India rich list: Only two billionaires held on to their positions in the top 10

Oct 10, 2023

By: Sourabh Jain

Credit: Canva

Two people retain their position

The Hurun Rich List 2023 has been released, giving us insights about India’s richest. In this list, only two billionaires, Cyrus S Poonawalla and Shiv Nadar have retained their position in the top 10 list.

Credit: Canva

Mukesh Ambani and family

Mukesh Ambani and family top the list with a wealth of $97.43 billion. Mukesh Ambani and family are promoters of Reliance Industries that has interests in retail, telecom, energy and other sectors. Ambani’s wealth has increased by a mere 2 percent in the last one year.

Credit: BCCL

Gautam Adani and family

Gautam Adani has lost more than half his wealth after the Hindenburg report released earlier this year, registering a decline of 57 percent to $57.2 billion. Gautam Adani is one of the only two people in the list to have lost wealth during the year.

Credit: BCCL

Cyrus S Poonawalla and family

Cyrus S Poonawalla and family, the founder of Serum Institute of India has recorded the highest increase in wealth at 36 percent in the last one year. The 82-year-old billionaire has a wealth of $33.55 billion. The Serum Institute of India is the world's largest vaccine manufacturer.

Credit: BCCL

Shiv Nadar and family

Shiv Nadar, the founder of tech giant HCL and the current chairman emeritus is the country’s fourth richest person. His wealth has increased by 23 percent to $27.58 billion. His wealth has increased by 194 percent in the last ten years.

Credit: BCCL

Gopichand Hinduja and family

Hinduja Group’s Gopichand Hinduja and family are next on the list, with a wealth of $21.27 billion. Hinduja’s wealth has increased by 7 percent in the last one year. Srichand Parmanand Hinduja, his elder brother had passed away in May 2023.

Credit: BCCL

Dilip Shanghvi

Dilip Shanghvi, the founder of India’s biggest pharma company Sun Pharmaceutical Industries is the sixth richest person in India. He has reported a 23 percent increase in wealth to $19.8 billion.

Credit: BCCL

Lakshmi Mittal and family

Lakshmi Mittal and family, the chairman of ArcelorMittal is the seventh richest person in India. His wealth has reported a 7 percent increase in the last one year to $19.55 billion. ArcelorMittal has emerged as the world’s largest steelmaker outside China.

Credit: BCCL

Radhakishan Damani and family

Radhakishan Damani, the founder of popular supermarket chain Avenue Supermarts (DMart) is the second person in the list to record a decline in wealth. Damani’s wealth reported an 18 percent decline to $17.34 billion. Avenue Supermarts shares have declined by over 18 percent over the year.

Credit: BCCL

Kumar Mangalam Birla and family

Kumar Mangalam Birla, the chairman of the Aditya Birla Group, is ranked as the ninth richest person in India. His wealth increased by 5 percent to reach $15.13 billion. Birla’s wealth has increased by 171 percent in the last five years.

Credit: BCCL

Niraj Bajaj and family

Niraj Bajaj, chairman of Bajaj Auto, is a new entrant to the list. Bajaj’s wealth increased by 7 percent to reach $14.54 billion. The Bajaj Group is the third largest family business house in the country and has over 50,000 employees.

Credit: Bajaj Group

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