Mukesh Ambani, Lakshmi Mittal, Sun Pharma's Dilip Shanghvi, Wipro's Azim Premji and Pallonji Shapoorji Mistry, together control $85.5 billion or about Rs5.24 lakh crore in personal wealth, accounting for 47.5% of India's total billionaire wealth
India's top five billionaires led by Reliance Industries Ltd (RIL) chairman Mukesh Ambani collectively control $85.5 billion (about Rs5.24 lakh crore) in personal wealth, accounting for nearly half of the country's total billionaire wealth, a new study said.
According to the analysis by wealth research firm Wealth-X on India's richest individuals, Mukesh Ambani remains the richest man in the country with an estimated net worth of $24.4 billion (about Rs1.49 lakh crore).
Ambani is followed by steel tycoon Lakshmi Mittal, drugmaker Sun Pharma's Dilip Shanghvi, IT giant Wipro's Azim Premji and Tata Sons' shareholder Pallonji Shapoorji Mistry, among the top-five wealthiest individuals from India.
"The five billionaires collectively control $85.5 billion in personal wealth, accounting for 47.5% of India's total billionaire wealth," Wealth-X said.
Observing that "entrepreneurialism is the key to attaining financial success in the world's largest democracy", the study further said that these five entrepreneurs have made their fortunes through their businesses in sectors such as oil and gas, steel and pharmaceuticals.
In comparison, India's wealthiest actor, Bollywood star Shah Rukh Khan, is worth $600 million, while Indian cricket legend Sachin Tendulkar, who retired in November 2013, has a personal fortune of at least $160 million, it added.
Through RIL group, Ambani owns 'Mumbai Indians', a team in the Indian Premier League (IPL) cricket, reportedly the most valuable team at around $112 million, the report added.
Steel tycoon Lakshmi Mittal takes second place on the list with a personal net worth of $17.2 billion. Mittal is the chairman and CEO of Arcelor Mittal, the world's largest steel making company. Mittal, 64, owns 38% of ArcelorMittal and a 33% stake in the Queens Park Rangers Football Club.
Sun Pharmacuetical's Dilip Sanghvi is the third wealthiest Indian on the list with an estimated net worth of $15.63 billion, followed by Wipro Chairman Azim Premji ($14.9 billion) and Tata Sons Shareholder Pallonji Shapoorji Mistry ($12.7 billion).
All five entrepreneurs have also established philanthropic foundations in support of causes ranging from education, health, environment, social welfare and community development, the report said.
The new video ad feature would bring advertising revenue for Twitter, which has struggled to convince investors it is on a path to profitability
Twitter has unveiled a new advertising programme that delivers “promoted videos” to the tweet stream of users of the popular messaging platform.
The new programme adds to the source of advertising revenue for Twitter, which has struggled to convince investors it is on a path to profitability.
“By using Promoted Video, it’s easy for brands to upload and distribute video on Twitter, and to measure the reach and effectiveness of this content,” product manager David Regan said in a blog post.
Regan said the test launch came “after months of experiments and feedback from users and brands.”
Regan said that to make it easier for advertisers, Twitter will offer a “cost per view” model: “This means advertisers only get charged when a user starts playing the video,” he said.
“Additionally, advertisers using Promoted Video have access to robust video analytics,” such as how many people view the entire video, he said.
Twitter accounted for 0.5% of global digital ad revenues in 2013, according to research firm eMarketer, and expects to increase that to 0.8% this year, as digital ad spending grows to $140.15 billion.
Twitter said last month that the number of monthly active users of the platform has hit 271 million, up 24% when compared with the same period a year earlier.