Saturday, July 20, 2024
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Forbes India rich list 2023

In a year marked by India’s successful hosting of the G20 summit in New Delhi and increased attention from global investors, the collective wealth of India’s top 100 richest individuals has seen only marginal change. It currently stands at $799.32 billion, slightly below the $799.78 billion recorded in 2022.

Mukesh Ambani, the Chairman of Reliance Industries, has regained his position as India’s wealthiest individual in 2023. His total net worth has grown by $4 billion to reach $92 billion compared to the previous year, as reported in Forbes’ latest “India’s 100 Richest 2023.” Ambani solidified his succession plan by appointing his three children as non-executive directors on Reliance’s board in August, following the spin-off and listing of Jio Financial Services, which has a joint venture with BlackRock.

Gautam Adani, an infrastructure magnate, had claimed the top spot as India’s richest person for the first time last year. However, this changed dramatically after a report from Hindenburg Research in January led to a significant drop in his group’s shares. Despite some recovery, his net worth, including his family’s, decreased by a substantial $82 billion to $68 billion. This marked the most significant decline in both dollar and percentage terms, causing him to slip back into second place.

Software mogul Shiv Nadar ascended two positions to secure the third spot, amassing a fortune of $29.3 billion, driven by a 42% increase in HCL Technologies’ shares amid a tech industry rebound.

Savitri Jindal, the matriarch of the O.P. Jindal Group, a power and steel conglomerate, ranked fourth with a net worth of $24 billion, a 46% increase. This boost was partly attributed to the September IPO of the ports unit JSW Infrastructure, led by her son, Sajjan Jindal. Rounding out the top five is Radhakishan Damani of Avenue Supermarts, whose fortune declined from $27.6 billion to $23 billion.

Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, highlighted that India’s prominence on the global stage has attracted substantial attention from investors. This buoyancy has elevated the exclusivity of India’s 100 Richest club, with the minimum net worth to make the cutoff reaching a record $2.3 billion.

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