NRI realty investments drop by over 50%

The NRI season is now at its fag end. Despite undertaking tours to the US, the UK and Middle East and doling out freebies and discounts, realtors have been unable to catch the attention of this cash-rich community.

The result: NRI investments in India-based properties dropped by over 50% this season, with the four metro cities and “NRI-heavy” mirco markets in states like Gujarat and Kerala being among the worst hit.

“Compared to last year, the drop in NRI interest in India-based properties has been almost 50% in all sectors. The metros showed a sharp drop in demand, largely owing to the steep prices”, says Sanjay Dutt, CEO - business, Jones Lang LaSalle Meghraj (JLLM), a global real estate consultancy firm. “Very few luxury homes have been sold as compared to last year”, he adds.
At a time when the domestic demand in micro-markets in Tier-I, II and III cities began to slump in the third quarter of this financial year, the developers were hopeful that the demand from the NRIs will pep up the sentiments in the realty markets.

However, the global slowdown and the resulting slump froze the bullish sentiments among NRIs. “Though a far-from-spectacular number of transactions have indeed taken place this season, generalised job insecurity and a desire to conserve available cash among IT employees abroad has curbed investment demand for high-end properties, Mr Dutt said adding that the response was “significantly muted” from the NRI community this season.

The sharp corrections seen in some larger cities has also led to an “acute wait-and-watch attitude among NRIs who - just like everyone else - are now very price sensitive”, he explained.

Source:Economics Times

Good News On Its Way For Realty Sector

Rakesh Pathak is an MBA and works in Tata Forum. He is planning to buy a house in the range of Rs 30 lakh to 40 lakh. When he calculated the EMI on a loan for the prospective property, he cancelled the plan.

A house that suits his requirements is way beyond his budget - he is waiting for the home loans interest rates to come down. Like Rakesh, many middle class salaried people would like to buy a property through home loan - while others put money in shares, rather than invest in property.

Dr Mamta Chaubey, reader in Delhi University, wishes to buy a house through home loan. Though she is of the opinion that for middle class people a home loan is affordable, she is nevertheless reluctant to take the plunge as high interest rates have put a dampener on everything.

Sakshi Malhotra, working in an MNC, has been planning to buy a house for a long time She used to wait for prices to come down every year and would keep deferring her plans each year. This year, she was determined to buy property but the thought of paying a hefty EMI dampened her spirit.

One wants property price or interest rates to go down because real estate market is uncertain. With the worldwide financial crisis showing no signs of ending, India too, is keeping its fingers crossed.

Tremors are being felt everywhere - from the volatile stock market to the unpredictable rupee, and from the spiralling inflation to rising home loan interest rates.

Property is of two kinds - movable and immovable property. While movable property, also called chattels , such as money, securities and goods, which can be moved from one place to the other, immovable property such as land and the objects permanently attached to it such as buildings, constitute immovable property.

There also exists another property called intellectual property, which refers to the right over artistic creations or inventions.

Immovable properties have the essential characteristic that only the title to the property changes by virtue of the transfer, whereas, the physical location of it does not change. Property investment is usually referred to as real estate investment or investment in immovable properties or assets.

The investment in property essentially depends on the risks associated with it, that is to say, even if the venture succeeds when the future stream of income will accrue to the investor and the alternative investment opportunities.

Real estate investment can be attractive if viewed as a business opportunity ; it can generate rental income, using it as collateral to secure a loan for a business venture, to offset otherwise taxable income through cash savings on tax-deductible interest rate losses, or simply from the profits garnered from its resale.

Investment in property is treated as a long-term gain and investment professionals argue that 5%-20 % of investment portfolio should be directed towards property or real estate . So, everyone in this sector is waiting for some good news, to pick up the threads from where they left, at the beginning of the year.

Source:Economics Times

Information That NRIs Need For Buying Real Estate Property in India

In the case of NRIs there is a general permission to acquire any immovable property (other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of foreign exchange inward remittance or any Non Resident bank account in India, i.e. Non Resident External Account - NR (E), Foreign Currency Non Resident Account - FCNR or Non Resident Ordinary Account - NRO account. Although immovable property is not defined, the same will include:

* Residential property being house property, bungalow, apartment, villas and all other kinds of residential properties
* Commercial property being shops, offices and show rooms
* Industrial property being factory premises and godowns
* Land for construction of any of the above properties

Acquisition can be made by way of

* purchase
* receiving the property as a gift
* inheritance, and
* share of joint property received upon partition of family or property.

