Uday Kotak, the managing director of Kotak Mahindra Bank, with a net worth of $7.1 billion, is the sole Indian to feature in the list of 40 most powerful people in the financial world . 57-year-old Kotak has been ranked 33 in the Forbes list of Money Masters: the most powerful people in the financial world.
Kotak heads the private bank, which over the past decade has emerged as one of the foremost full services banks in the country, with assets at over Rs 1,92,260 crore and a network of 1,333 branches, as of March-end 2016. His bank which acquired former rival ING Vysya Bank in 2014, offers six percent interest on savings accounts, to push with the retail thrust.
The Forbes list is headed by Blackstone Group CEO Stephen Schwarzman, with a net worth of $10.2 billion and oversees assets worth $344 billion.
The list includes icons like Berkshire Hathaway head Warren Buffet (at No 4) with a net worth of $68.5 billion and assets overseen of $552 billion. Goldman Sachs chairman Lloyd Blankfein with a net worth of $700 million and investment guru George Soros with a net worth of $24.9 billion, also feature in the top ten in the Forbes list.
“The hedge fund managers, private equity moguls and lenders who control the flow of trillions of dollars around the global economy impact just about all of us one way or another,” Forbes magazine said .
To compile the list, Forbes judged candidates on four factors: net worth, assets under management or overseen, three-year track records and influence on markets.
Kotak was named Entrepreneur for the Year at the 2015 Forbes India Leadership Awards.