 "Gautam Adani and Mukesh Ambani")
For the first time, the number of Indians with a net worth of over Rs 1,000 crore crossed the 1,300 mark in 2023, as revealed by the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday.
At 1,319, India now boasts 216 more billionaires than the 1,103 recorded last year.
India had crossed the 1,000 mark in 2021, when the number of billionaires recorded was 1,007, marking an increase of 179 from 2020.
With a total wealth of Rs 8.08 trillion in 2023, Mukesh Ambani reclaimed the title of the richest person in India. The chairman and managing director of Reliance Industries surpassed Gautam Adani, founder and chairman of Adani Group, who held the title the previous year. Ambani’s wealth increased by 2 per cent over the year.
Adani’s fortune plummeted by 57 per cent to Rs 4.74 trillion since the last release of the list, primarily due to the Hindenburg report published in January.
In 2022, Adani was ahead of Ambani by a wealth gap of Rs 3 trillion. This year, Ambani has overtaken him by a margin of Rs 3.3 trillion. Commenting on the decline in Adani’s wealth, the report stated, “This represents the most substantial annual wealth decline ever recorded for an individual since the inception of the Hurun India Rich List.” The list was first published in 2012.
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Despite the significant drop in his wealth in 2023, Adani remains the top gainer among the richest Indians over the past five years. According to the report, his wealth has multiplied fivefold from Rs 94,500 crore in 2019.
Interestingly, eight of the top 10 richest billionaires on the list experienced an increase in their wealth in 2023. The only two to witness a decline were Adani and Radhakishan Damani, whose wealth diminished by 18 per cent to Rs 1.43 trillion.
For individuals with listed companies, the net worth was calculated based on the share price on August 31. For unlisted companies, the valuation was based on the most recent investor round.
Following Ambani and Adani, Cyrus Poonawalla, managing director of the Serum Institute of India, secured the third spot with a net worth of Rs 2.78 trillion, marking a 36 per cent rise in 2023. In absolute terms, Poonawalla gained the most, adding Rs 73,100 crore to his wealth.
Shiv Nadar, founder and chairman emeritus of HCLTech, retained the fourth position with a net worth of Rs 2.28 trillion. Gopichand Hinduja of Hinduja Group ranked fifth, with a net worth of Rs 1.76 trillion. The net worth of both Nadar and Hinduja rose by 23 per cent and 7 per cent, respectively, in 2023.
Notably, Byju Raveendran did not make it to the list this year due to significant markdowns in the valuation of his educational technology startup. In the 2022 version of the report, he ranked 49th on the list with a net worth of Rs 30,600 crore.
The report further revealed that Mumbai, with 328 of a total of 1,319 billionaires, is home to the highest number of individuals on the list. It is followed by 199 in New Delhi and 100 in Bengaluru.
In terms of industry sectors, the pharmaceutical sector led the list with 133 entrepreneurs, followed by 109 in chemical and petrochemical, and 96 in industrial products.
Radha Vembu of Zoho, ranked 40th on the list, surpassed Nykaa’s Falguni Nayar to become the richest self-made Indian woman. Vembu’s net worth stands at Rs 36,000 crore, up 18 per cent from last year. Nayar ranked 86th with a net worth of Rs 22,500 crore, registering a significant decline of 42 per cent over the past year.
At 20 years of age, Kaivalya Vohra, founder of the e-commerce platform Zepto, was the youngest individual on the list. With a net worth of Rs 1,400 crore, he stood at 1,045th place. Last year too, Vohra, then 19, was the youngest on the list with a net worth of Rs 1,000 crore.
He was ranked 1,036th in 2022.