Transfer: Although transfer is not defined under the Regulations, but the definition of FEMA, 99 [Sec. 2(ze) of F.E.M.A. 1999] will apply & include:

* sale for consideration
* exchange of property
* gift of property
* relinquishment of right in a joint property.

Repatriation of Sale proceeds: An NRI being an Indian citizen or a foreign citizen of Indian origin is allowed to repatriate the sale proceeds of an immovable property subject to the following conditions:

* the acquisition should be in accordance with the existing Foreign Exchange Laws (i.e. FERA, '73 or FEMA '99).
* the purchase price was met out of Foreign Exchange Inward Remittance or NRE / FCNR (B) account, and
* in case of residential properties, repatriation is restricted to a maximum of two properties.

The NRIs who are staying abroad may enter into an agreement through their relatives by executing the Power of Attorney in their favour if it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or developer, drafting and signing of agreements and taking possession). Rental income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.

George Gonigal provides you the best and latest info on India Property and Real Estate India. He would also let you know about Real Estate in Gurgaon for NRIs.

Real Estate Trends For 2009 and Beyond

Real Estate Trends For 2009 and Beyond
By [http://ezinearticles.com/?expert=Ryan_Tollefsen]Ryan Tollefsen

The year 2009 will likely be a year where trends in real estate will change greatly from what we have seen over the last ten years. Bank failures, stock market crashes, and government bailouts are bombarding the American public every day. It is no wonder that people who need to buy or sell a house are discouraged. Many would like to wait to sell their home but can't afford to wait due to job relocations, change in family size, or divorce among other things. The show must go on, but it will be done differently than it has in the last few years.

The prospective home buyer of this year will likely settle for less house than they would have five years ago but they will still want a quality home that they will be happy with for many years. Some buyers will still hesitate to purchase a home even with the real estate deals that are available today because they are waiting for an even bigger bargain. Many home buyers will have to continue renting to save up significant down payments to qualify for mortgage financing since the banks have tightened their lending standards.

It is likely that FHA loans will have a revival in popularity since a smaller down payment is required to qualify for these loans. These loans are expected to be a key instrument for homebuyers throughout 2009, especially first time home buyers. Some officials feel that these loans will have a great impact on jump starting the real estate market.

It is a fact that real estate agents will have to work harder to sell homes; homes will not sell themselves in the near future. Real estate agents will have to work as consultants with buyers and help them get qualified to buy a home; by researching what the buyer can afford and by helping the buyer find ways to obtain financing. Some real estate agents will have to relearn their job, it will require more to sell a home than sticking a for sale sign up in the yard and putting a few pictures in the local paper.

Research has shown that many buyers use the internet when searching for a home to purchase. Realtors will have to adjust to this surge in internet house shopping by providing more thorough websites with more virtual tours set up for homes they are trying to sell to attract out of state buyers. User friendly web tools to help prospective home buyers search for homes on the internet will be a plus for those realtors that want to attract buyers that can qualify for home financing.

Realtors are going to have to put one hundred percent into their work to locate buyers for their real estate listings and to help them find the help they need to get qualified to purchase a home. There won't be as many quick sales so the smart real estate agent will help those prospective buyers to ready themselves to purchase a home and hope that loyalty will bring them back when they are ready and able to purchase a home.

These trying times may bring us all back to reality and force us to adjust our ways to survive and possibly even benefit from the economic downturn that we are in. Home buyers will have to take a realistic look at what they can afford and what they have to do to get ready to purchase a home. Hopefully, when we look back at this period in history we will see that some good has resulted from this period of time.

Learn more about the [http://www.akhomeshow.com]Alaska Real Estate market or search [http://www.akhomeshow.com]Anchorage Real Estate on Ryan Tollefsen's Alaska Real Estate web site.

Article Source: http://EzineArticles.com/?expert=Ryan_Tollefsen http://EzineArticles.com/?Real-Estate-Trends-For-2009-and-Beyond&id=2001110

Properties For Sale in India

A fundamental real estate investment mantra in India is that emerging localities are preferable to established and often saturated ones. Expressing their views on real estate markets in the year ahead, property consultants say that established areas eventually reach a peak in terms of appreciation potential, after which the growth rate either slows down or stagnates, moreover, there is little scope for new market drivers such as malls to find a place in saturated localities-where, property prices remain high.

