LATEST market-based assessments show that two Indians, Reliance Industries Ltd chairman Mukesh Ambani (left) and steel baron Lakshmi Mittal (right), rank among the top five rich people in the world.

The recent record-breaking surge in the domestic stock markets has catapulted Mr Ambani's net worth to over US$50 billion.

This makes him the first Indian ever and the fourth person in the world to possess wealth beyond this figure.

The Reliance chief is now valued next to US software tycoon Bill Gates, Mexican business baron Carlos Slim Helu and Warren Buffett, who is widely seen as the world's wisest investor.

Mr Ambani's wealth has been calculated on the basis of his holdings in Reliance Industries, Reliance Petroleum, Indian Petrochemicals Corporation Limited and Reliance Industrial Infrastructure.

The four companies have a combined market value of over US$100 billion.

The Reliance Industries stock has moved over 15 per cent in the last few sessions.

Mr Mittal's net worth is a little over US$48 billion based on his holdings in ArcelorMittal, the world's biggest steel maker in terms of revenue, assets and market value.

In March last, the Forbes magazine, in its world's richest list, ranked Mr Mittal (US$32 billion) fifth, while Mr Ambani was at 14th rank with US$20 billion.

However, since then Mr Mittal's wealth has grown 53 per cent, while Mr Ambani's has risen at an exponential 160 per cent.

Mr Ambani recently said that he expects India to emerge as the top global power within the next decade, powered by a young generation.

Indeed, the India growth story is not only about the barons and promoters.

It is estimated that there are over 100,000 high net-worth Indians with liquid assets of over US$1 million.

Their total wealth is predicted to touch US$500 billion by 2010.

Close to two million Indian households are estimated to earn more than US$100,000 a year, with this number expected to rise to over seven million soon. There are 36 listed Indian billionaires and the group is growing fast.

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