Richest People In India In 2023:
India has produced a considerable number of billionaires, with a significant portion of them even ranking among the wealthiest individuals globally. These Indian billionaires have made significant contributions to the country’s economy across various industries. However, due to the unpredictable nature of the market, their wealth is subject to fluctuations, particularly since many of them have their fortunes invested in publicly traded stocks. Forbes’ “The World’s Real Time Billionaires 2023” has released the latest rankings of the ten wealthiest individuals in India.
| Rank | Name | Net worth (USD) |
|---|---|---|
| No. 1 | Mukesh Ambani | Net worth of $114.6 billion. |
| No. 2 | Gautam Adani | Net worth of $112.6 billion. |
| No. 3 | Shiv Nadar | Net worth of $42.7 billion. |
| No. 4 | Cyrus Poonawalla | Net worth of $21.6 billion. |
| No. 5 | Radhakishan Damani | Net worth of $17.7 billion. |
| No. 6 | Savitri Jindal and family | Net Worh of $17.3 billion. |
| No. 7 | Dilip Shanghvi | Net Worth of $16.2 billion. |
| No. 8 | Lakshmi Mittal | Net worth of $15.9 billion |
| No. 9 | Sunil Mittal and family | Net worth of $15.7 billion. |
| No. 10 | Kumar Birla | Net worth of $15.1 billion. |
Short Description
No. 1 Rank: Mukesh Ambani – Net worth of $100 billion.
Mukesh Ambani, who has dropped down to the 13th position on the Bloomberg Billionaire Index, is now the richest man in India once again with a net worth of $102 billion on Friday, adding nearly $3 billion to his net worth in the span of 24 hours.
This massive net worth gain and joining the $100 billion club comes after Reliance shares soared on the Indian stock market on Thursday, making Ambani $2.8 billion richer than the day before, according to Bloomberg data.
Reliance Industries Limited (RIL) shares 22 percent from a low in October 2023, after the firm released its quarterly profits (Q3) reports. Mukesh Ambani owns 42 percent stake in the company, leading to his net worth increasing significantly after a spike in the share price.
Just a week ago, Ambani was trailing behind Gautam Adani on the Bloomberg Index with a net worth of $96 billion, while the Adani Group chairman became the richest person in Asia with a net worth of $96.7 billion.
No. 2 Rank:Gautam Adani – Net worth of $97.6 billion
With a net worth of $97.6 billion, the Adani Group founder is now the world’s 12th richest person and the richest Indian and Asian on the list. He has gained $7.67 billion from the last list position and amassed $13.3 billion year-to-date (YTD). Earlier last year, Adani saw his net worth slide many spots amid the Hindenberg allegations.
In January 2023, Hindenburg Research, a New York-based short seller, accused the Adani Group of prolonged stock manipulation and accounting irregularities. These claims were refuted by the Adani Group. After these allegations, declines in the stock prices of Adani Group companies resulted in a staggering decrease of almost 60 percent in Adani’s fortune, plummeting by up to $69 billion.
Ahmedabad’s Adani Group, led by Gautam Adani, stands as a key infrastructure conglomerate in India. It owns the nation’s largest private port and has a prominent role in global coal trading. Adani Enterprises, the flagship company within the group, disclosed revenues amounting to $17 billion for the fiscal year concluding on March 31, 2023.
Gautam Adani’s wealth primarily stems from his ownership in six publicly traded companies affiliated with the Adani Group, the conglomerate he established.
No. 3 Rank: Shiv Nadar – Net worth of $42.7 billion.
Shiv Nadar, the co-founder of HCL, ranks third among India’s richest billionaires with an estimated wealth of $25.5 billion as of 2022. HCL started its journey in 1976 with the production of calculators and microprocessors, and now it has become one of the largest software service providers in India with a revenue of $102 billion. HCL Technologies has a presence in 50 countries and has provided employment to 169,000 people. In 2020, Shiv Nadar stepped down from his position as CEO of HCL, and his daughter took over the role. Currently, he holds the position of chairman emeritus at HCL. Apart from being a successful entrepreneur, Shiv Nadar is a notable philanthropist who has donated more than $662 million to the Shiv Nadar Foundation to support educational initiatives at the national level.
No. 4 Rank: Cyrus Poonawalla – Net worth of $21.6 billion.
