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Indian American Billionaires


Indian American Billionaires

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Starting With Next To Nothing


wealthymatters

Taking Up With Billionaires


WealthymattersThese days I come across a lot of women who are keen to exchange their beauty to enjoy the benefits of some or other man’s resources.Most of them cut pretty poor deals and the others cut one or other good deal only to lose the benefits they just gained via the next poor choice they make.The following is a reality check for women trading on looks to get ahead:

‘We are happy that we were able to reach an agreement for the benefit and well-being of our son, Augie.’ With these words Linda Evangelista and Francois-Henri Pinault closed a fiercely fought child support battle.

Canadian-born Linda Evangelista is a Vogue cover model many times over, including on the current Italian Vogue.She was one of the biggest names in modeling in the late 1980s and early ’90s,At the height of her career, she famously said supermodels ‘don’t wake up for less than $10,000 a day.’

Pinault is CEO of PPR, a holding company that owns Gucci, Yves St. Laurent, Bottega Veneta, Boucheron and other fashion lines. Forbes estimates his family’s net worth at $13 billion.He supposedly makes about $4million a year.Ladies,here’s the first thing to note: declared incomes and estimated wealth are complex issues.

The intercontinental twosome dated – sporadically, according to Pinault  – over about four months in late 2005 and early 2006. Augie was born in October 2006.After Pinault told Evangelista he didn’t plan to raise the boy with her,he supposedly wanted her to get an abortion , she willingly paid all the expenses herself at first from her roughly $1.8million-a-year income.But when a big contract with L’Oreal ended she needed Pinault to chip in. Read more of this post

Up And Up Again


The ongoing Modi-led rally catapulted the BSE Sensex to its first-ever closing over 25,000 points yesterday. This rally has propelled at least seven promoters into the billionaires’ league. One of them,77-year-old Qimat Rai Gupta, promoter of Havells India ,broke the billion-dollar personal wealth barrier for the first time. Another, Irfan Razack of Prestige Group, a Bangalore-based real estate developer, stands at the cusp of doing so.

wealthymatters

Indian Billionaire Stats


wealthymattersThere were only two billionaires with a combined wealth of $3.2bn in India in the mid-1990s.By 2012, there were 46 of them living in India with a net worth of $176.3bn.

The ratio of total wealth of the billionaires to gross domestic product (GDP) rose from around 1% in the mid-1990s to 22% at the peak of the stock market boom in 2008, before dropping to 10% of GDP this year.

Though 21 Indian billionaires are “self-made”, 40% of India’s total billionaire wealth is owned by the “inherited and growing” category of businessmen.

28 of the 46 billionaires come from traditional merchant classes (Banias, Parsis and Sindhis, for example), and a number of them belong to upper caste communities like Brahmins and Khatris. A smaller number belong to the lower castes. There is one Muslim billionaire and no Dalit billionaires.

A total of 43% of the billionaires, accounting for 60% of billionaire wealth, had their primary – and original – sources of wealth from industries like property development, infrastructure, construction, mining, telecoms, cement and media.That is,impressive wealth creation has occurred in sectors with substantial potential for rent-extraction and rent-sharing between private and government players.Business and the state have tight links in India.In the last two to three decades this has bred both impressive business dynamism and even more impressive accumulation of extreme wealth in India.

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