They have lost more than $13 billion from their combined wealth, but still the two Ambani brothers have moved higher on Forbes' latest list of the world's 10 richest CEOs, while Sunil Mittal has joined the league and Lakshmi Mittal has slipped two places.
They have lost more than $13 billion from their combined wealth, but still the two Ambani brothers have moved higher on Forbes' latest list of the world's 10 richest CEOs, while Sunil Mittal has joined the league and Lakshmi Mittal has slipped two places.
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Legendary American investor Warren Buffett has retained his top position on the annual list, but Indian-born steel tycoon Lakshmi Mittal has been toppled from his last year's second position by software major Oracle chief Larry Ellison.
Mittal has moved down to fourth position, while Mukesh Ambani, the elder of the two warring brothers, has jumped three positions to grab third rank this year.
The younger Ambani, Anil, has also moved up one place to sixth rank on this year's 'Forbes list of 10 wealthiest CEOs'.
While another Indian business chief, Azim Premji, has moved out of the top-10 list, compatriot Sunil Mittal of Bharti Airtel has joined the league at ninth position. IT major Wipro Chairman Premji was ranked ninth on the previous year's list.
The total number of Indians on the list has remained unchanged at four on this year's list.
"Being a CEO isn't what it used to be. Crackdowns on corporate frills like private jets and over-the-top offices have become the norm, taking some of the fun - but none of the stress - out of running billion-dollar businesses," Forbes said.
"While some chief executives' jobs may be in peril, these 10 have stuck it out long enough to partake in what's left of the global economy. These have made our annual list of the world's wealthiest CEOs," it added.
About India's presence on the list, Forbes said there are four Indians on its list this year: "Two industrialists, Mukesh Ambani and Lakshmi Mittal; and two telecom tycoons, Anil Ambani and Sunil Mittal."
"(The) Ambani brothers owe their hefty fortunes, in part, to inheritance. Following their father's death in 2002, they took over his industrial empire ... and attempted to run it together.
"The collaboration soon soured. After coming to blows over who ran the company, the two reached a bitter compromise, deciding that they and the company would best be served by spinning off and divvying up its various businesses.
"Today Mukesh runs petrochemicals giant Reliance Industries Ltd, while Anil oversees an array of companies including Reliance Communications, a phone and Internet outfit with 60 million customers, it added.
The magazine said that its list of the world's wealthiest CEOs was based on analysis of their financial stakes in firms controlled by them, as on January 23.
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