Since the G20 Summit in September, India’s stock market climbed 14%, while the 100 Richest’s net worth stayed at $799 billion. Reliance Industries’ evolution into a multinational company returned Mukesh Ambani to the top rank with $92 billion. Software tycoon Shiv Nadar returned to No. 3, while infrastructure billionaire Gautam Adani lost $82 billion to $68 billion. Savitri Jindal’s wealth climbed 46% to $24 billion…
Mukesh Ambani has recovered the top spot on the 2023 Forbes list of India’s 100 Richest. The 100 Richest Indians’ fortune stayed at $799 billion this year.
India is celebrating after hosting the G20 Summit in New Delhi in September and becoming the fourth nation to land a spacecraft on the moon. India’s stock market surged 14% since fortunes were last surveyed, reflecting this optimism. That gain, offset by a lower currency, did not affect India’s 100 Richest, whose net worth stopped at $799 billion.
With a $92 billion net worth, Mukesh Ambani recovered the top spot after diversifying Reliance Industries. After spinning out and listing Jio Financial Services, which has an asset management joint venture with BlackRock, Ambani appointed his three children as non-executive directors to Reliance’s board in August to secure his succession plan.
Last year, infrastructure magnate Gautam Adani overtook Ambani as India’s richest person for the first time, but a January report by US short seller Hindenburg Research sent his group’s shares plummeting.
Despite rebounding considerably, his net worth, including his family’s, decreased from $82 billion to $68 billion, the greatest in dollar and percentage terms, dropping him back to second place.
HCL Technologies shares rose 42% in the previous year after a tech resurgence, boosting software tycoon Shiv Nadar to No. 3 with $29.3 billion. The September IPO of ports business JSW Infrastructure by her son Sajjan Jindal helped power and steel firm OP Jindal Group matriarch Savitri Jindal rise 46% to No. 4 with $24 billion.
Radhakishan Damani of Avenue Supermarts rounds out the top five with $23 billion from $27.6 billion. Forbes Asia Wealth Editor and India Editor Naazneen Karmali said: “India is riding high and is a hot spot for global investors. Because of that buoyancy, India’s 100 Richest are even more exclusive this year, with a record $2.3 billion minimum net worth.
Who has the biggest 2023 percentage gain?
The largest percentage gainer this year is No. 32 Inder Jaisinghani with $6.4 billion. Electronization boosted Polycab India, his wires and cables company, and nearly doubled his family’s wealth.
The May offering of Mankind Pharma boosted brothers Ramesh and Rajeev Juneja to No. 29 with $6.9 billion, up 64%.
Three newcomers in 2023:
After her husband Micky Jagtiani died in May, Landmark Group chairwoman Renuka Jagtiani enters the list at No. 44 with $4.8 billion.
The Dani family (No 22, $8 billion) of Asian Paints, heirs of Ashwin Dani, who died in September, is also new. KP Ramasamy (No 100, $2.3 billion), founder and chairman of KPR Mill, is the third newcomer.
Ranjan Pai (No. 86, $2.75 billion), one of seven returnees, made $1 billion selling part of his investment in Manipal Health Enterprises to Temasek. The eight drop-offs include ed-tech pair Byju Raveendran and Divya Gokulnath, whose firm Byju’s was severely undervalued due to many issues.
Conclusion
India’s stock market surged 14% since the G20 Summit, while the 100 Richest’s net worth stayed at $799 billion. Mukesh Ambani recaptured the top spot with $92 billion, but Gautam Adani’s fortune reversed when Hindenburg Research’s analysis sank his group’s stock. Software tycoon Shiv Nadar rises two spots to No. 3 with $29.3 billion. After her son Sajjan Jindal’s September JSW Infrastructure IPO, Savitri Jindal rose 46% to No. 4 with $24 billion. Damani’s wealth fell to $23 billion. At No. 32 with $6.4 billion, Inder Jaisinghani is the largest percentage gainer this year. The May offering of Mankind Pharma boosted brothers Ramesh and Rajeev Juneja by 64%.
