Mukesh Ambani is the richest Indian, surpassing Gautam Adani

On the 2023 M3M Hurun World Rich List, Reliance Industries‘ CMD Mukesh Ambani surpassed Gautam Adani as India’s richest individual. Both Adani and Ambani witnessed a decline in their wealth from the previous year’s Hurun Rich List to the next year’s, although Adani lost 35% of his fortune because of the Hindenburg scandal while Ambani lost 20% less. Adani’s fortune has dropped from $119 billion on January 24, to just $57.2 billion today. Nonetheless, Mukesh Ambani stood forth as the richest Indian and Asian despite seeing a $21 billion drop in his wealth.

Top 10 Richest Indians

1. Mukesh Ambani
2. Gautam Adani & family  
3. Cyrus Poonawalla            
4. Shiv Nadar & family        
5. Lakshmi N Mittal             
6. SP Hinduja & family         
7. Dilip Shanghvi & family   
8. Radhakishan Damani & family     
9. Kumar Mangalam Birla & family 
10. Uday Kotak        

On the 2023 M3M Hurun World Rich List, he is one of the top ten wealthiest people in the world, and the only Indian to make the cut. Adani also lost more money than any of India’s top ten richest people. The top 9 billionaires had their wealth decline by a combined $339 billion over the past year, which is just slightly less than Hong Kong’s GDP of $361 billion, highlighting exactly how disastrous the past year has been for billionaires.

Over the board, the wealth of 41 Indian billionaires fell by at least $1 billion from the previous year. A total of $122.7 billion was lost by these billionaires over this time span, putting India in third place globally, behind only China and the United States.

Not only Adani and Ambani have lost fortunes this year, but the list claims that every week for the past year, the world has lost five billionaires. From 3,381 last year to 3,112 this year, the number of billionaires has dropped by 269 people. The combined wealth of the world’s billionaires has dropped by 10%, to $13.7 trillion, along with the overall number of billionaires. According to Hurun’s list of India’s richest people, 9 out of the top 10 saw their fortunes decline.

Only Cyrus Poonawalla, CEO of an Indian biotech firm, has seen his fortune grow. Poonawalla is now the healthcare industry’s top earner and a billionaire. Notwithstanding the grim economic outlook, 15 new billionaires were added to the list in India, the richest of which is Rekha Rakesh Jhunjhunwala, the widow of the ‘Big bull,’ Rakesh Jhunjhunwala.

One-third of India’s total billionaires may be traced back to Mumbai, the country’s financial hub. Sixty-six of India’s 187 billionaires call Mumbai home. When it comes to India’s top 10 billionaires, five of them are based in Mumbai. Two of the top ten wealthiest people in the world happen to call London home.

Know more about Mukesh Ambani: A Deeper Look at Mukesh Ambani Net Worth in 2023