Mumbai: Mukesh Ambani, the 66 year old chairman of Reliance Industries Limited has reclaimed the title of India's richest individual on the 360 One Wealth Hurun India Rich List 2023 overtaking Adani Group chairman Gautam Adani, who had occupied the top spot in 2022 list.
Mukesh Ambani’s net worth stood at Rs 8.08 lakh crore in 2023 up 2 per cent from the previous year while Gautam Adani’s wealth was estimated at Rs 4.74 lakh crore down by 57 per cent. The third spot was retained by 82-year-old Pune-based Cyrus S Poonawalla and family promoters of Serum Institute of India, whose turnover was estimated at Rs 2.78 lakh crore, up 36 per cent compared to last year. Shiv Nadar with a networth of Rs 2.28 lakh crore and London-based Gopichand Hinduja at Rs 1.76 lakh crore took the fourth and fifth spot respectively. Sun Pharmaceutical Industries’ chairman Dilip Shanghvi at Rs 1.64 lakh crore took the sixth spot. This marks the 12th annual edition of the list, showcasing the wealthiest individuals in India.
The report said that Gautam Adani’s slip to the second spot comes after the Hindenburg Research report halved his wealth in the past year. Adani suffered a staggering decrease in wealth amounting to Rs 6.19 lakh crore within a year, representing the most substantial annual wealth decline in the history of the inception of the Hurun rich list, said the report. The Hindenburg report had accused the Gautam Adani-helmed Group of stock manipulation and other financial misdeeds that led to a stock rout.
“In 2022, Gautam Adani was ahead of Ambani’s wealth by Rs 3 lakh crore whereas in 2023, Ambani is ahead of Adani by Rs 3.3 lakh crore,” said the report. Interestingly, Mukesh Ambani’s ranking soared despite Reliance Industries’ lackluster performance in the stock market.
One of the standout findings of this year's list is that a remarkable 1,319 individuals boast a net worth exceeding Rs 1,000 crore, an increase of 219 individuals, including 278 new entrants.
The cumulative wealth of the rich listers surged to an impressive Rs 109 lakh crore, more than the combined GDP of Singapore, UAE, and Saudi Arabia.
Among the listees, 1,054 individuals witnessed their wealth grow or remain stable, including 278 newcomers, while 264 individuals saw a decline in their wealth, and 55 individuals dropped out of the list. India has 259 billionaires, up 38 compared to the previous year. In terms of contributions by industry segment, Industrial Products and Metals & Mining have seen the highest number of new entrants to the list, with pharma continuing to hold the top spot, welcoming 133 new entrants. The list includes Kaivalya Vohra (20), Founder of Zepto, as the youngest member, underscoring the impact of India's startup revolution.
Anirudha Taparia, Co-Founder & Joint CEO of 360 ONE Wealth, noted, "Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, with some experiencing an astonishing 1,000 per cent surge. Construction and engineering have emerged as the top gainers in the top 100 list, closely followed by pharmaceuticals with a cut-off of around Rs 20,000 crore.”
Intriguingly, star signs seemed to play a role, with Pisces retaining the lead in wealth accumulation, followed by Taurus and Libra. Overall, Virgo made the best entrepreneurs in the country leading the way with 9.6 per cent of the list.
