Mukesh Ambani overtakes Gautam Adani to become richest Indian billionaire Eight of the top ten richest billionaires in the list, except Adani and Radhakishan Damani, saw their wealth jump in 2023 .Business Standard

 

                                        MUKESH AMBANI      AND       GAUTAM ADANI

With a total wealth of Rs 8.08 trillion in 2023, Mukesh Ambani reclaimed the title of the richest billionaire in India, according to a report released on Tuesday. The chairman and managing director of Reliance Industries surpassed Gautam Adani, founder and chairman of the Adani Group, who held the title last year. Ambani's wealth increased by 2 per cent over the year.

According to the 360 ONE Wealth Hurun India Rich List 2023, Adani's fortune plummeted by 57 per cent to Rs 4.74 trillion since the last release of the list, primarily owing to the Hindenburg report published in January. Notably, in 2022, Adani was ahead of Ambani by a wealth gap of Rs 3 trillion. This year, Ambani has overtaken him by a margin of Rs 3.3 trillion.

Following Ambani and Adani, Cyrus Poonawalla, managing director of the Serum Institute of India, secured the third spot with a net worth of Rs 2.78 trillion, marking a 36 per cent rise in 2023. In absolute terms, Poonawalla gained the most, adding Rs 73,100 crore to his wealth.

Shiv Nadar, founder and chairman emeritus of HCL Technologies, retained the fourth position with a net worth of Rs 2.28 trillion. Gopichand Hinduja of the Hinduja Group ranked fifth, with a net worth of Rs 1.76 trillion. The net worth of both Nadar and Hinduja rose by 23 per cent and 7 per cent, respectively, in 2023.

Notably, Byju Raveendran did not make it to the list this year owing to significant markdowns in the valuation of his edtech startup. In the 2022 version of the report, he ranked 49th on the list with a net worth of Rs 30,600 crore.

The report further revealed that Mumbai, with 328 out of a total of 1,319 billionaires, is home to the highest number of individuals on the list. It is followed by 199 in New Delhi and 100 in Bengaluru.

In terms of industry sectors, Pharmaceuticals led the list with 133 entrepreneurs. It was followed by 109 in Chemicals & Petrochemicals and 96 in Industrial Products.

Radha Vembu of Zoho, ranked 40th on the list, surpassed Nykaa's Falguni Nayar to become the richest self-made Indian woman. Vembu's net worth stands at Rs 36,000 crore, up 18 per cent from last year. Nayar ranked 86th with a net worth of Rs 22,500 crore, registering a significant decline of 42 per cent over the past year.

The youngest individual on the list is Kaivalya Vohra, founder of the e-commerce platform Zepto. Last year too, Vohra was the youngest on the list with a net worth of Rs 1,000 crore. 

For individuals heading listed companies, the net worth was calculated on the basis of its share price on August 31. For unlisted companies, the valuation was based on the most recent investor round.