India (Commonwealth) _ According to the Hurun India Rich List 2023, Mukesh Ambani, chairman of Reliance Industries Limited, has recaptured the title of richest Indian, surpassing Gautam Adani, head of the Adani Group, who saw a significant loss in wealth as a result of the damning Hindenburg Research investigation.
The 360 ONE Wealth Hurun India Rich List 2023 was issued on Tuesday by Hurun India and 360 ONE Wealth. The 12th annual list of India’s wealthiest people is now available.
According to the most recent wealthy list, created in partnership with Hurun India and 360 ONE Wealth, the wealth of India’s elite totals Rs 108 lakh crore ($1.3 trillion), a rise of 8.5% from the previous year.
The list serves as evidence of India’s economy’s amazing expansion and vitality. The aggregate wealth of our listers has surpassed the GDPs of Singapore, the United Arab Emirates, and Saudi Arabia, according to Yatin Shah, Joint CEO of 360 ONE Wealth.
The study continued, Mukesh Ambani (66) recaptured the title of the richest Indian, beating Gautam Adani, who saw his wealth significantly fall as a result of the Hindenburg effect. This was despite Reliance Industries’ underwhelming stock market performance.
Reliance Industries has invested more money overall than any other Indian company in the past ten years—more than $150 billion, according to the research. Mukesh Ambani’s fortune has increased dramatically over this time, nearly quadrupling from Rs 1.65 lakh crore in 2014 to Rs 8.08 lakh crore in 2023.
As of 2023, Gautam Adani (61), the chairman of the Adani Group, fell to second place with a net worth of Rs. 4.74 lakh crore. The promoters of Serum Institute of India, Cyrus S Poonawalla, 82, and his family from Pune, who had a projected turnover of $278,500 crore (up 36% from last year) as of 2023, held onto third place.
Gopichand Hinduja & family came in second with fortune of Rs. 1.76 lakh crore, followed by Shiv Nadar (78) of HCL in fourth place with value of Rs. 2.29 lakh crore. Sun Pharmaceutical Industries’ founder and CEO, Dilip Shanghvi, stands third. Mukesh Ambani’s fortune has increased dramatically over this time, nearly quadrupling from Rs 1.65 lakh crore in 2014 to Rs 8.08 lakh crore in 2023.
According to the research, 1,319 people have net worths of over 1,000 crore ($120 million), a rise of 76% over the previous five years. Additionally, 278 new names have been added to the rich list, totaling $88 billion or Rs 7,28,200 crore in wealth.
Anas Rahman Junaid, MD and Chief Researcher, Hurun India, describes India as a “shining moon” in an unsteady global economy and says, “India has welcomed so many fresh faces even in what’s dubbed a ‘difficult year’. Since the list’s launch in 2012, this recent boom of billionaires is the second most frequent.
In the most recent list, Nykaa’s Falguni Nayar was surpassed by Zoho’s Radha Vembu to claim the title of richest self-made woman. It is important to note that Nykaa’s shares have underperformed in comparison to those of its competitors in the consumer tech industry.
Bengaluru-based The youngest self-made millionaire is Kaivalya Vohra, 20, who created the supermarket delivery startup Zepto. The youngest self-made woman entrepreneur is Neha Narkhede, the creator of streaming data technology business Confluent, who is 38 years old.
Mahendra Ratilal Mehta, the creator of Precision Wires India, has shown that age is just a number by making his debut on the 2023 rich list despite being 94 years old. A record number of 871 entrepreneurs, or 66%, are self-made, or first-generation wealth creators. Only 367 people were in this category five years ago. Of the 278 new faces this year, 186 are self-made.
India’s Tier-X cities, sometimes known as “metros,” continue to be a center for the affluent. Mumbai tops the list of wealthiest cities with 328 residents, followed by Bengaluru (100) and New Delhi (199).
India’s economy is becoming more diverse, as evidenced by the fact that 21 new cities have debuted on this year’s list. Ranga Reddy from Telangana, Rajnandgaon in Chhattisgarh, and Ghaziabad in Uttar Pradesh each contributed many entrepreneurs to this year’s list.
