In the past few years a new word has appeared in India to describe the new mega-rich — "Bollygarchs".
These Indian business-owners have become a new, distinct class of the international elite. But can they keep hold of their wealth?
The Indian stock market tanked in 2011, dropping 40% amidst poor performances by the manufacturing and farming sectors. The booming Indian economic growth slowed, fourth quarter figures dropping to their lowest numbers in nine years (5.3%), and 2012 isn't looking much better either.
As if that weren't bad enough, India's mega-rich have found themselves ensnarled in scandals, two of last years billionaires even finding themselves behind bars on charges connected to the 2G spectrum scandal.
We've taken a look at the 15 richest Indians here, and had a look at their chances for the future.
NOTE: All figures are accurate as of March 2012, sourced from Forbes. The previous years reported worth are from Forbes' March 2011 list
#15 Anil Agarwal
Estimated Net Worth: $3.4 billion ($6.4 billion in 2011)
Residence: London, UK
Source of Wealth: Founder of Vedanta Resources, a global metal and mining company listed on the London Stock Exchange.
A good year? Since last year, Agarwal's wealth has dropped substantially in line with the Indian stock market. Shares of Vedanta have lost more than half of their value since July 1st, 2011, dropping from 2,107 to lower than 900 per share.
Source: Forbes
#14 Micky Jagtiani
Estimated Net Worth: $3.8 billion ($3 billion in 2011)
Residence: Dubai, United Arab Emirates
Source of Wealth: Owner and founder of Landmark Group, one of the largest retail companies in India and the Middle East with 1,088 outlets worldwide.
A good year? Bucking the trend of many of the others on this list, Jagtiani's wealth increased from last year as Landmark's revenue continued its steady rise.
Source: Forbes
#13 Uday Kotak
Estimated Net Worth: $4.1 billion ($3.2 billion in 2011)
Residence: Mumbai, India
Source of Wealth: Kotak holds the title as India's first billionaire banker, starting out with a small firm in 1985 to create Kotak Mahindra Bank, with 335 branches and 2.7 million customers.
A good year? Kotak owns 46% of the financial service firm, whose net income, dividends, and earnings per share continue to grow.
Source: Forbes
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