According to property consultants Jones Lang LaSalle, this is not the best of scenarios from an investment point of view, since optimal investment requires low entry levels and appreciable growth within a realistic time-frame. Therefore, as one or the other destination reaches its peak potential on all these counts, new ones come into the limelight. Here is an overview on some emerging Properties for sale in India:

. Chandigarh: Though there has been a lot of speculation on Punjab's real estate market, Chandigarh is among the emerging cities that are seeing very encouraging real estate trends. It is India's first planned city, and it conforms perfectly to the key parameters by which we judge a city's growth - property market, people, physical infrastructure, social infrastructure, and business environment. Areas where properties are available for sale include Panchkula (Rs. 2500-3000/sq.ft.), Mohali (Rs. 1500-2500/sq.ft, Dera Bassi (Rs. 1300-2000/sq.ft.) and Zirakpur (Rs. 2700-3200/sq.ft.).

. Indore: Indore's Real Estate star is fundamentally on the rise, and offers good investment opportunities in project with low entry cost that are located in an area with good appreciation potential. Areas where properties are available for sale : Vijay Nagar (Rs. 3000 - 10000/sq.ft.), Bypass, A B Road (Rs. 3000 - 10000/sq.ft.), Rau (Rs. 600 - 1200/sq.ft.), Gulmohar Colony (Rs. 3500 - 6500/sq.ft.), Green Park Colony (Rs. 800 - 3500/sq.ft.).

. Nashik: Nashik is displaying an increasingly buoyant industrial scenario, with considerable growth expected in the IT/ITES industry. Overall infrastructure and connectivity Mumbai and other regional towns is improving rapidly, lending increased credibility to Nashik's real estate market. It is a vertex of the Pune-Mumbai-Nashik Urban Golden Triangle.

George Gonigal provides you the best and latest information on Real Estate News India, if you want to Buy Apartments in India. He suggest you visit magicbricks.com

Apartments in Delhi - A Good Investment Option

Delhi is the national capital and also one of the best destinations for investors to buy property. Delhi having an advantage of good connectivity with most of the cities in India houses the top most corporate houses in the world. The main upswing of construction activities is going on in New Delhi, with number of residential as well commercial spaces being developed by prominent real estate developers.

DDA has drawn up several plans for next two years including mega housing project in Dwarka, Bio-diversity Park housing over 5,000 species of flora and fauna along the Yamuna banks, a spiritual garden forming a link between South Delhi's three major temples in Kalkaji.

Ansal Properties is all set to carve a substantial niche for itself in Delhi with its real estate projects: Ansals Sushant City and Valley View Estate. Being the IT hub of India, Delhi proves to be the center for real estate transactions in the country.

With the increasing influx of students and tourists in the city, Delhi Real Estate Developers have started coming up with the idea of service apartments a concept borrowed from the West. The service apartments in Delhi are fully furnished and provide a nice staying experience in Delhi. They are are becoming very popular amongst these international tourists and students as they are cheaper than the hotels and give them a nice, secured homely experience.

With unavailability of land in rest of Delhi, Dwarka has become apparent choice for real estate developers in Delhi for constructing apartments. Investors are readily interested in buying apartments in Delhi as the rental values have also sky rocketed in the past few months. Moreover, with growing crime rates people are very all these apartments.

George Gonigal provides you the best and latest information on Real Estate Developer in India. If you want to Delhi Real Estate, he suggests you log on to magicbricks.com

Drop in Mumbai Suburb Prices - Hopes For Buyers

Owing to nil supply the property prices in the core areas of Mumbai are buoyant as ever. However, the suburban areas are witnessing a drop in prices by 10-20 percent. As the supply side is in excess the values of property are much less in the suburbs as compared to the main city.

According to market research reports, while in Borivali, prices are likely to come down by 10 per cent, the drop would be in the range of 15-20 per cent in Thane and Navi Mumbai. Industry experts feel that it would take a long time for the real estate industry to recover from the current slump.

As per a recent survey, Mumbai is the 10th most expensive city in the world. Having said so to buy an apartment in Mumbai remains a distant dream for a larger section of population. The profile of the prospective buyers mainly consists of youngsters who have come to make a career in Mumbai and spend considerable years of their life in rented apartments and homes. The rented options cost a bomb as well. So, owing a house in Mumbai is a task in its self.

