Mumbai, India – In a dramatic turn of events, Mukesh Ambani, the visionary chairman of Reliance Industries Limited, has once again ascended to the pinnacle of India’s financial hierarchy, seizing the coveted title of the wealthiest Indian. This remarkable feat comes at the expense of Gautam Adani, the Adani Group’s illustrious chairman, who faced a substantial erosion of his fortunes, courtesy of the Hindenburg Research report, as per the recently unveiled Hurun India Rich List 2023.
Hurun India, in collaboration with 360 ONE Wealth, has just unveiled the 360 ONE Wealth Hurun India Rich List 2023, marking the 12th annual ranking of the subcontinent’s financial elite. This exclusive list showcases the titans of industry and commerce who have amassed staggering wealth.
Reliance Industries has, over the past decade, funneled an astonishing sum of over $150 billion into various ventures, surpassing the capital commitments of any other conglomerate on the Indian landscape. During this impressive period of exponential growth, Mukesh Ambani’s personal wealth has ballooned from a modest Rs 1,65,100 crore in 2014 to a staggering Rs 8,08,700 crore in 2023, representing a fourfold increase that defies conventional expectations.
In stark contrast, Gautam Adani, aged 61, finds himself relegated to the second position, his wealth now valued at Rs 474,800 crore. Meanwhile, Cyrus S Poonawalla, the venerable 82-year-old founder of the Serum Institute of India, stands firm at the third position, wielding a formidable fortune amounting to Rs 2,78,500 crore as of the fiscal year 2023.
Shiv Nadar, the 78-year-old luminary behind HCL, retains his stronghold on the fourth spot, commanding a princely wealth of Rs 2,28,900 crore. In the fifth position, we find Gopichand Hinduja and his family, with a wealth of Rs 1,76,500 crore. Dilip Shanghvi, the visionary founder and leader of Sun Pharmaceutical Industries, stands unwavering at the sixth spot with assets worth Rs 1,64,300 crore.
The upper echelons of the list also feature the likes of LN Mittal and family, with a substantial wealth of Rs 1,62,300 crore. Radhakishan Damani, aged 68 and the driving force behind Avenue Supermarts, boasts a remarkable Rs 1,43,900 crore. Kumar Mangalam Birla, aged 56, of the Aditya Birla Group, commands a substantial Rs 1,25,600 crore. Rounding off the top ten is Niraj Bajaj and his family, with a collective fortune totaling Rs 1,20,700 crore.
A noteworthy highlight of this year’s list is the ascension of Radha Vembu, the brilliant mind behind Zoho, as the wealthiest self-made Indian woman in the 360 ONE Wealth Hurun India Rich List 2023. Additionally, Neha Narkhede, the dynamic co-founder of Confluent, a pioneering streaming data technology company, stands out as the youngest self-made female entrepreneur to make this prestigious list.
Yatin Shah, Co-Founder of 360 ONE and Joint CEO of 360 ONE Wealth, provided a compelling insight into this year’s list, stating, “With a staggering 1,319 individuals now boasting wealth exceeding Rs 1,000 crore, we are witnessing an unprecedented surge, marking a remarkable 76 percent increase over the past five years. The combined wealth of our featured individuals has surged to a staggering Rs 109 lakh crore, eclipsing the collective GDP of nations like Singapore, UAE, and Saudi Arabia. This year’s list is a testament to the indomitable entrepreneurial spirit of our nation, with an astounding 64 percent of individuals being self-made.”
In a rapidly evolving landscape of fortunes, Mukesh Ambani’s resurgence to the zenith of India’s wealthiest individuals serves as a testament to the ever-shifting tides of economic power and influence. As we continue to witness this dramatic ebb and flow, one can only speculate on the future contenders for the throne of India’s wealthiest.