Cyrus Poonawalla, the founder of Serum Institute of India, is poised to become India’s fourth wealthiest person in 2022, with a net worth of $21.6 billion. The company he established in 1966 has grown to become the world’s leading vaccine manufacturer, producing over 1.5 billion doses of flu, polio, and measles vaccines. Today, Serum is run by Cyrus’ son Adar, and the company has invested roughly $800 million to construct a new factory dedicated to manufacturing Covid-19 vaccines.
No. 5 Rank: Radhakishan Damani – Net worth of $17.7 billion.
Radhakishan Damani, one of India’s wealthiest individuals, boasts a net worth of $17.7 billion and holds the fifth position on the list. He has earned the title of the retail king of the country since his company, Avenue Supermarket, completed its IPO in March 2017. Damani started his retail career with a single supermarket in a Mumbai suburb and now leads a national retail chain of over 221 DMart stores. Additionally, he has ownership stakes in India Cements and VST, a tobacco company. Damani also possesses the renowned Radisson Blu Resort in Alibag, which features 156 rooms and is situated close to Mumbai.
No. 6 Rank: Savitri Jindal and family – Net Worh of $17.3 billion.
In 2022, the Jindal family, led by Savitri Jindal, ranked as India’s sixth wealthiest, with a combined net worth of $17.3 billion. The Jindal Group’s activities span power, cement, infrastructure, and steel. Savitri Jindal, the group’s founder and the late Om Prakash Jindal’s widow, presently holds the position of president. Following Om Prakash Jindal’s passing in a helicopter crash in 2005, his four sons inherited the group’s businesses.
No. 7 Rank: Dilip Shanghvi – Net Worth of $16.2 billion.
In 2022, Dilip Shanghvi’s net worth reached $16.2 billion, making him the seventh wealthiest individual in the country. He founded Sun Pharma, a pharmaceutical company specializing in psychiatric drugs, in 1983 with a seed capital of $200 from his father. Today, Sun Pharma generates an annual revenue of $4.5 billion and is one of the leading pharmaceutical suppliers in the country. Shanghvi expanded Sun Pharma’s operations through multiple acquisitions, including the notable purchase of Ranbaxy Laboratories for $4 billion in 2014. Apart from the pharmaceutical industry, Shanghvi has also diversified his investments into renewable energy and oil and gas in recent years.
No. 8 Rank: Lakshmi Mittal – Net worth of $15.9 billion.
Ranked eighth on the list of India’s richest people in 2022 is Lakshmi Mittal, whose net worth amounts to $15.9 billion. He serves as the chairman of ArcelorMittal, the world’s largest steel and mining company, generating a revenue of $53.3 billion. In 2019, ArcelorMittal, together with Nippon Steel, acquired Essar Steel, which was previously owned by Ravi Ruia and Shashi, both billionaires. Although he has relinquished the CEO position to his son, Aditya Mittal, Lakshmi Mittal still holds the role of executive chairman at ArcelorMittal.
No. 9 Rank: Sunil Mittal and family – Net worth of $15.7 billion.
With a net worth of $15.7 billion, Sunil Mittal secures the ninth position on India’s list of the top 10 wealthiest individuals. As the founder and chairman of Bharti Enterprises, he is a self-made businessperson who owns Bharti Airtel, the second-largest telecommunications provider in India. Mittal is also renowned for his contributions to education in India through the Bharti Foundation, the philanthropic branch of Bharti Enterprises.
No. 10 Rank: Kumar Birla – Net worth of $15.1 billion.
With a net worth of $15.1 billion, Kumar Birla is ranked as the tenth wealthiest person in India. He is renowned as the commodities king and serves as the leader of the Aditya Birla Group, which has an annual revenue of $46 billion. The group’s interests extend beyond telecom and financial services to include aluminum and cement. In August 2021, Kumar Birla resigned as the chairman of debt-stricken Vodafone India Limited, paving the way for the merger of Idea Cellular and Vodafone India in 2018.
India is home to numerous billionaires, many of whom are among the wealthiest individuals on the planet. These billionaires come from diverse industry backgrounds and have made significant economic contributions to their country. The fortunes of these billionaires are subject to fluctuations due to the volatile nature of market conditions, particularly since most of them have invested their wealth in publicly traded companies.
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