MUKESH AMBANI IS WORLD'S THIRD RICHEST CEO

New Delhi
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Reliance Industries (RIL) chief Mukesh Ambani emerged the third-richest chief executive in the world, according to a list of 10 wealthiest CEOs compiled by Forbes magazine. Steel tycoon Lakshmi Mittal, Anil Ambani and Sunil Mittal were the other Indians in the list.

Billionaire investor Warren Buffett was the wealthiest chief executive for the second year in a row, with stake worth $35.9 billion in investment management firm Berkshire Hathaway. Business software major Oracle CEO Larry Ellison was ranked second ($19.7 billion) in the list that covered CEO and MDs of public firms.

Despite a 62 percent drop in RIL share prices since January 2008, chairman and managing director Mukesh Ambani climbed up three places in the 2009 rankings. His stake in the petrochemical firm is valued at $16.8 billion.

Lakshmi Mittal, who heads ArcelorMittal, slipped two places in the list this year to No 4 The 58-year-old chief executive saw the value of his stake in the steel firm dive 73 percent since June 2008 and is now worth $13.2 billion.

At No.6, Anil Ambani’s stake in his various firms is worth around $9 billion. Telecom firm Reliance Communications, his biggest holding, has lost 78 percent of its value since the beginning of 2008.

Last year too, four Indians made it to the Forbes’ list. However, Wipro chief Azim Premji made way for Sunil Mittal in this year’s rankings. The Bharti Airtel CMD’s $6.9-billion stake in the telecom firm placed him at ninth position in the rankings. Over the past one year, Bharti Airtel’s shares have dipped 30 percent.

Forbes compiled the list based on the value of the CEOs’ financial stakes in companies they control at the close of stock trading on January 23. It excluded private companies and CEOs’ holdings in unlisted entities.

LVMH chairman and CEO Bernard Arnault was ranked fifth on the list, with his stake in the world’s largest luxury goods firm valued at $12.2 billion. Tied at seventh place were UAE’s Mashreq Bank CEO Abdul Aziz Al Ghurair and Microsoft chief exec Steve Ballmer ($7 billion each). Japanese retailer Tadashi Yanai, who runs discount retail firm Fast Retailing, was ranked tenth with a stake worth $6 billion.