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India now has over 100,000 Millionaires

In just a few short years, India has surpassed the 100,000 mark for millionaires. In fact,
India is producing millionaires at a record rate with no let up in sight. Most interesting is
that almost 7% of the millionaires are under 30 years old and have almost $300 billion in
assets.

Thanks to the increases in the SENSEX and Nifty, with additional help from India Real
Estate gains, India is now on pace to have a 1,000,000 millionaires within a decade.
According to the 11th annual world wealth report compiled by Capgemini and Merrill
Lynch, India, Indonesia and Russia are believed to have the highest growth in High Net
Worth Individuals.

A lot of India’s domestic wealth creation in the past few years has been poured back into
domestic real estate investments. The India Street believes this response has helped push
values up in most of the Tier 1 and 2 cities.

"Robust growth in the Indian economy and a booming stock market were the key wealth
drivers,'' said Pradeep Dokania of DSP Merrill Lynch. “Over the last three years, we have
seen a steady rise in the number of professionals being added to the HNWI population as
against entrepreneurs.''

Some of India’s recent rich are now making investments outside of India thus increasing
their returns and mitigating risk. Some foreigners are even calling on the new India
wealthy class to fund their investments in the US and Europe.

What does this mean for you?

With an ever expanding wealth base in India, luxury products and services will be a
necessity. Currently, very few foreign luxury products exist in India due to protectionism
and an ever-present Nehru socialist philosophy. Smart businesses will recognize the need
for the new wealthy class to underscore their wealth by buying status symbols. High
priced cars, apartments, houses, clothes, purses and other items that easily distinguish the
individual from everyone else. This is human nature (especially in a rapidly emerging
capitalistic country) and will eventually sweep the country as more have access to higher
paying jobs and wealth creating opportunities.

The following is a list of Indians by net worth. According to the Forbes magazine, India
is home to the largest number of billionaires in Asia. The following data from the Forbes
World's Billionaires 2007. There are 36 Indians (inclusive of non-resident Indians) on the
list.

As of 2007, the following were the 40 richest Indians according to the Forbes magazine.
Net
Rank Name Worth Age City Main Source Industry
(US$ bil)

1 Lakshmi Mittal 33.7 56 London Arcelor-Mittal Steel

2 Mukesh Ambani 20.1 48 Mumbai Reliance Industries Diversified

3 Anil Ambani 18.2 46 Mumbai Reliance Communications Diversified


4 Azim Premji 17.1 60 Bangalore Wipro ITES, Software

5 Kushal Pal Singh 10.0 74 Delhi DLF Universal Real Estate, Construction

6 Sunil Mittal 9.50 48 Delhi Bharti Airtel Telecommunications

Kumar Mangalam
7 8.00 38 Mumbai Aditya Birla Group Diversified
Birla

Shashi and Ravi


8 8.00 62 Mumbai Essar Group Textiles, Steel, Shipping
Ruia

9 Ramesh Chandra 6.40 n/a Delhi Unitech Construction, Real Estate

Consumer electronics,
10 Shiv Nadar 4.00 60 Delhi HCL
ITES

11 Tulsi Tanti 3.70 47 Pune Suzlon Wind Power

Shapoorji Pallonji Group,


12 Pallonji Mistry 3.30 76 Mumbai Textiles, Construction
Tata Group

13 Anurag Dikshit 3.10 n/a Gibraltar PartyGaming Online gambling

14 Paul Brant 2.30 63 Mumbai Godrej Industries Diversified

15 Anil Agarwal 2.10 52 London Vedanta Resources Mining

16 Dilip Shanghvi 2.70 50 Mumbai Sun Pharmaceuticals Pharmaceuticals

17 Naresh Goyal 1.90 56 Mumbai Jet Airways Airlines

Bennett, Coleman & Co.


18 Indu Jain 1.70 Delhi Media
Ltd
19 Venugopal Dhoot 1.60 52 Mumbai Videocon Consumer durables

Malvinder &
20 1.55 NA Delhi Ranbaxy Pharma
Shivinder Singh

21 Rahul Bajaj 1.50 67 Pune Bajaj Diversified

Delhi,
22 Jindal family 1.40 NA Jindal Steel Metals
Mumbai

23 Baba Kalyani 1.20 56 Pune Bharat Forge Metals

Brijmohan Lall
24 1.18 83 Delhi Hero Honda Automotive
Munjal

25 Yusuf Hamied 1.15 69 Mumbai Cipla Pharma

26 Sanjay Kirloskar 1.10 49 Pune Kirloskar Group Engineering, Construction

N. R. Narayana
27 1.05 59 Bangalore Infosys IT, ITES
Murthy

28 Uday Kotak 1.00 46 Mumbai Kotak Mahindra Finance

29 Vijay Mallya 0.95 49 Bangalore United Breweries Group Beverages, Airlines

30 Subhash Chandra 0.90 55 Mumbai Zee Entertainment

31 Vikrant Bhargava 0.87 33 Gibraltar PartyGaming Online gambling

32 Habil Khorakiwala 0.80 63 Mumbai Wockhardt Health

33 Ajay Piramal 0.77 50 Mumbai Nicolas Piramal Pharma

34 Nandan Nilekani 0.74 50 Bangalore Infosys IT, ITES


Kiran Mazumdar-
35 0.71 52 Bangalore Biocon Biotechnology
Shaw

36 S Gopalakrishnan 0.70 51 Bangalore Infosys IT, ITES

37 Ramalinga Raju 0.67 50 Hyderabad Satyam Computer Services

Boston,
38 Narendra Patni 0.65 63 Patni Computer Systems IT
Mumbai

39 Karsanbhai Patel 0.64 61 Ahmedabad Nirma FMCG

40 Akshay Jari 0.62 24 Delhi Telecommunications