Mittal, Ambanis among world’s wealthiest CEOs: Forbes

Mittal, Ambanis among world’s wealthiest CEOs: Forbes
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First Published: Tue, Jan 29 2008. 03 19 PM IST
Updated: Tue, Jan 29 2008. 03 19 PM IST
New York: Steel tycoon Lakshmi Mittal along with Ambani brothers -- Mukesh and Anil, are among the 10 wealthiest CEOs in the world, according to American magazine Forbes.
Out of the world’s 10 wealthiest CEOs, four positions have been grabbed by Indians -- Lakshmi Mittal is ranked at the second place followed by Mukesh Ambani (6th place), Anil Ambani (7th) and Wipro chief Azim Premji (9th).
The list has been topped by Warren Buffet, the Chief Executive of Berkshire Hathaway with a fortune of $52 billion.
Arcelor Mittal chief Lakshmi Mittal has a net worth of $32 billion, while Mukesh Ambani and Anil Ambani have fortunes worth $20.1 and $18.2 billion, respectively.
Chief of IT bellweather Wipro Azim Premji has a net worth of $17.1 billion.
However, these net worth figures are not current and have been taken from a list prepared almost a year back for Indian businessmen and from a September list for those from the US.
Forbes said that the list of wealthiest CEOs was prepared after perusing the ranks of the Forbes 400 list of the richest Americans from September and its annual billionaires’ list from last March.
“We found the 10 richest CEOs around, some of whom founded their own companies, others who benefited from large inheritances and still others who built their fortunes through other means,” the magazine said.
About Mukesh Ambani the Chairman and Managing Director of country’s most valued firm Reliance Industries, the magazine said: “Ambani fulfils the duties of CEO at his company, even though he doesn’t carry the title.”
”He is the son of the late Dhirubhai Ambani, the legendary Indian tycoon and founder of Reliance Industries. A few years after the elder Ambani’s death in 2002, his sons split the family fortune, with Mukesh retaining Reliance Industries and Reliance Petroleum,” it added.
Younger brother Anil Ambani took over the family’s telecom, finance and power interests.
About Anil Ambani, who is the chairman of Reliance Anil Dhirubhai Ambani Group (ADAG), Forbes said: “Like his brother Mukesh, Anil doesn’t call himself Chief Executive, even though he shares the duties of a CEO with two other executives at Reliance ADAG.”
Pointing out that Azim Premji, like Ambani brothers, does not hold the title of CEO, the magazine said his company Wipro is one of India’s largest information technology firms.
“Earlier this month, he denied market rumours that Wipro was interested in acquiring CapGemini of France,” it said.
Other names in the list are Chairman and Chief Executive of Las Vegas Sand Sheldon Adelson with a fortune of $28 billion ranked at third position, LVMH Group Chairman and Chief Executive Bernard Arnault at fourth place with a net worth of $26 billion , Oracle Chief Executive Lawrence Ellison at fifth place with a fortune of $26 dollars.
Michael Dell, Chairman and Chief Executive of Dell with a fortune of $17.2 billion ranks below the Ambani brothers at the eighth place though ahead of Premji. Koch Industries Chairman and Chief Executive Charles Koch with a net worth of $17 billion at the 10th position.
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First Published: Tue, Jan 29 2008. 03 19 PM IST