the latest wealth rankings in India as Mukesh Ambani reclaims the title of the richest Indian billionaire, surpassing Gautam Adani. Get insights into the 360 ONE Wealth Hurun India Rich List 2023 and the significant changes in fortunes among India’s top billionaires.
In a significant development for India’s billionaire landscape, Mukesh Ambani has once again ascended to the pinnacle of wealth, overtaking Gautam Adani. According to the recently released 360 ONE Wealth Hurun India Rich List 2023, Ambani’s total wealth for the year 2023 reached an impressive Rs 8.08 trillion. This resurgence in wealth marks a 2 percent increase from the previous year, solidifying his position as India’s richest individual.
Mukesh Ambani
Ambani, the Chairman and Managing Director of Reliance Industries, had temporarily relinquished his title as India’s wealthiest billionaire to Gautam Adani in the previous year. However, Adani’s fortunes have taken a stark downturn in 2023, with his wealth plummeting by a staggering 57 percent to Rs 4.74 trillion. This decline can be attributed mainly to the adverse impact of the Hindenburg report published in January.
Interestingly, in 2022, Gautam Adani was leading the wealth race with a significant margin of Rs 3 trillion over Mukesh Ambani. This year, the tables have turned, and Ambani has emerged as the front-runner with a substantial lead of Rs 3.3 trillion.
The report accompanying the list emphasized the historic nature of Adani’s wealth decline, describing it as “the most substantial annual wealth decline ever recorded for an individual since the inception of the Hurun India Rich List” in 2012.
Despite the severe dip in his wealth this year, Gautam Adani retains the distinction of being the top gainer among India’s richest individuals over the past five years. The report indicates that his wealth has grown fivefold since 2019, soaring from Rs 94,500 crore to its present level.
Intriguingly, the majority of the top 10 wealthiest billionaires on the list experienced an increase in their wealth during 2023. The sole exceptions were Gautam Adani and Radhakishan Damani, whose wealth contracted by 18 percent to Rs 1.43 trillion.
Following closely behind Ambani and Adani on the list is Cyrus Poonawalla, the Managing Director of the Serum Institute of India, who secured the third position with a net worth of Rs 2.78 trillion, marking a remarkable 36 percent increase in 2023. Poonawalla stands out as the individual who witnessed the most substantial wealth growth, adding Rs 73,100 crore to his net worth.
Shiv Nadar, the founder and Chairman Emeritus of HCL Technologies, retained his fourth position with a net worth of Rs 2.28 trillion, while Gopichand Hinduja of the Hinduja Group ranked fifth with a net worth of Rs 1.76 trillion. Nadar’s wealth grew by 23 percent, and Hinduja’s by 7 percent in 2023.
Notably absent from this year’s list is Byju Raveendran, whose edtech startup faced significant markdowns in valuation. In the 2022 version of the report, Raveendran was ranked 49th on the list, boasting a net worth of Rs 30,600 crore.
The report also revealed that Mumbai is home to the largest number of billionaires, with 328 out of a total of 1,319 individuals on the list residing in the city. This is followed by New Delhi with 199 billionaires and Bengaluru with 100.
In terms of industry sectors, Pharmaceuticals led the list with 133 entrepreneurs, followed by 109 in Chemicals & Petrochemicals and 96 in Industrial Products.
Additionally, Radha Vembu of Zoho, ranked 40th on the list, has surpassed Falguni Nayar of Nykaa to become the wealthiest self-made Indian woman. Vembu’s net worth now stands at Rs 36,000 crore, reflecting an 18 percent increase from the previous year. Nayar, on the other hand, ranked 86th with a net worth of Rs 22,500 crore, experiencing a substantial 42 percent decline over the past year.
The youngest individual on the list is Kaivalya Vohra, the founder of the e-commerce platform Zepto. Vohra retained the title of the youngest billionaire for the second consecutive year, boasting a net worth of Rs 1,000 crore.
For individuals leading listed companies, the net worth was calculated based on their share prices as of August 31. For unlisted companies, the valuation was determined based on the most recent investor round.
This shift in India’s billionaire landscape reflects the dynamic nature of the country’s economy and the fortunes of its most prominent business leaders.
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