As it is the property are so high in Mumbai and on top of that the rising interest rates has hit the home sales hard. Since long the transactions have been very low all across Mumbai. Mumbai real estate builder, Neelkanth Group, has seen its sales dropping by over a third in the same period.

But the news of a drop in residential real estate prices has brought array of hope for many who are in search of a home in the city.

Mumbai Real Estate Developers, who have their projects in the city suburbs, are now hoping that their projects will soon find some takers. They are optimistic of a good business ahead. Real estate in Mumbai has always been a trendsetter in the property market of the country. Therefore, considering prices declining in its suburbs the property agents and developers are hoping the same trend in other metros as well.

George Gonigal provides you the best and latest information on Mumbai properties. If you want to Buy Apartments in Mumbai, he suggests you log on to magicbricks.com.

Chennai Real Estate - Victim of Market Slump

Real Estate in Chennai is on the verge of a crashing market, believes industry experts. Chennai property prices have seen an escalation of almost 200 per cent in the last few years. But with the global slump in the real estate industry Chennai real estate has also slowed down.

Number of Chennai real estate developers has been able sold only a few of their properties in the last quarter. R Mohanty, real estate agent from Chennai states, "The residential real estate prices in Chennai have grown by leaps and bounds making it difficult for buyers to purchase a home in the city. The increased loan rates have now made it worse. Though the prices are witnessing correction people are awaiting the market to further stabilize."

Research reveals that there has been a 90 per cent drop in demand for residential projects since the start of the year.

Notably, Old Mahabalipuram Road, the hottest real estate destination in Chennai is also loosing pace. Cursing the fading effect of the place on lack of infrastructure facilities, Chennai real estate agents say there have been only a few transactions in the area for quite sometime.

The commercial sector is also witnessing a downfall. The Central Business District in Chennai has seen a 15 per cent drop, media reports.

IT companies largely drive the demand for Chennai properties but due to the current market recession many companies have postponed their expansion plans. As a result supply of office space in the city has exceeded demand. Huge chunks of office space are lying unoccupied. Subsequently, Chennai real estate builders are now waiting to launch their projects.

Besides global recession, inflation, the rising home loan rates and increasing input costs have also resulted in slump in property transactions in Chennai. Realtors in Chennai are struggling to sell properties. Though price correction is taking place in Chennai Real Estate sector but realty experts predict that the market will bounce back.

Surajkund - Lucrative Real Estate Options

Real estate boom in India has activated many dormant areas to become super- active. Surajkund is currently going through this phase of activation and is ready to cross the threshold in order to emerge as a real estate destination. This boom is further strengthened by the relaxation of Foreign Direct Investment (FDI) in the real estate and construction sector. Additionally, the retail segment has opened the doors for the commercial real estate sector of India. Faridabad is fast becoming the next hot destination for expanding developmental activities. The pace of real estate growth is expected to prosper well as more and more companies are now choosing to opt for Surajkund. The city has become a prominent investment destination due to its proximity to Delhi and also because of the rising values of the real estate in Gurgaon and Noida.

Faridabad has traditionally been an industrial city, with 300 large and 10,000 small scale units and the Haryana Government’s new Industrial Model Township. However, the industrial town of Faridabad is now noticing new residential developments, especially in Surajkund village that spans across 30 acres. Surajkund, already known for its international Mela, is now a residential delight for many. The Surajkund mela was launched in 1981 by the Haryana Tourism and is held in the month of February from 1st-15th every year. This craft Mela (fair) serves as a meeting ground for talented artists, painters, weavers, sculptors and craftsmen from all over India who display handicraft products in the typical setting of a rural Indian market place. The place is visited by number of domestic and International tourists and the foot-falls seems to be multiplying every year.

Green Environment

Away from the hectic and congested life, Surajkund offers an environment like no other place in Delhi. The place displays a sense of peace and traditional touch which is envied by every Delhiite. People are opting for Surajkund for its peaceful natural surroundings. Renowned developers are coming up with township projects in and around localities of Surajkund. The first township project near Surajkund is Charmwood Village by the Eros Group covered in the area of 65 acres. Omaxe, Ansals are also setting up their residential projects.

