Top 10 Richest People In India In August 2023

After a decline in wealth during the first quarter of the year, the billionaire race witnessed notable changes. Although certain fortunes still faced challenges compared to the previous year, the majority of the top billionaires were accumulating wealth at a higher pace than before.

The Indian Billionaires

Since April 2023, India’s markets have enjoyed an over 8% year-to-date rise, thanks to a stable macroeconomic outlook and low crude oil prices. This, along with promising Q1 earnings and small and midcap indices outperforming larger benchmarks, has driven India’s sustainable growth and also made most of the country’s billionaires richer.

Mukesh Ambani, Asia’s wealthiest man, steered his company, Reliance Industries, to a 3.7% downturn through July, in spite of the firm’s move to separate its financial services division. Despite this slump, Ambani’s fortune listed on Bloomberg’s rich list persisted in its upward trajectory. This is due to the billionaire successfully securing a deal that persuaded BlackRock, a US company, to initiate an asset management venture in India.

Ambani’s fellow billionaire Gautam Adani managed to break out from the plunge that followed after the Hindenburg Research saga. Adani’s wealth rebounded in July as investors started to focus on improving valuations due to strong growth prospects within the group’s companies.

Besides Adani, Dilip Shanghvi, the founder of Sun Pharma, and Cyrus Poonawalla, the Managing Director of the Serum Institute of India, were among the elites who experienced the most gains among India’s top 10 richest people.

Elsewhere, the world’s richest person Elon Musk and second richest man Bernard Arnault, whom the Indian billionaires had left behind last year in wealth gains, continued to increase their charge at the top.

The rapidly growing economy has driven India to emerge as a thriving hub for business and entrepreneurship. Over the years, the country has seen a remarkable rise in the number of self-made billionaires and millionaires, with many individuals amassing substantial wealth.

Here is the ranking of the 10 richest persons in India in 2023 as per Bloomberg’s Billionaires Index:

Mukesh Ambani. Photo by World Economic Forum on Flickr.

Who is the richest person in India? It’s none other than the chairman and managing director of Reliance Industries Limited – Mukesh Ambani!

RIL’s head, Ambani, ranks twelfth on the global billionaire list – a place up from June, boasting a weighty net worth of $96.3 billion. He has played a significant role in RIL’s growth, making it one of India’s top firms with a global presence. Recognizing his contributions, Ambani was honoured with India’s esteemed Padma Vibhushan award in 2016, a testament to his exceptional achievements.

The tycoon’s conglomerate operates a diverse portfolio covering petrochemicals, refining, oil and gas exploration, and telecommunications. Ambani has taken his company to great heights ever since he took over in 2004 after his father Dhirubhai Ambani‘s sudden demise. He led RIL through major transformations, such as the launch of Reliance Jio – a telecom venture that has revolutionized the Indian telecom industry with its affordable data plans and high-speed internet services.

Besides his business acumen, Ambani is also known for his charitable efforts, and his Reliance Foundation works to improve healthcare, education, and rural development in India.

Adani Group Chairman Gautam Adani. Photo by Gonzalo Lanzilotta for Benzinga

Adani, who earlier slipped out of the elite club of the world’s top 10 richest people, is now up to 19 on the global list. However, he continues to remain the second richest man in India.

Adani has a net worth of $63.4 billion after losing a massive $57 billion over the past year. Adani’s conglomerate has widespread interest across sectors like power generation and transmission, real estate, commodities and infrastructure.

Several Adani Group companies are publicly listed, including Adani Enterprises, Adani Green Energy, Adani Power, Adani Wilmar, Adani Transmission, Adani Ports & SEZ, Ambuja Cements and ACC. Several of these stocks have turned multibaggers – that is, they have fetched returns in multiples for the investors.

Adani continues to tread the recovery path after a majority of this wealth was eroded in the aftermath of prominent U.S. short-seller Hindenburg Researchpublishing a report that alleged Adani Group engages in widespread fraud and financial malpractices.

At the end of 2022, Adani held the title of India’s wealthiest individual. Adani’s conglomerate reached its pinnacle, securing its position as the second-largest Indian conglomerate, surpassed only by Reliance Industries.

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