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

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

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

Mukesh Ambani: $92 billion
Gautam Adani: $68 billion
Shiv Nadar: $29.3 billion
Savitri Jindal: $24 billion
Radhakishan Damani: $23 billion
Cyrus Poonawalla: $20.7 billion
Hinduja Family: $20 billion
Dilip Shanghvi: $19 billion
Kumar Birla: $17.5 billion
Shapoor Mistry and family: $16.9 billion

Source: Forbes

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

While you're here

National Editorial: Donald Trump has left his mark on the Middle East

Con Coughlin: The thorn in the side of Biden's foreign policy team

James Reinl: Biden’s Yemen U-turn gets thumbs-up overseas

Raghida Dergham: Will Biden's 'maximum diplomacy' with Iran work?

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.

BOSH!'s pantry essentials

Nutritional yeast

This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.

Seeds

"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."

Umami flavours

"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".

Onions and garlic

"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."

Your grain of choice

Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."

Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

The biog

Hobby: Playing piano and drawing patterns

Best book: Awaken the Giant Within by Tony Robbins

Food of choice: Sushi

Favourite colour: Orange

Essentials

The flights

Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.

The stay

A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.

The specs

Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet