Mukesh Ambani is richest Indian with a net worth of $38 billion

With a net worth of $38 billion, Reliance Industries Ltd (RIL) chairman Mukesh Ambani has topped Forbes annual list of India’s 100 richest tycoons of 2017, a statement said here on Thursday.

"Reliance Industries Ltd chairman Mukesh Ambani has topped Forbes's annual list of India's 100 richest tycoons, with a net worth of $38 billion. To put it in context, this is equal to the entire GDP of the former Soviet republic of Azerbaijan, as per World Bank Data 2016 estimates," the statement said.

Forbes has estimated Mukesh Ambani's net worth as $38 billion in its 2017 list of India's 100 richest tycoons (File Photos: IANS)

Forbes India, will release the 2017 India Rich List by way of a special issue that hits the stands on November 3, 2017.

The richest newcomer in the list is Wadia Group of companies Chairman Nusli Wadia (No. 25, $5.6 billion).

At $19 billion, the net worth of Wipro's Azim Premji - who jumped two places up over last year to become the second richest Indian on the list - is almost equal to Afghanistan's GDP of $19.4 billion, the statement said.

The Hinduja family maintained the third position ($18.4 billion) in the list.

Last year's second richest Indian, Dilip Shanghvi of Sun Pharmaceuticals (No. 9, $12.1 billion) is the biggest dollar loser on the list as his net worth fell by $4.8 billion.

"The Indian economy is still grappling with the impact of demonetisation and GST. This makes The Forbes India Rich List 2017 edition special since it features those who have faced the challenges head on and continued to deliver phenomenal results. The list has come to stand as a testament to brand India and also puts many emerging successful entrepreneurs on the global map," said Joy Chakraborthy, CEO, Forbes India.

Mukesh Ambani seen with Vihaan Networks Limited (VNL) Founder and Chairman Rajiv Mehrotra

According to the list, the total wealth of India's top 100 billionaires, which stands at a whopping $479 billion, is more than the country's foreign exchange reserves estimated at $402.5 billion in September 2017.

The entry point to the list is at its highest ever, at $1.46 billion. Last year, the minimum amount required to make the list was $1.25 billion, 17 percent lower than this year.

The aggregate wealth of the top 100 has risen 26 percent over last year.