India’s 169 Billionaires: A Look at the 2023 Forbes World Billionaires List
India has once again set a new record with the highest number of billionaires, totaling 169. However, despite this impressive feat, their combined net worth has decreased by a disconcerting 10%, down to $675 billion, according to the Forbes 2023 World Billionaires List. Among those who contributed to the significant drop was Gautam Adani, the embattled tycoon who faced a bumpy ride as the market value of his Adani group of companies took a sharp fall since January 2023.
Looking at the global leaderboard, the United States continues to hold the top spot with 735 billionaires worth a staggering $4.5 trillion. In second place is China, which includes Hong Kong and Macau, with 562 billionaires and a net worth of $2 trillion, while India remains in third place.
Mukesh Ambani: The King of Wealth in India and Asia
Despite an 8% decrease in his net worth over the past year, Mukesh Ambani, the chairman of Reliance Industries, remains India’s and Asia’s richest person, according to Forbes. With a net worth of $83.4 billion, Ambani also ranks as the world’s ninth-richest person. In October 2021, he joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. Ambani has been actively transforming the energy giant inherited from his late father’s empire into a retail, technology, and e-commerce powerhouse. To ensure his legacy, Ambani has also given key roles in different businesses to each of his three children: Akash (telecom), Isha (retail), and Anant (green energy).
Gautam Adani’s Fortune Takes a Major Hit
Once briefly holding the title of the second-richest person globally, Gautam Adani’s net worth has plummeted by nearly half from $90 billion to $47.2 billion. The collapse of the Adani group of companies’ stock price followed a scathing report from US short-seller Hindenburg Research, knocking Adani to the 24th position globally and second place in India.
The Top 10 Wealthiest People in India
Other than Ambani and Adani, India’s top 10 richest people are an impressive group of business magnates with significant contributions to India’s economy. Ranked third is software tycoon Shiv Nadar, whose net worth stands at $25.6 billion, followed by “vaccine king” Cyrus Poonawalla with $22.6 billion. Steel magnate Lakshmi Mittal takes the fifth spot with a fortune of $17.7 billion. The only woman in the top 10 is Savitri Jindal, who is the sixth-richest person in India with a net worth of $17.5 billion and 94th globally. The pharmaceuticals tycoon, Dilip Shanghvi, is ranked seventh with a fortune of $15.6 billion, followed by retail magnate Radhakishan Damani, who lost almost a quarter of his net worth in the past year, with $15.3 billion. “Commodities king” Kumar Birla, head of Aditya Birla Group, takes the ninth place with a net worth of $14.2 billion, while Uday Kotak, executive vice-chairman and managing director of Kotak Mahindra Bank, has a fortune of $12.9 billion, rounding out the top 10 wealthiest people in India.
Conclusion: The Unpredictable World of Billionaires
The Forbes 2023 World Billionaires List shows that despite the unprecedented challenges brought about by the global pandemic, the world still has an impressive number of billionaires. However, it also highlights the unpredictable nature of wealth, as seen in Gautam Adani’s drastic fall from grace. Mukesh Ambani’s continued dominance of the Indian and Asian billionaire rankings demonstrates the importance of the energy and technology sectors in driving wealth creation in the region. While the rankings may change, these business leaders will undoubtedly continue to play a significant role in shaping India’s economy and beyond.
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