Reliance chairperson Mukesh Ambani has reclaimed the top spot on the Forbes list of 100 richest Indians this year. Last year’s richest Indian, Gautam Adani, slipped to the second spot. The total wealth of the country’s 100 richest people is $799 billion, reported the magazine.
India’s stock market grew 14 percent. However, due to weak currency against the dollar, the rise in market indices doesn’t reflect in the coffers of the country’s richest, it said.
The magazine estimated Mukesh Ambani’s net worth to be $92 billion (roughly ₹7.6 lakh crore). The highlights of Ambani’s year so far are the listing of Jio Financial Services and the appointment of his children to Reliance Board as non-executive directors.
The net worth of Gautam Adani, who had surpassed Ambani last year to be the richest Indian, plummeted by a whopping $82 billion to $68 billion because of the Hindenburg report, which accused the conglomerate of financial malpractices and stock manipulation. After a bloodbath on the stock markets, Adani Group stocks showed strong recovery, riding on the massive investments made by India-American Rajiv Jain’s firm, GQG Partners.
Also read: Hurun List: Mukesh Ambani richest Indian; 1,319 cross ₹1,000-cr networth
Shiv Nadar is the top gainer this year in terms of positions on the list. He climbed two spots to reclaim the third position on the list with a fortune of $29.3 billion (roughly ₹2.4 lakh crore).
Savitri Jindal of the O.P. Jindal Group is fourth on the list with a fortune of 24 billion dollars.
DMart owner Radhakishan Damani is on the fifth spot despite a massive loss in net worth. His net worth is 23 billion dollars against 27.6 billion dollars last year.
The net worth cutoff to make the elite club this year turned out to be $2.3 billion.
Inder Jaisinghani is at number 32. However, he is the biggest percentage gainer this year. His family’s net worth nearly doubled as his wires and cables company, Polycab India, benefited from increasing electrification across the country.
There are three new entrants in Forbes list this year — Renuka Jagtiani, chairperson of Landmark Group (No. 44 with $4.8 billion), Dani family (No. 22, $8 billion) of Asian Paints, garment exporter K.P. Ramasamy (No. 100, $2.3 billion), founder and chairman of K.P.R. Mill.
Also read: Hurun India Rich List 2023: Mukesh Ambani tops list; Gautam Adani is second
Ranjan Pai, with a net worth of 2.75 billion dollars, is 86th on the list. Here’s the Forbes list.
Mukesh Ambani; US$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
Who is Inder Jaisinghani?
He runs Polycab India. His company makes electrical wires and cables. He started the company in 1986 as a trading firm. In 2014, he diversified into making electric fans, LED lighting, switches and switchgear. The company went public in 2019. He dropped out of school when he was 15 due to his father’s death.