Reliance Industry Chairman Mukesh Ambani pips Chairman of the Adani Group Gautam Adani to reclaim the number 1 position on the 2023 Forbes list of India’s 100 Richest. In 2022, Adani held the title. Ambani has a net worth of $92 billion.
Adani's fortunes took a significant hit after the release of the Hindenburg Research report. It affected the company's stock value. And though he experienced some recovery, his net worth, inclusive of his family, has fallen to $68 billion from $82 billion last year.
In August, Ambani cemented his succession plan after he named three of his children to the company's board as non-executive directors. HCL's Shiv Nadar jumped two spots to return to number 3 with a fortune of $29.3 billion. Shares of HCL Technologies jumped by 42 per cent in 2022.
Savitri Jindal, of the O.P. Jindal Group, is at number 4 with ranks number 4 with a fortune of $24 billion. And at number five is Radhakishan Damani of Avenue Supermarts with a fortune of $23 billion.
“India is riding high and is considered a hot spot by global investors. That buoyancy has made the elite club of India’s 100 Richest even more exclusive this year, with the minimum net worth to make the cutoff rising to a record $2.3 billion,” said Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia.
Eight persons including the couple Byju Raveendran and Divya Gokulnath have been dropped from the list after the valuation of their edtech company Byju's was marked down.