Forbes India Rich List 2020: Ambani dominance continues; see full list

With a global health crisis raging, listed pharma entrepreneurs fared well while those with interests in real estate suffered

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Ambani stands at Number 1 for the 13th year, added $37.3 billion to his fortune—a rise of 73 per cent—to a net worth of $88.7 billion.

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Gautam Adani maintains his position at Number 2 with a 61 per cent boost in his net worth to $25.2 billion. Unfazed by the pandemic-induced travel slowdown, Adani acquired a 74 per cent stake in Mumbai airport, the country’s second-busiest.

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Tech tycoon Shiv Nadar, who ceded the post of chairman of HCL Technologies in July to his daughter Roshni Nadar Malhotra, jumped three places to Number 3 with $20.4 billion.

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#4. Radhakishan Damani: $15.4 billion

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With a global health crisis raging, listed pharma entrepreneurs fared well. Wealth of Cyrus Poonawalla, whose privately held Serum Institute of India—led by his son Adar—has joined the race to produce Covid-19 vaccines, was up 26 per cent to $11.5 billion. The biggest percentage gainer on the list was Kiran Mazumdar-Shaw, founder of Biocon, which is set to start phase 4 trials of a potential Covid-19 drug. Her wealth nearly doubled to $4.6 billion.

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Sanjeev Bikhchandani, cofounder of Info Edge (India), which owns popular job and property websites; siblings Nithin and Nikhil Kamath, co-founders of discount stock brokerage Zerodha Broking; and three specialty chemicals producers: Vinod Saraf, founder of Vinati Organics, Arun Bharat Ram, the patriarch of SRF, and brothers Chandrakant and Rajendra Gogri of Aarti Industries are some of the newcomers joining the list.

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More than a third of the listees saw their wealth decline, notably those working in real estate, including Future Group founder Kishore Biyani, who sold the bulk of his debt-laden retail empire to Ambani’s Reliance Retail in August.