It was a challenging year for India’s wealthiest
As consumer demand slumped, sectors such as automobiles and consumer goods announced layoffs and production cuts. To boost sentiment, the government, in September, said it would reduce the corporate tax rate to 22% from 30%.remains the richest Indian for the 12th year in a row. He added $4.1 billion to his net worth as Jio, a three-year old telecom unit of his Reliance Industries, became one of India’s biggest mobile carriers with 340 million subscribers., who jumped eight spots to No. 2.
into the top five for the first time. The lower tax rate is expected to boost earnings of his Kotak Mahindra Bank, which saw its shares rise 39% since we last measured fortunes., the 38-year-old founder of fast-rising edtech unicorn Byju’s;, whose family owns the popular Jaquar brand of bathroom fittings., founder of Alkem Laboratories, died in July and his fortune is now listed under his family.
The net worths of more than half the list members fell. In all, 14 were poorer by $1 billion or more, and nine members from last year’s ranks dropped off. The total wealth of this year’s 100 richest shrank 8% from a year ago to $452 billion. But more than a third of that decline was due to the remarkable largesse of tech tycoon, who gave away a chunk of his fortune in March and consequently dropped in the ranks to No. 17 from No. 2.
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