L N Mittal, Mukesh Ambani among Forbes' Powerful Billionaires

New York, Feb 15 (PTI) Indian-born steel tycoon Lakshmi
Mittal and Reliance Industries' Chairman Mukesh Ambani are
among the 20 most powerful billionaires in the world, as they
possess not only the riches but also economic dominance as
well as political clout, says Forbes.

The Indian steel baron and the head of India's largest
private sector company were included in the list of "The
World's Most Powerful Billionaires" and according to Forbes
"(they) have tremendous sway over the world's markets, workers
-- and, in some cases, armies."

Lakshmi Mittal, who controls the world's largest steel
firm, ArcelorMittal, has been ranked third on the list
"despite his fortune falling USD 24.5 billion between March
and November 2008".

Elaborating his power quotient, Forbes says, Mittal's
political clout often incites controversy. "In 2002, then
British Prime Minister Tony Blair reportedly wrote a letter to
the Romanian prime minister hinting a sale of the country's
steel company to Mittal would facilitate its entrance into the
European Union," the US business magazine said.

Ambani, head of Reliance Industries, India's largest
company by market cap, was ranked seventh on the coveted list.
"(The company) produces oil, gas, petrochemicals and textiles.
Personally funding construction of a 27-story home in Mumbai
that could cost USD two billion," Forbes says.

"Last March, there were 1,125 billionaires in the world,
Forbes said adding that "few plutocrats possess the money,
economic dominance and political clout to touch -- or the
potential to touch -- all of us."

Forbes compiled the list based on the size and scope of
the industries billionaires control, the political influence
they exert and the fortunes they hold.

The list was topped by Michael Bloomberg, New York City's
chief executive. Bloomberg spent USD 74 million becoming New
York City mayor in 2001 and USD 85 million in 2005. "Law
passed in October letting Bloomberg run for third term,"
Forbes said.

Behind Bloomberg is Italian Prime Minister Silvio
Berlusconi, who heads a nation of 58 million people, a
diversified industrial economy with a gross domestic product
of USD 2.4 trillion and a military budget of roughly USD 43
billion.

Warren Buffett, who controls more than 50 companies that
had a combined USD 118 billion in sales in 2008, ranks fourth.

Forbes, however, highlighted that "perhaps no billionaire
has more control over how America spends its disposable cash
than Oprah Winfrey", who was ranked 20th on the list.

"With Oprah's approval, an unknown book instantly turns
into a bestseller, and getting a product endorsed on Oprah's
Favourite Things show can be the crowning achievement of a
marketer's career," Forbes said.

Forbes cited a research, compiled by two economics
professors of University of Maryland, as per which Oprah's
endorsement of Barack Obama lent the candidate an estimated
additional one million votes in the 2008 Democratic
presidential primary.

Other powerful billionaires in the list include Russia's
largest independent energy company Lukoil's president Vagit
Alekperov, Mexican billionaire Carlos Slim Helu, Microsoft's
Bill Gates and Rupert Murdoch.

Among others were Edward and Abigail Johnson, Li
Ka-Shing, Prince Alwaleed Bin Talal Alsaud, Abdul Aziz Al
Ghurair, Serge Dassault, Saad Hariri Roman Abramovich, Sergey
Brin and Larry Page, David Rubenstein, William Conway Jr and
Daniel D'Aniello. PTI DRR
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