India’s listed enterprises had 152 billionaire promoters with $858.3 billion in net wealth in 2023. That’s up 21% from 2022 and 16% from a year ago.
The number of Indian listed businesses’ billionaire promoters reached 152 in 2023, totaling $858.3 billion. That was an increase in billionaire promoters by 21% from 2022 (126) and net wealth by 16% from 2022 (739 billion).
These billionaire promoters’ net worth rose 16.2% in 2023 based on their family’s business share.
This outpaced the 15.5% net wealth rise of all family-owned listed company promoters.
A 12-month average rupee-dollar rate of 78.87 for 2022 and 82.58 for 2023 is reported.
New members and the richest promoters’ net worth proportion dropped in 2023, democratizing the billionaire club.
Sponsored
The country’s two wealthiest promoters, Mukesh Ambani and Gautam Adani, owned 25.5% of billionaire promoters’ net worth in 2023, down from 34.8% in 2022.
Adani dominated India’s billionaire league table in 2022, but Ambani took it back in 2023.
Ambani’s wealth rose 4.7% to $112.4 billion from $107.4 billion.
Adani’s group firms’ share values fell to second place in 2023 after US-based Hindenburg Research raised debt and shareholder concerns. Adani disputes the claims.
The Adani family’s net wealth fell 28.7% to $106.63 billion from $149.5 billion in 2022, but it’s still 3.6 times HCL Technologies’ third-ranked Shiv Nadar family.
Nadar became India’s third wealthiest businessperson with $29.3 billion, up 34.9% from 2022 ($21.75 billion).
With $24 billion, Damani slid 4.3% to fourth on Business Standard’s billionaire list.
His successor was Wipro’s Azim Premji, India’s eighth richest promoter with $21.8 billion, up 9.1% from 2022.
Malav Dani, Amrita Vakil, and Manish Choksi of Asian Paints ($20.8 billion); Dilip S Shanghvi of Sun Pharmaceutical Industries ($20.7 billion); Sunil Mittal of Bharti Airtel ($20.2 billion); Sajjan Jindal of JSW Group ($18.9 billion); and Rajiv and Sanjiv Bajaj of Rahul Bajaj Group ($16.7 billion) are other 2023 top
Uday Kotak of Kotak Mahindra left and Sajjan Jindal of JSW Group joined, maintaining the top 10.
JSW Infrastructure’s IPO and listing increased the Jindals’ wealth by 55.4% in 2023.
The port infrastructure company increased the family’s wealth by $4.5 billion in 2023.
The 2023 IPO boom enriched four promoters.
In 2023, Mankind Pharma’s Ramesh Chand Juneja was India’s 25th richest businessman with $7.4 billion.
Pradeep G Rathod of Cello World ($1.6 billion), Tribhuvanprasad Kabra of R R Kabel ($1.3 billion), and Pradeep Kumar Aggarwal of Signature Global ($1 billion) are additional IPO-led billionaires
With 29 new promoters entering in 2023 due to their company’s quick share price gain, midcap and smallcap stocks raised this club’s net worth the most.
Amit Dangi of Authum Investment and Infrastructure led 2023 gainers with 323% net worth growth.
He was followed by P R Jindal of Jindal Saw (281%), Savita Ramesh of Kaynes Tech (263%), Kushal Desai of Apar Industries (222%), and T S Kalyanaraman of Kalyan Jewellers (168%
Conclusion
India’s listed enterprises had 152 billionaire promoters with $858.3 billion in net wealth in 2023, a record. It’s up 21% from 2022 and 16% from last year. These billionaire promoters’ net worth, as measured by their family’s interest in their companies, rose 16.2% in 2023, outpacing the 15.5% rise in other family-owned listed companies’ promoters.
New members and the richest promoters’ net worth proportion dropped in 2023, democratizing the billionaire club. Mukesh Ambani and Gautam Adani held 25.5% of billionaire promoters’ net worth in 2023, down from 34.8% in 2022.
Top 10 remained steady with one leaving and one entry. JSW Infrastructure’s IPO and listing increased the Jindals’ wealth by 55.4% in 2023. This group had the most net worth rise in 2023 due to midcap and smallcap stocks and 29 new promoters.