These attractive townships are sufficient to satisfy the needs of people. Bungalows, apartments and villas are available here with all the modern amenities. The rates of residential properties range between Rs 6,500-Rs 8,000 per sq ft. The rent is around Rs 20,000 for 2 BHK flat and varies on the bases of size and type. Ansal and Crown Plaza have lavishly designed malls catering to children’s entertainment and hospitality, along with other commercial and residential projects. Numbers of other residential projects are in pipeline and soon going to be launched.

Infrastructural developments

Social infrastructure is also developing at the fast pace to support the physical infrastructure in Surajkund. All the national and international based schools and educational institutes have come up in the periphery to benefit the students with a pollution free atmosphere. MNV public school, Delhi Public School and Manav Rachna School are to name a few. Transportation is also improving by and by with Delhi’s bus stand just 1 km from the Surajkund. Local rickshaws and autos are also available for intra-city connectivity.

The property price of Surajkund has increased three times in last couple of years. Planned infrastructure, township projects of big brands, proposed Metro in main Faridabad and rise in the prices of real estate property of other cities, involvement of Haryana government in the overall development of Surajkund make it a good choice for real estate investors.

Magicbricks provides you the best and latest Real Estate in India. To know about Surajkund Properties and Faridabad Real Estate & to buy India Properties visit Magicbricks.

Source: Times Property (31^st August’08)

www.brixresearch.com

Real Estate Fund

Milestone announced Rs 600 crore private equity find for Indian property segment. The details for this fund are being worked out.

Recently, Donald trump Jr. announced that he will soon float a real estate fund for Indian market. His fund is valued at US$1 billion. He is looking for an Indian partner for this venture, possibly a renowned business family.

Do these developments ring bells for a stagnant market? Do you think that these developments spell good news for Indian market?

Green Homes More Popular than Conventional Homes

An online survey by US-based Fireman’s Fund Insurance Company revealed that affluent individuals are interested in replacing heating, cooling and electricity systems with green materials. Respondents have shown interest in energy saving practices like recycling, reusing articles.

In India too, property developers like Hiranandani Group and Lodha Group have ventured into the green buildings arena. Hiranandani Group has announced that all their commercial buildings will be leeds certified.

Would you prefer a green home over a conventional home? Do you practice any energy saving tips at home? Share with us.

For more details on Pune Real Estate Builders, log on to magicbricks.com

Aam admi’s Concern

Inflation is likely to take its toll on the property markets. The cost of living in Indian cities is rising like anything. The RBI in its annual policy for 2008-09, had expressed its intentions to bring down the rate of inflation to 5.5%, however, it had reached record high of 8.4%, averaging between 7-8%.

Rising fuel cost, also, is not a good sign for the markets. The cost of construction will rise.

Certainly, you and I, who could earlier think of buying a residential property on an EMI, will now have to recalculate how much can be paid towards loan installment.

Tough time!!!

Can you Time Real Estate Markets?

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years. When legendary investor and one of the most richest men in the world Warren Buffett says this, it becomes quite clear that investment is not a short term game.

The same holds true for real estate investments as well. Today, the markets are slackening and most of the experts concede that demand for property has been going down and down.

You must be wondering whether it is the right time to buy property or not but believe it you might not be able to time markets. And it happens most of the time.

However, if we look at the long term prospects of the Indian property markets and the underlying fundamentals of Indian economy, investing in property is the option that can bring suitable rewards for investors in the time frame of 5-15 years.

Hyderabad to Out-Shine Bangalore as IT hub?

The Nizam's city - Hyderabad - is set to become Cyberabad now. The city's hit-tech airport has added sheen to its developing infrastructure and the Real Estate segment.

Property rates for residential space in the city centre range between Rs 2,200 - 4,500 per sq ft. The capital value for commercial property range between Rs 25,000 - 60,000 per sq yard. Home seekers are now flocking to the city suburbs where the residential space comes for Rs 1,600 - 4,000 per sq ft.

Recently, the Hyderbad Urban Development Authority (HUDA) announced its plans to develop an expressway in the city's outer circle to facilitate transport to these areas. This means, that the infrastructure and real estate segments of the city's suburbs will get a boost. Sensing this boost in development, IT companies like Wipro, TCS, HCL have already established their bases in Hyderabad.

