Reliance Industries chairman Mukesh Ambani has regained his spot as Asia’s richest person after rival Gautam Adani tumbled to No. 24, Forbes said in its Billionaire 2023 list released on Tuesday. With a net worth of $83.4 billion, 65-year-old Ambani is also among world’s top ten billionaires at the ninth position with LVMH’s Bernard Arnault topping the coveted list.
Mukesh Ambani was ranked 10th in the prestigious list last year, with an estimated net worth of $90.7 billion. In the latest list this year, Mukesh Ambani is ranked higher than Steve Ballmer of Microsoft, Larry Page and Sergey Brin of Google, Mark Zuckerberg of Facebook and Michael Dell of Dell Technologies.
Hindenburg’s report, released on Jan. 24. eroded more than $100 billion in the value of shares in Adani firms and forced the conglomerate to scale back some of its aggressive expansion plans
His net worth is now $47.2 billion and is the second richest Indian behind Ambani. “Last year, Ambani’s oil-to-telecom behemoth Reliance Industries became the first Indian company to surpass $100 billion in revenue,” Forbes said.
Ambani, it said, sidestepped speculation about succession by giving his children key roles last year: Older son Akash is the chairman of telecom arm Jio Infocomm; daughter Isha is the head of the retail business; and younger son Anant works in Reliance’s new energy ventures.
The 25 richest people in the world are worth a collective $2.1 trillion, according to Forbes’ World’s Billionaires list, down a combined $200 billion from $2.3 trillion in 2022.
Adani’s elder brother Vinod was estimated to be worth nearly $10 billion “but not counted as an Indian billionaire due to his Cyprus passport,” it said.
With the sheen off the tech sector, software magnate Shiv Nadar’s fortune tumbled 11 per cent from a year ago to $25.6 billion, but he retained his position as the country’s third richest person.
Despite declining demand for Covid-19 vaccines, India’s vaccine king Cyrus Poonawalla — whose portfolio includes listed financial services firm Poonawalla Fincorp as well as privately held vaccine giant Serum Institute of India — held onto his spot as the country’s fourth richest person, though his net worth fell 7 per cent from a year ago to $22.6 billion.
Steel magnate Lakshmi Mittal was ranked at No. 5 followed by OP Jindal Group matriarch Savitri Jindal, Sun Pharma’s Dilip Shanghvi and Radhakishan Damani, whose Avenue Supermarts owns the DMart retail chain.
Kumar Birla is ranked at No. 9 and Uday Kotak at No. 10.
Among the newcomers is the youngest Indian billionaire, 36-year-old Nikhil Kamath, who co-founded discount brokerage Zerodha with his older sibling Nithin Kamath (also a newcomer). The Bengaluru brothers are worth $1.1 billion and $2.7 billion, respectively.
Four people returned to the list this year after previously falling off, including Keshub Mahindra, chairman emeritus of Mahindra & Mahindra. The 99 year-old patriarch is the oldest Indian billionaire and has a net worth of $1.2 billion.
Twenty-three people from last year’s list didn’t make the cut this time, including metals magnate Anil Agarwal, who’s weighed down by debt, and payments pioneer Vijay Shekhar Sharma, whose One97 Communications has seen its shares steadily fall since its IPO in late 2021 amid increasing competition for its Paytm payments app and prominent investors, such as SoftBank and Alibaba, paring their stakes.
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