’s illiteracy levels ;) .
                            Last edited by Hari_Om; 10 Mar 07,, 15:57.

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                            • #15
                              Originally posted by gamercube View Post
                              Does anyone think that there is something very wrong with the fact that in a country where 75% of the population lives under $2 a day and 50% of children under 4 years of age are malnourished, there are also the largest number of billionaires? Something indicates an extreme social and economic disparity here.

                              Should we be proud of this? I don't know. Should we be proud that there is such tremendous social inequality in India?
                              Very true, very true. Lets take all their money away and redistribute it amongst everyone else. Problem solved!
                              Karmani Vyapurutham Dhanuhu

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