The top five Indian billionaires led by Reliance Industries chairman Mukesh Ambani collectively control USD 85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country's total billionaire wealth, a new study said on Wednesday.

 

According to the analysis by wealth research firm Wealth-X of India's richest individuals, Mukesh Ambani remains the richest man in the country with an estimated net worth of USD 24.4 billion (about Rs 1,49,474 crore).

 

Ambani is followed by steel tycoon Lakshmi Mittal, drugmaker Sun Pharma's Dilip Shanghvi, IT giant Wipro's Azim Premji and Tata Sons' shareholder Pallonji Shapoorji Mistry among the top-five wealthiest individuals from India.

"The five billionaires collectively control USD 85.5 billion in personal wealth, accounting for 47.5 per cent of India's total billionaire wealth," Wealth-X said.

Observing that "entrepreneurialism is the key to attaining financial success in the world's largest democracy", the study further said that these five entrepreneurs have made their fortunes through their businesses in sectors such as oil and gas, steel and pharmaceuticals.

In comparison, India's wealthiest actor, Bollywood star Shah Rukh Khan, is worth USD 600 million, while Indian cricket legend Sachin Tendulkar retired in November 2013 with a personal fortune of at least USD 160 million, it added.

Through Reliance Industries group, Ambani owns the Mumbai Indians Indian Premier League (IPL) cricket team, reportedly the most valuable team at around USD 112 million, the report said.

Steel tycoon Lakshmi Mittal takes second place on the list with a personal net worth of USD 17.2 billion. Mittal is the chairman and CEO of Arcelor Mittal, the world's largest steel making company.

Mittal, 64, owns 38 per cent of ArcelorMittal and a 33 per cent stake in the Queens Park Rangers Football Club.

Sun Pharmaceutical's Dilip Sanghvi is the third wealthiest Indian on the list with an estimated net worth of USD 16.3 billion, followed by Wipro chairman Azim Premji (USD 14.9 billion) and Tata Sons Shareholder Pallonji Shapoorji Mistry (USD 12.7 billion).

All five entrepreneurs have also established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development, the report said. (Times of India)