Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List
- RIL CMD
Mukesh Ambanihas not only regained the top spot on the list of richest Indians, he has lost much less wealth compared to Gautam Adani.
- Ambani is now the only Indian in the top ten in the 2023 M3M Hurun Global Rich List.
- Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion when compared to last year, losing a cumulative wealth of $122.7 billion.
- Globally, five billionaires dropped out of the list every week.
- Mumbai, the financial capital of India, also accounted for a third of the total billionaires in India, followed by Delhi.
AdvertisementReliance Industries’ CMD Mukesh
Adani, who was briefly the second
On the other hand, Mukesh Ambani, who also witnessed a decline of $21 billion in his wealth, stood out as the richest Indian and Asian. He is also the only Indian in the top ten richest people in the world on the 2023 M3M Hurun Global Rich List.
Adani also lost the most wealth out of the top ten billionaires in India.
Even when Adani was the richest Indian, Ambani’s Reliance Industries topped the list of Hurun’s most valuable companies.
Biggest wealth losers
Underlining just how bad the last one year was for billionaires, the top nine billionaires in terms of wealth erosion lost a cumulative $339 billion, which is only slightly lower than Hong Kong’s GDP of $361 billion.
Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion compared to last year. These billionaires lost a cumulative $122.7 billion during this period, placing India on the third position, only behind China and the US.
Not just India, billionaires are down globally
AdvertisementHowever, it’s not just Adani and Ambani who have lost wealth this year – according to the list, the world lost 5 billionaires every week over the last one year. The number of billionaires is down by 269, from 3,381 last year to 3,112 now.
Not just the number of billionaires, even the cumulative wealth of these billionaires has declined by 10% to $13.7 trillion.
Overall, nine out of the top ten Indian billionaires lost their wealth, according to the Hurun rich list. Only Cyrus Poonawalla, the chairman and managing director of biotechnology company Serum Institute of India, managed to grow his wealth.
Poonawalla has also emerged as the richest healthcare billionaire in the world.
Interestingly, it’s not all gloomy for billionaires – India added 15 new billionaires to its list, with the richest of them all being Rekha Rakesh Jhunjhunwala, the wife of the late Rakesh Jhunjhunwala, who was also known as the ‘Big bull’.
A third of India’s billionaires are based in Mumbai, Delhi a distant second
Mumbai, India’s financial capital, also emerged as the top source of billionaires, accounting for a third of the total billionaires in India. According to the Hurun rich list, 66 out of 187 Indian billionaires are based in Mumbai.
Mumbai also dominates when it comes to the top ten billionaires in India, accounting for five out of the ten. Interestingly, two of these ten billionaires reside in London.
Back to Square One: Nifty circles back to levels last seen in September 2021, markets likely to end 2023 in the red
Indian banks better placed than their US peers due to attractive valuations and stickier deposits
Time to accumulate bonds and lock-in attractive yields with peak rates around the horizon
Popular on BI
- My fiancé and I picked out my engagement ring together before he proposed, and I don't regret missing out on the surprise
- A 24-year-old stock trader who made over $8 million in 2 years shares the 4 indicators he uses as his guides to buy and sell
- You can buy more Yeezys today, if you can get past the app crashes and error messages
- Two Mukesh Ambani-owned companies are among India’s top 5 valuable brands
- TVS, Ather, Ola hike prices of electric two-wheelers as new subsidy norms kick in
- IKIO Lighting sets IPO price band at ₹270-285/share
- Royal Enfield sales rise 22% in May at 77,461 units
- GST collection rises 12% to ₹1.57 lakh crore in May