Mukesh Ambani crowned India's richest person with a net worth of $92 billion

The Reliance Industries chairman reclaims the top position and Gautam Adani slips to second place on Forbes list

(From left) Mukesh Ambani, Gautam Adani and Shiv Nadar are the three richest Indians in 2023, according to Forbes. Photos: EPA, Bloomberg, Getty Images

Mukesh Ambani, chairman and managing director of Reliance Industries, has reclaimed his position as India’s richest person with a net worth of $92 billion, according to Forbes magazine.

Mr Ambani's personal fortune increased by $4 billion this year, the magazine's India’s 100 Richest list for 2023 showed.

Billionaire Gautam Adani, who rose meteorically to overtake Mr Ambani as India’s richest person for the first time in 2022, was ranked the second-richest Indian with a net worth of $68 billion.

Mr Adani's net worth plummeted by $82 billion – down the most in both dollar and percentage terms – after US short-seller Hindenburg Research levelled fraud allegations against his business empire in January. The Adani Group denied any wrongdoing.

Software tycoon Shiv Nadar was ranked third on the 2023 list with a net worth of $29.3 billion. He climbed two spots as shares of his HCL Technologies jumped 42 per cent in the past year amid a tech rebound. He saw the biggest wealth gain in absolute terms at $7.9 billion, according to Forbes.

He was followed by Savitri Jindal, of power and steel conglomerate OP Jindal Group, in fourth place with $24 billion and Avenue Supermarts' Radhakishan Damani in fifth with a fortune of $23 billion, according to Forbes.

“The needle has not moved much this year regarding the collective wealth of India’s 100 wealthiest people. At $799 billion, it is a touch lower than $800 billion in 2022,” Forbes said.

“The minimum net worth to make the cut-off on the elite club of India’s 100 richest has risen to a record $2.3 billion.”

Global wealth is expected to rebound by roughly 5 per cent to reach $267 trillion in 2023 after facing economic headwinds in 2022, a September report by the Boston Consulting Group said.

In total, global wealth declined by 4 per cent to $255 trillion last year due to the largest stock market fall since 2008.

Last year’s bear market followed a strong 2021, during which global wealth rose by more than 10 per cent to $264 trillion, BCG’s Global Wealth Report 2023: Resetting the Course report said.

India has a record 169 billionaires in 2023, but their combined net worth has fallen 10 per cent to $675 billion, driven down by Mr Adani’s change in fortunes, according to the Forbes 2023 World Billionaires List in April.

The US continues to have the most billionaires in the world, with 735 Americans on the list, collectively worth $4.5 trillion, Forbes said.

China, including Hong Kong and Macau, remains second, with 562 billionaires worth $2 trillion, followed by India, it added.

Watch: How India's Gautam Adani lost title as Asia's richest man

Six UAE-based Indians featured on Forbes’ India list, led by Yusuff Ali, founder and chairman of hypermarket chain operator LuLu Group International, who has a net worth of $7.1 billion.

He ranked 27th, up from 35th last year, when he had a personal fortune of $5.4 billion.

LuLu, one of the largest supermarket chains in the Gulf, operates 254 hypermarkets and shopping malls in 10 countries including India, Egypt, Malaysia and Indonesia.

The group plans to launch an initial public offering in the first half of next year and list its shares on the Abu Dhabi Securities Exchange.

Renuka Jagtiani, chairwoman of omnichannel retailer Landmark Group, is the second-richest Indian in the UAE with a net worth of $4.8 billion, Forbes said.

Ranked 44th on the wider list, she inherited the spot from husband Micky Jagtiani, who died in May. In 2022, Mrs Jagtiani’s wealth had been estimated at $2.9 billion.

Joy Alukkas, chairman of jewellery retailer Joyalukkas Group, was ranked 50th on the Forbes list with a net worth of $4.4 billion.

He has improved his position from 69 last year. In 2022, he had a net worth of $3.1 billion, according to Forbes.

India's top 10 richest people in 2023 - in pictures

Mukesh Ambani, chairman and managing director of Reliance Industries, has reclaimed his position as India’s richest person with a net worth of $92 billion, according to Forbes. Reuters

Infrastructure magnate Gautam Adani fell to second place after topping the list last year. His net worth, including that of his family, is $68 billion. Reuters

Software tycoon Shiv Nadar, who has a net worth of $29.3 billion, is in third place. Getty Images

Savitri Jindal, of power and steel conglomerate OP Jindal Group. She and her family are ranked fourth with a net worth of $24 billion. Getty Images

Radhakishan Damani, founder of Avenue Supermarts, is in fifth place. He and his family's wealth is estimated at $23 billion. Photo: Radhakishan Damani

Cyrus Poonawalla, chairman and managing director of the Cyrus Poonawalla Group, is ranked sixth with a net worth of $20.7 billion. Bloomberg

Gopichand Hinduja, chairman of conglomerate Hinduja Group. The Hinduj family is in seventh place, with a net worth of $20 billion. PA Photo

Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, is India's eighth-richest person. His net worth, including his family's, is $19 billion. Bloomberg

Kumar Birla of the Aditya Birla Group ranked ninth on Forbes' list with a personal fortune worth $17.5 billion. Bloomberg

Shapoor Mistry and family are 10th on India's rich list with a $16.9 billion fortune. Getty Images

At the age of 46, Dr Shamsheer Vayalil, founder and chairman of Abu Dhabi healthcare provider Burjeel Holdings, is the youngest Indian businessman on the list with a net worth of $3.7 billion.

Dr Vayalil, who is Yussuf Ali’s son-in-law, is ranked 57th on Forbes’ list.

Other UAE-based Indians in the elite club include Ravi Pillai, chairman and managing director of construction and engineering company RP Group, with wealth estimated at $3.2 billion (ranked 69th); and Sunny Varkey, founder of Gems Education, with a personal fortune of $2.93 billion (ranked 78th), Forbes said.

Top 10 richest Indians in 2023

1. Mukesh Ambani: $92 billion
2. Gautam Adani: $68 billion
3. Shiv Nadar: $29.3 billion
4. Savitri Jindal: $24 billion
5. Radhakishan Damani: $23 billion
6. Cyrus Poonawalla: $20.7 billion
7. Hinduja Family: $20 billion
8. Dilip Shanghvi: $19 billion
9. Kumar Birla: $17.5 billion
10. Shapoor Mistry and family: $16.9 billion

Source: Forbes