Forbes India Richest List 2023: In a year when India is riding on a high after hosting the G20 summit in New Delhi and is considered a hot spot by global investors. However, the needle has not moved much this year regarding the collective wealth of India’s 100 wealthiest people. At $799.32 billion, it is a touch lower than $799.78 billion in 2022.
Reliance Industries Chairman Mukesh Ambani has reclaimed the top spot among the richest Indians in 2023 with his total net worth increasing $4 billion to $92 billion as compared to last year, according to Forbes‘ latest ‘India’s 100 Richest 2023′. Shortly after spinning off and listing Jio Financial Services, which has an asset management joint venture with BlackRock, Ambani also cemented his succession plan by appointing his three children to Reliance’s board as non-executive directors in August.
The second spot was claimed by the fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India’s richest person for the first time last year. However, that reversed dramatically after the Hindenburg Research report in January sent his group’s shares tumbling. “Despite recovering somewhat since, his net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion – down the most in both dollar and percentage terms – and he slips back into second place,” the report said.
Software tycoon Shiv Nadar climbs two spots to return to No. 3 with a fortune of $29.3 billion, as shares of HCL Technologies jumped 42 per cent in the past year amid a tech rebound.
“Matriarch Savitri Jindal, of the O.P. Jindal Group, a power and steel conglomerate, ranks No. 4 with $24 billion, up 46 per cent, thanks partly to the September IPO of ports unit JSW Infrastructure, by her son Sajjan Jindal. Rounding out the top five is Radhakishan Damani of Avenue Supermarts, whose fortune declined to $23 billion from $27.6 billion previously,” the report said.
Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, said: “India is riding high and is considered a hot spot by global investors. That buoyancy has made the elite club of India’s 100 Richest even more exclusive this year, with the minimum net worth to make the cutoff rising to a record $2.3 billion.”
Top Gainers
According to the Forbes India Rich List 2023, the biggest percentage gainer this year is Inder Jaisinghani at No. 32 with $6.4 billion. His family’s net worth nearly doubled as his wires and cables company, Polycab India, benefited from increasing electrification.
Whereas, pharma brothers Ramesh and Rajeev Juneja got a good 64 per cent boost from the May listing of their Mankind Pharma, bringing them to No. 29 with $6.9 billion.
Newest Entrants
There are only three new entrants this year: Renuka Jagtiani, chairwoman of Landmark Group, a Dubai-headquartered retailing giant, takes the spot of her husband Micky Jagtiani, who died in May. The Dani family of Asian Paints are the heirs of patriarch Ashwin Dani, who died in September after a brief illness. The third is garment exporter K.P. Ramasamy, founder and chairman of K.P.R. Mill. Srichand Hinduja, the eldest of four brothers, died in May and that fortune is now listed under the Hinduja family, the report said.
Check the Full Forbes India Rich List 2023 Here
Comments
0 comment