Mukesh Ambani, chairman and managing director of oil-to-telecoms behemoth Reliance Industries, topped the 2025 Forbes list of India’s 100 Richest. with a net worth of $105 billion, a decline of 12 percent or $14.5 billion compared to last year. Ambani, who jumped into artificial intelligence (AI) by setting up Reliance Intelligence, plans to list telecoms unit Jio in 2026. [Reliance Industries is the owner of Network 18, the publisher of Forbes India.]
Infrastructure tycoon Gautam Adani and family are second on the list with a fortune of $92 billion. The founder and chairman of Adani Group got a reprieve in September when the securities regulator said that US short seller Hindenburg Research’s allegations of fraudulent transactions could not be established. The claims had triggered a massive sell-off in group companies’ shares in 2023.
Complete list: India's 100 Richest 2025
The combined wealth of India’s 100 richest in 2025 fell by 9 percent or $100 billion to $1 trillion. The decline was primarily due to a weaker rupee and a 3 percent drop in the benchmark Sensex since fortunes were last measured. Overall, nearly two-thirds of those on the list are less well-off this year, including Ambani.
Retaining the third spot on the list is Savitri Jindal of the OP Jindal Group, whose net worth fell by $3.5 billion to $40.2 billion. Telecoms magnate Sunil Mittal was the biggest dollar gainer with his net worth—which he shares with his family—increasing by $3.5 billion to $34.2 billion. He climbed three places to No 4, a position he had last occupied in 2008. Tech billionaire Shiv Nadar, last year’s fourth richest, slipped to fifth place with a fortune of $33.2 billion.
Making their debut on the list at No 37 are the Doshi siblings with a combined fortune of $7.5 billion. Their Waaree Energies, India’s largest maker of solar panels by capacity, went public late last year at a 70 percent premium to its issue price. Another newcomer is Sunil Vachani (No 80, $3.85 billion), founder and chairman of Dixon Technologies, which makes a range of electronic products for companies such as Samsung and Xiaomi.
Among the returnees to the ranks are Leena Tewari (No 82, $3.8 billion) of USV; PNC Menon (No 87, $3.6 billion) of Sobha and KP Ramasamy (No 97, $3.3 billion) of KPR Mill. Seven from last year dropped off from the ranking, and the cut-off to qualify for the list fell slightly to $3.2 billion from $3.3 billion last year.
The Rich List was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The list is available at www.forbes.com/india and www.forbesindia.com. It can also be found in the October edition of Forbes Asia.
The ranking lists family fortunes, including those shared among extended families such as the Bajaj and Burman families. Public fortunes were calculated based on stock prices and exchange rates as of September 19.
Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
First Published: Oct 09, 2025, 06:32
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