Businessman Builds $1B Skyscraper As Home In India

---

(MUMBAI, India) - India's richest man, Mukesh Ambani, is building his new home up instead of out.

His new home will be the antithesis of a sprawling California ranch-style house. It will be a 27-floor skyscraper in Mumbai, formerly known as Bombay.

The tower, expected to be completed next year, is already estimated to be worth $1 billion. Ambani plans to live there with his wife, mother, three children and full-time staff of 600. They currently live in a 14-story building.

The skyscraper will have a helipad and six floors of parking as well as separate floors for a home theater, a guest apartment and the two-story health club.

Ambani's Reliance Group is India's largest private company, and it has interests in oil, retail and biotechnology.

Ambani's new home is part of a global rush to build tall buildings. Planners say the next wave of skyscraper proposals will come in India.

Mumbai is the world's seventh largest city in terms of billionaire population, according to Forbes Magazine.The city was ranked ahead of San Francisco and Dallas in the Forbes study.