According to the 360 ONE Wealth Hurun India Rich List for 2023 released recently, Reliance Industries chairman Mukesh Ambani has surged ahead of Adani Group’s Gautam Adani to claim the title of the richest Indian.
Ambani’s Wealth Continues to Soar
Mukesh Ambani, the chairman of Reliance Industries, saw his wealth grow by a modest 2 percent, reaching a staggering Rs 8.08 lakh crore. This significant wealth increment has solidified his position as the wealthiest individual in India.
Adani’s Fortunes Take a Dive
In stark contrast to Ambani’s ascent, Gautam Adani, the head of Adani Group, witnessed a significant dip in his wealth. His fortune plummeted by a whopping 57 percent to Rs 4.74 lakh crore, primarily due to a massive stock market decline in his group’s firms.
This fall was triggered by a report published in January from a US-based short seller, Hindenburg Research, which alleged accounting frauds and stock market manipulation within the Adani Group.
Notable Figures on the Hurun India Rich List 2023
The 2023 Hurun India Rich List features 1,319 individuals hailing from 138 different cities. The list is based on fortunes as of August 30.
Cyrus Poonawalla: The Third Wealthiest Indian
Cyrus Poonawalla, the Managing Director and Chairman of Serum Institute of India (SII), retained his position as the third wealthiest individual in India. His fortune experienced an impressive 36 percent jump, reaching Rs 2.78 lakh crore.
Shiv Nadar: The Fourth Richest Indian
Shiv Nadar, the founder and chairman of HCL Technologies, maintained his position as the fourth richest Indian. His wealth increased by 23 percent to reach Rs 2.28 lakh crore.
Climbers in the Top 10
The majority of individuals in the top 10 rankings ascended their positions. Notable names include Gopichand Hinduja, Dilip Shanghvi, L N Mittal, Kumar Mangalam, and Niraj Bajaj.
Radhakishan Damani: A Notable Decline
In contrast, Radhakishan Damani, the founder of D-Mart, experienced an 18 percent drop in net worth, settling at Rs 1.43 lakh crore. This decline resulted in him slipping three ranks to become the eighth richest Indian.
Radha Vembu and Kaivalya Vohra: Trailblazing Individuals
Radha Vembu of Zoho overtook Falguni Nayar to become the richest self-made Indian woman. Additionally, Kaivalya Vohra of Zepto is the youngest individual on the list, highlighting the growing influence of young entrepreneurs.
A Debut at Age 94
Mahendra Ratilal Mehta, the MD and CEO of Precision Wires India, made a remarkable debut on the list at the age of 94.
India’s Rising Billionaires
According to the Hurun report, India has been steadily adding two new billionaires every three weeks over the past year. This brings the total count of Indian billionaires to 259, marking a 4.4-fold increase over the past 12 years.
Addressing Wealth Disparities
The list also underscores the concerns regarding wealth inequalities. It notes that 51 individuals on the list saw their wealth double this year, in contrast to 24 individuals in the previous year.