Mukesh Ambani, Chairman and Managing Director of Reliance Industries, has ascended to the pinnacle of Forbes’ 2023 list of India’s 100 Richest, boasting a staggering net worth of $92 billion. Ambani’s return to the top spot follows his strategic moves, including the spin-off and listing of Jio Financial Services, which has a pivotal asset management joint venture with BlackRock. Additionally, he solidified his succession plan by appointing his three children to Reliance’s board in August.
Gautam Adani, the wealthiest individual in India in 2022, encountered a substantial setback when a negative report by US short-seller Hindenburg Research caused a sharp decline in his company’s shares. Despite a partial recovery, Adani’s net worth, encompassing his family, dwindled to $68 billion, marking the most significant decline both in terms of dollars and percentage. As a result, he now secures the second position, yielding the top spot to Mukesh Ambani.
The combined wealth of India’s 100 Richest remained stagnant at $799 billion for the year 2023.
Software magnate Shiv Nadar ascended two places to claim the third position, with a net worth of $29.3 billion, largely attributable to a remarkable 42% surge in HCL Technologies’ shares over the past year. In the fourth position is Savitri Jindal of the influential Jindal Group, which possesses power and steel enterprises, boasting a net worth of $24 billion, reflecting a remarkable 46% increase from the preceding year, driven by the recent IPO of her son’s ports unit, JSW Infrastructure. The fifth position is secured by Radhakrishnan Damani, with a net worth of $23 billion, down from $27 billion the previous year.
The top 10 wealthiest individuals in India are:
- Mukesh Ambani; $92 billion
- Gautam Adani; $68 billion
- Shiv Nadar: $29.3 billion
- Savitri Jindal; $24 billion
- Radhakishan Damani; $23 billion
- Cyrus Poonawalla; $20.7 billion
- Hinduja Family; $20 billion
- Dilip Shanghvi; $19 billion
- Kumar Birla; $17.5 billion
- Shapoor Mistry & Family; $16.9 billion
Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, noted, “India is experiencing a period of heightened economic activity and is viewed as an attractive destination by global investors. This buoyant environment has elevated the exclusivity of the elite club of India’s 100 Richest this year, with the minimum net worth required to make the list reaching a record $2.3 billion.”
The 2023 list includes three new entrants: Renuka Jagtiani, Chairwoman of Landmark Group, a Dubai-based retailing giant, enters the list at No. 44 with a net worth of $4.8 billion, following the passing of her husband Micky Jagtiani in May. Also joining the list is the Dani family (No. 22, $8 billion) of Asian Paints, heirs of the late Ashwin Dani, who passed away in September. The third newcomer is garment exporter K.P. Ramasamy (No. 100, $2.3 billion), founder and chairman of K.P.R. Mill.