Will all these developments dampen the commercial prospects of Bangalore? Property Prices in Bangalore are way much higher than Hyderabad. Now, when Hyderabad is offering world-class infrastructure, will Bangalore’s popularity as IT destination face a set-back?

Time to Buy Property in Gurgaon

Did you want to buy residential property in Gurgaon but kept on postponing your plans due to soaring real estate prices? If yes, there is a good news for you…

Property prices in Gurgaon have stabilized. According to Real Estate Brokers, capital values have not shown any upward trend in the past one year. That's why, people who were not in a position to time the markets earlier are now stepping forward.

To keep the balling rolling, the real estate developers have also been tuning their marketing plans as per the trends…

Hitech City in Kochi

Sobha Developers is developing--Hitech City in Kochi--its most ambitious township project, so far. The Rs 5,000 crore project covering about 450 acres is estimated to be completed in eight years time. And given that the high-tech island is aiming to be a knowledge hub, that is exactly the kind of profile they are also planning to attract. From industries, IT parks, biotech companies to hospitals, apartments, hotels and swanky malls – the hub is set on the lines of a mini-city. Those who really have deep pockets can afford an apartment that will offer them a sea-side view.

Gurgaon Real Estate: Great Plans Ahead

The biggest irony of the real estate development story in Gurgaon is the surmounting pressure on the support infrastructure of the city. However, the builders have found their way out and have started the journey of becoming self sufficient in terms of power and water. Some of the upcoming townships will now have rain harvesting plants, water treatment techniques and even the facility of 100 per cent power generation within the township itself.

Developers like DLF, Unitech and Ansal have reportedly laid plans to have power-generation plants for their townships, and more emphasis will be given on non-conventional energy resources like solar power. Great plans indeed.

Penal Provisions Against illegal Colonizers on Cards

The Municipal Commissioners of Madhya Pradesh cities, in a meeting held in state capital Bhopal on March 18, suggested the State government that penal provisions should be made to ensure strict action against illegal colonizers in urban areas.

They should be blacklisted and their names displayed on the websites of the concerning municipal corporations, said Nikunj Shrivastava, Bhopal Municipal Commissioner, adding that common people should be cautioned against such colonizers.

State Minister for Urban Administration Narottam Mishra and State Finance Minister Raghavji were present at the meeting. Mishra said responsibility of the concerning Municipal Commissioners and the officers in charge of the colony cell should be fixed to prevent illegal colonies in the cities.

Beaches, Beaches and Beaches

Goa real estate market is all about beach side villas. According to property consultant Sunil Chheda of Fair Deal Properties,” The going rate for the sea side villas is anything between Rs 5-10,000/sq ft. these are typically built on a land area of 1-2 acres with a built up area of not less than 7,000 sq ft. It can be more or less depending upon customer’s taste and needs. They are build according to their personal style and preferences.”

However, not every beach can have sea side villas. The beach should have an even terrain and not a mountainous one. It should facilitate adventure sports and water sports activities and not a rough rocky terrain. These villas are especially found in North Goa. Please add on if you have some more information on the region..

India, a Golden Bird

What is common between KP Singh and Donald Trump? Real estate, of course. But what is noticeable is the kind of difference this Indian man has made over his American counterpart.

The DLF Chief Singh has left Trump Group founder Trump far behind. In the latest ‘World’s Richest’ list released by Forbes magazine, Singh has emerged up as eight richest man in the world with his personal corpus stands at $30 billion, which is 10 times more than the $3 billion empire of US-based real estate tycoon Trump.

To the other end, if we combine the corpuses of Mukesh Ambani, who is 5th richest man in the world with $43 billion, and Anil Ambani’s $42 billion, Ambani family is far rich than world’s richest man Warren Buffet, whose personal worth is calculated at $62 billion. Who says India was a golden bird?

Here’s the Forbes list:
1. Warren Buffett (US): $62 billion
2. Carlos Slim (Mexico): $60 billion
3. Bill Gates (US): $58 billion
4. Lakshmi Mittal (India): $45 billion
5. Mukesh Ambani (India): $43 billion
6. Anil Ambani (India): $42 billion
7. Ingvar Kamprad (Sweden): $31 billion
8. KP Singh (US): $30 billion
9. Oleg Deripaska (Russia): $28 billion
10. Karl Albrecht (Germany): $27 billion