Another year and another record is set by the members of the Forbes list of India’s 100 Richest. The billionaires of the country grew their collective wealth by $25 billion and are cumulatively worth a record $800 billion. This rise in wealth comes as companies are riding on the post-pandemic demand revival wave, and in defiance of a weakening rupee. Nykaa’s chairperson Falguni Nayar debuted on the list for the first time ever—at rank 44—with a net worth of $4.08 billion. However, the most notable drop out was Vijay Shekhar Sharma who was on rank 92 with a net worth of $2.35 billion in 2021.
India’s post-pandemic demand revival has powered its economy to become the fifth-largest in the world, surpassing the UK.
Gautam Adani, the chairperson of Adani Group, doubled his net worth this year to $150 billion to become the richest Indian in 2022. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, who held the top spot since 2013, ranks on the second spot on the list with a net worth of $88 billion, down from $92.7 billion last year.
The top 10 spots on the list have had some shuffle. Savitri Jindal and family have moved up a spot at rank 6 ($16.4 billion). Dilip Shanghvi and family (No. 7, $15.5 billion) Hinduja Brothers (No. 8, $15.2 billion) and the Bajaj family (No. 10, $14.6 billion) have entered the Top-10 club. Ranked No 8 last year, Uday Kotak, CEO of Kotak Mahindra Bank, is now at rank 12 ($14.3 billion).
1) Gautam Adani US$150 billion
2) Mukesh Ambani $88 billion
3) Radhakishan Damani: $27.6 billion
4) Cyrus Poonawalla $21.5 billion
5) Shiv Nadar $21.4 billion
6) Savitri Jindal $16.4 billion
7) Dilip Shanghvi $15.5 billion
8) Hinduja brothers $15.2 billion
9) Kumar Birla $15 billion
10) Bajaj family $14.6 billion
Check out the complete list here - Forbes India Rich List
This list was compiled using shareholding and financial information obtained from families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Bajaj and Godrej families. Public fortunes were calculated based on stock prices and exchange rates as of September 23. 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.
Disclaimer: Reliance Industries owns Network 18, the publisher of Forbes India.
First Published: Oct 13, 2022, 11:20
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