Cut-off for entry into Forbes India Rich List hits record high of USD 1.25 billion

Mumbai [India], Oct.20 (ANI): Forbes India, the most influential business magazine, will release the India Rich list in its latest issue that hits the stands on October 21, 2016. Recognised as the most awaited and highest revenue grossing issue, the magazine this time is resorting to innovative packaging and marketing to celebrate its legacy. Joy Chakraborthy, CEO, Forbes India and President-Revenue, Network 18 News said, "We are delighted to present yet another edition of The Forbes India Rich List - one of the most recognized and awaited lists in India. The Rich List celebrates and chronicles the spirit of entrepreneurial leadership and wealth creation in the Indian economy. Over years this List has become one of the strongest reference brands on India for media across the world. This is also the highest revenue grossing issue for us and we are looking forward to double the numbers on news stand as well." The list, which was released last month, is also available on www.forbesindia.com, the digital destination of the magazine. This is a collector's issue priced at Rs 250 with specially designed 5 covers. This edition will cover details of the profiles and analysis of the wealth of some of the biggest wealth creators of the country. It will also contain some never-heard-before trivia and nuggets and glimpses of their lives. Speaking on the eve of the release of the collector's edition of the India Rich List, Sourav Majumdar, Editor, Forbes India said, "The 2016 Forbes India Rich List is evidence that Indian enterprise is alive and well. The cut-off for entry into this exclusive club has hit a record high of $1.25 billion this year and while we have seen some notable exclusions, new and younger entrepreneurs have also announced their arrival into the list. As fresh ideas and ventures emerge, we hope to see more new names in the future." The top gainers on the Rich List in percentage terms were KP Singh and Ajay Piramal who added a whopping 84.6 percent and 82.6 percent to their wealth, respectively. Young entrepreneurs like Flipkart's Sachin and Binny Bansal dropped off the list, while newcomers like tech entrepreneurs the Turakhia brothers and Acharya Balkrishna make their debut. Some of the highlights of the 2016 Forbes India Rich List include: · Serial entrepreneurs and brothers Bhavin and Divyank Turakhia (No. 95, $1.3 billion), make the ranks after selling their ad tech firm Media.net for $900 million to a consortium of Chinese investors in August. They are also the youngest members in the list · Managing director and primary stakeholder of Patanjali Ayurved, Acharya Balkrishna (Rank 48) leaps directly into the Top 50 · Mukesh Ambani (net worth of $22.7 billion) has been ranked India's richest person for the 9th consecutive time · Minimum cut-off to figure in the 100 Richest Indians list hits record high of $1.25 billion. Last year it was $1.1 billion · The oldest members in the list is Alkem Laboratories founder Samprada Singh (90 years) · The biggest wealth gainer on the list in percentage terms is property baron Kushal Pal Singh (ranked 22), whose net worth grew from $2.6 billion in 2015 to $4.8 billion this year, a rise of 84.6 percent · The biggest wealth losers on the list in percentage terms are brothers Malvinder & Shivinder Singh (Ranked 92), whose net worth dropped from $1.77 billion in 2015 to $1.38 billion this year, a drop of 22 percent · There are four women in the list: #79. Leena Tiwari $1.63 bn; #65. Kiran Mazumdar-Shaw $1.83 bn; # 46. Vinod Gupta $2.52 bn and #19. Savitri Jindal $5.3 bn (ANI)