Mumbai Mukesh Ambani has reclaimed his position as India’s richest man, according to the 360 ONE Wealth Hurun India Rich List 2023, released on Tuesday.
The 66-year-old Reliance Industries chairman’s wealth grew to ₹808,700 crore, up by 2% from last year, while that of Gautam Adani who had pipped him to the number one slot last year, crashed by 57 per cent, and is now estimated at ₹474,800 crore.
The other billionaire who slid down the rich list this year is investor and D-Mart promoter Radhakishan Damani who lost 18 per cent of his wealth in one year, and the family is now estimated to be worth ₹1,43,900 crore.
This year, there were 273 new entrants and 38 new billionaires on the Hurun rich list despite this being “a tough year,” said Anas Rahman Junaid, MD and chief researcher.
Pune-based 82-year-old Cyrus S Poonawalla and family, promoters of Serum Institute of India, retained the third position; their wealth was estimated at ₹278,500 crore, up 36% over last year. At the fourth position was Shiv Nadar, 78, founder and chairman emeritus of HCL, with an estimated wealth of ₹228,900 crore. Nadar’s wealth grew by 23% over last year. London-based Gopichand Hinduja and family took the fifth spot with a 7% increase in their wealth estimated to be ₹1,76,500 crore. Sun Pharmaceutical Industries’ Dilip Shanghvi followed with an estimated wealth of ₹1,64,300, up 23% over last year. Hindujas climbed up two spots in the rankings, and Shanghvi rose by three spots in the list.
Steel magnate LN Mittal of Arcelor Mittal was ranked seventh with estimated wealth of ₹1,62,300, up 7%, while retail magnate and D Mart promoter Radhakishan Damani was ranked eighth on the list with estimated wealth of ₹1,43,900 crore, down 18%. Kumar Mangalam Birla and family re-entered the top ten with estimated wealth of ₹1,25,600 crore, up 5% over last year, while Bajaj Auto chairman Niraj Bajaj and family were at the 10th spot with estimated wealth of ₹1,20,700 crore, up 7%.
The list refers to individuals residing or born and bred in India. This year, the cumulative wealth has increased by 8.5%, while average wealth has decreased by 9.3% and India now has 259 billionaires, 38 more than last year.
Commenting on the launch, Yatin Shah, Co-Founder of 360 ONE & Joint CEO, 360 ONE Wealth, said, “The list is a testament to the remarkable growth and dynamism of India’s economy. With 1,319 individuals now possessing INR 1,000 crore or more, we are witnessing a remarkable surge, up by 76% over the last five years.” The youngest person on the list is the 20-year-old founder of Zepto Kaivalya Vohra while Byju Raveendran exited the list on the back of investor markdowns.
Anirudha Taparia, Co-Founder and Joint CEO, 360 ONE Wealth, said, “Construction and engineering emerged the top gainers, followed closely by pharmaceuticals which has a cut-off of INR 20,000 crore. With 262 new entrants spanning 30 industries and 61 cities, the 360 ONE Wealth Hurun India Rich List 2023 reflects a dynamic and diverse economic landscape.”
“The trends prove that India is a shining moon in a world staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and number of people that make the list, India is closing the gap,” said Junaid.
Source: Hindustan Times