Pallonji Shapoorji Mistry was born in 1929 in Mumbai, India, where he still normally resides. However, by virtue of his citizenship, in their 2015 list Forbes magazine ranks Pallonji Mistry as the richest Irish person, as well as the richest person of Parsi descent, and the 55th richest person in the world.
So just how rich is Pallonji Mistry? Forbes estimates that Pallonji’s net worth is almost $16 billion, most of his wealth having been earned as chairman of the Shapoorji Pallonji Group construction conglomerate.
Pallonji Mistry Net Worth $16 Billion
Pallonji Mistry is known to be very shy and retiring, so information about him and his family is difficult to source. In fact, within the Tata Group he is apparently known as the Phantom of Bombay House, because of the calm but authoritative manner in which he does business both with his staff and on the world stage.
Mistry’s father, Shapoorji, first bought shares in the Tata Sons in the 1930s, a stake that currently stands at 18.4%, which makes Pallanji the largest shareholder in what is India’s largest conglomerate, although the firm is mostly controlled by trusts. He is also the Chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles and Eureka Forbes Limited.
Pallonji’s father the group patriarch, built some of Mumbai’s landmarks around the Fort area – the Hong Kong & Shanghai Bank, the Grindlays Bank, the Standard Chartered Bank, the State Bank of India and the Reserve Bank of India buildings. Pallonji also owns a stake in the Taj Mahal Hotel, which was attacked by terrorists in 2008.
Pallonji Mistry’s net worth has grown steadily since his initial involvement in first, his father’s business interests, secondly when he inherited that business, one of the largest in India, and latterly when he became chairman, and the Shapoorji Pallonji Group has grown steadily under his direction. The group now owns businesses which include Jaguar cars, Tetley Tea, as well as global chemical, steel group Coras, TCS IT, real estate and construction interests. Forbes estimates that the Tata empire includes full ownership or stakes in 32 listed companies worth more than $100 billion, in locations now spread from India to the Gulf States and across Europe.
Pallonji Mistry is married to Pat (Patsy) Perin Dubash, and as India does not allow dual nationality, Pallonji took Irish nationality, and two sons elected to do likewise. His son Cyrus Pallonji Mistry is now chairman of the Tata Group. The family’s interest in Ireland extends only through their love of horses. Pallonji has another son and two daughters.
