For the first time, India’s 100 richest people are all billionaires, and their combined wealth tops $386 billion, up more than a third from 11 months ago, according to Forbes.
At the top of the list for the eighth year in a row is Mukesh Ambani, the 57-year-old chair of Mumbai-based manufacturing conglomerate Reliance Industries, with a net worth of $23.6 billion, up $2.6 billion from last year. Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, followed with $18 billion, overtaking steel tycoon Lakshmi Mittal.
The billionaires range in age from 40 to 91, with four women on the list. The sources of their wealth range from steel, construction, software and telecommunications to oil, gas and consumer products.
India’s stock market has gained 28 percent since January, padding the pockets of those wealthy enough to invest, while the overall economy has yet to catch up. India’s economy grew 5.7 percent in the second quarter, and food inflation is close to 10 percent.