Flipkart Co-Founders, Sachin & Binny Bansal Debut Forbes India Rich List

Ecommerce etailer, Flipkart’s co-founders Sachin Bansal and Binny Bansal made it on country’s top 100 rich list.

As per Forbes magazine’s latest India rich list, released yesterday, Bansals are country’s first ecommerce billionaires who debuted at 86th position with a net worth of $ 1.3 Bn each.

Besides, Reliance Industries’ chairman Mukesh Ambani topped the Forbes India Rich list for ninth consecutive year with a net worth of $18.9 Bn. Ambani was followed by Sun Pharma’s Dilip Shanghvi and Wipro’s Azim Premji, who retained their second and third position with a net worth of $18 Bn and $15.9 Bn, respectively.

The list enlisted the top 10 richest in India as follows:

1. Mukesh Ambani; $18.9 Bn
2. Dilip Shanghvi; $18 Bn
3. Azim Premji; $15.9 Bn
4. Hinduja brothers; $14.8 Bn
5. Pallonji Mistry; $14.7 Bn
6. Shiv Nadar; $12.9 Bn
7. Godrej family; $11.4 Bn
8. Lakshmi Mittal; $11.2 Bn
9. Cyrus Poonawalla; $7.9 Bn
10. Kumar Birla; $7.8 Bn

However, Forbes calculated that the combined net worth of India’s 100 richest remained largely unchanged at $345 Bn, as compared to $346 Bn a year ago.

The magazine said that the Indian economy was estimated to grow 7% this year, but the wealth of many India’s 100 richest have declined due to fall in the stock markets and depreciation of rupee in past one year.

The list also saw 12 new entrants to this year’s list. Sunil Vaswani of the Stallion Group spotted 48th place with a fortune of $2 Bn. Sachin Bansal and Binny Bansal, founders of Flipkart debuted the list occupying 86^th position with a net worth of $1.3 Bn each. Another notable newcomer was Rakesh Gangwal, co-founder of IndiGo, who marked 70^th place with $1.6 Bn worth. Gangwal had teamed up with his friend Rahul Bhatia, a decade ago to start IndiGo, who spotted 38^th position with net worth of $2.4 Bn.

Forbes said the list was compiled using shareholding and financial data obtained from families and individuals, stock exchanges, analysts and regulators.

The ranking lists family fortunes including those shared among extended families such as in the case of Godrej and Bajaj families, while public fortunes were calculated on the basis of share price and exchange rates as on September 11.

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