July 22, 2024
mukesh ambani overtakes gautam adani becomes richest person in India

Mukesh Ambani overtakes Gautam Adani to become India’s richest person in 2023

Mukesh Ambani, the chairman and managing director of Reliance Industries, has reclaimed his title as India’s wealthiest individual, outpacing Gautam Adani, according to the latest 360 one wealth hurun india rich list 2023.

mukesh ambani overtakes gautam adani becomes richest person in India

360 one wealth hurun india rich list 2023 reveals the wealth of India’s richest individuals

The latest edition of the 360 one wealth hurun india rich list 2023 has been released, ranking the individuals with a net worth of over Rs 1,000 crore as of August 31, 2023. The report is a collaboration between 360 one wealth and Hurun India, and provides insights into the wealth creation and distribution in India.

The report found that India has 1,319 such individuals, up by 216 from last year. The cumulative wealth of these individuals has grown to Rs 109 lakh crore, more than the combined GDP of Singapore, UAE and Saudi Arabia.

India also has 259 billionaires, up by 38 from last year. The report stated that India added two billionaires every three weeks last year and now has more billionaires than any other country except China and the US.


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Mukesh Ambani regains the top spot with a wealth of Rs 8.08 lakh crore

Mukesh Ambani, the chairman and managing director of Reliance Industries, has reclaimed his title as India’s wealthiest individual, outpacing Gautam Adani, who held the title last year. Ambani, the 66-year-old business tycoon, saw a modest 2% increase in his wealth, reaching a staggering Rs 8.08 lakh crore.

Ambani surpassed Adani, the founder and chairman of the Adani Group, who witnessed a massive 57% decline in his wealth, dropping to Rs 4.74 lakh crore. The report attributed the fall in Adani’s fortune to the Hindenburg report published in January, which alleged that some of his companies were overvalued.

According to the report, Adani was ahead of Ambani by a wealth gap of Rs 3 lakh crore in 2022. However, Ambani bridged the gap and trumped it in 2023 as his wealth was higher by Rs 3.3 lakh crore. This represents the most substantial annual wealth change ever recorded for an individual since the inception of the Hurun India Rich List.

The report also noted that Ambani’s wealth has grown 2.1 times in the last five years, while Adani’s wealth has quintupled from Rs 94,500 crore in 2019. Despite the significant drop in his wealth in 2023, Adani remains the top gainer among the richest Indians over the last five years.


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The top ten richest individuals in India

Following Ambani and Adani on the list are:

  • Cyrus Poonawalla, the managing director of Serum Institute of India; with a wealth of Rs 2.23 lakh crore.
  • Shiv Nadar, the founder and chairman of HCL Technologies; with a wealth of Rs 2.16 lakh crore.
  • Gopichand Hinduja and family, the co-chairmen of Hinduja Group; with a wealth of Rs 1.97 lakh crore.
  • Dilip Shanghvi, the founder and managing director of Sun Pharmaceutical Industries; with a wealth of Rs 1.77 lakh crore.
  • LN Mittal and family, the chairman and CEO of ArcelorMittal; with a wealth of Rs 1.75 lakh crore.
  • Radhakishan Damani and family, the founder and chairman of Avenue Supermarts; with a wealth of Rs 1.72 lakh crore.
  • Uday Kotak, the founder and CEO of Kotak Mahindra Bank; with a wealth of Rs 1.64 lakh crore.
  • Azim Premji and family, the founder and chairman emeritus of Wipro; with a wealth of Rs 1.59 lakh crore.

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Some interesting facts about India’s richest individuals

The report also highlighted some interesting facts about India’s richest individuals:

  • Radha Vembu of Zoho has overtaken Nykaa’s Falguni Nayar to become the richest self-made woman in India with a wealth of Rs 18,900 crore.
  • Kaivalya Vohra, the 20-year-old founder of grocery delivery start-up Zepto, is the youngest self-made individual on the list with a wealth of Rs 1,100 crore.
  • Neha Narkhede, the co-founder and chief product officer of Confluent, a streaming data technology company based in California, is the youngest self-made woman entrepreneur on the list with a wealth of Rs 6,400 crore.
  • Mahendra Ratilal Mehta, the founder and chairman of Precision Wires India Ltd., is the oldest debutant on the list at age 94 with a wealth of Rs 1,000 crore.
  • Byju Raveendran, the founder and CEO of edtech unicorn Byju’s Learning App, exited the list owing to investor markdowns.

India is a “shining moon” in an uncertain global economy

The report stated that India is a “shining moon” in an uncertain global economy and that it has welcomed so many fresh faces even in what is termed as a “challenging year”. The report also said that this surge in billionaires is the second most prolific since the list’s inception in 2012.

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