Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#261 Radhakishan Damani $6.19B

Random fact: Earned hundreds of millions of dollars from stock market investments.

Overview

Damani controls Avenue Supermarkets, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products through more than 130 D-Mart shops across India, and had net profit of 4.8 billion rupees ($75 million) in the year-ended March 2017.

As of Sept. 22, 2017:
Last change -$131M (-2.1%)
YTD change +$4.29B (+225.4%)
Industry Retail
Biggest asset DMART IN Equity
Citizenship India
Age 60
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Radhakishan Damani's net worth of $6.19B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Damani's fortune is derived from publicly traded Avenue Supermarkets, the Indian retailer that operates D-Mart retail stores in 132 locations, according to its website.

He controls 60 percent of the business directly, through Mumbai-based Bright Star, which he owns with his wife, and three trusts in the names his children. Other family members own about 22 percent. Only the stakes held by his immediate family are included in the net worth calculation.

The billionaire has a history of active investments in publicly traded Indian companies and maintains more than a 1 percent stake in at least nine other companies, according to a March 21 story from Bloomberg Quint, including cigarette maker VST Industries and logistics services provider Blue Dart Express.

A company representative said in June 2017 that he wasn't available for comment.

Biography

Birthdate: 1956
Family: Unmarried, No children

Radhakishan Damani was born in Mumbai, in 1956, where he was raised in a one-room apartment in a tenement block. He dropped out of commerce college after his first year, and entered the stock market as a broker and trader in the late 1980s.

Damani exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He tested the ground with his first D-Mart store in 2002, seeing slow growth for almost a decade, opening 25 stores in its first 9 years, compared to 21 stores opened by Avenue Supermarts in 2016 alone. Damani operates 118 D-Mart-branded stores in 45 Indian cities, as of March 2017, according to a March 31, 2017 Bloomberg News report.

He lives in Mumbai.

Milestones
  • 1956 Radhakishan Damani is born in Mumbai, India.
  • 1995 Becomes biggest individual shareholder in HDFC Bank.
  • 2000 Exits the stock market and works on setting up his retail business.
  • 2002 Founds Avenue Supermarkets
  • 2002 Opens his first D-Mart store in Mumbai.
  • 2010 Operates 25 stores under D-Mart name.
  • 2016 21 new D-Mart shops are opened.
  • 2017 Avenue Supermarts jumps 106 percent over IPO price in Mumbai debut.
  • 2017 Avenue Supermarket is publicly listed in India.