Forbes India Releases Latest Rich List

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Oct. 1 – Although India’s four richest individuals are less than half as wealthy as they were just three years ago, the combined net worth of India’s 100 richest people rose from US$274 billion to US$300 billion over the last year as the nation added 17 new billionaires, according to the latest Forbes India Rich List.

“As we had predicted, the huge correction in Indian wealth which occurred in 2008 is fast becoming a distant memory. This year’s list illustrates the vibrancy and resilience of India’s economy. It signals a second wave of Indian capitalists accumulating fantastic fortunes especially in sectors such as pharmaceuticals and real estate,” said Naazneen Karmali, India editor of Forbes Asia and Mumbai bureau manager of Forbes magazine.

“The record number of billionaires on this year’s Forbes list of 100 Richest Indian’s is yet another clear signal that the center of gravity will increasingly shift to India and China over the next decade. Frontline Indian entrepreneurs have once again displayed their ability to harness the unprecedented wealth creating opportunities that exist in this part of the world,” said Indrajit Gupta, editor of Forbes India.

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