India is currently on an upward trajectory and is being viewed as a prime destination by international investors, which has raised the bar for entry into the country’s exclusive club of the 100 wealthiest individuals. The minimum net worth required to join now has reached an all-time high of $2.3 billion.
The combined wealth of India’s top 100 richest individuals in 2023 has not changed dramatically. It currently stands at $799 billion, which is slightly below the $800 billion mark from the previous year in 2022.
The year 2023 saw Mukesh Ambani regaining the number one position on the list of the 100 wealthiest Indians, having slipped to the second rank in 2022.
Infrastructure tycoon Gautam Adani, who experienced a meteoric rise to become India"s wealthiest individual for the first time in 2022, saw a sharp decline in his fortune following a damaging report from US short seller Hindenburg Research in January. This report caused a significant drop in the shares of his group. Although there has been some recovery since then, his overall net worth, including that of his family, plummeted by a substantial $82 billion to $68 billion. This represents the most significant decrease both in terms of dollar value and percentage, causing him to slip back to the second position.
Software magnate Shiv Nadar has advanced by two positions, reclaiming the number three spot with a wealth of $29.3 billion. This shift is attributed to a 42 percent surge in HCL Technologies’ shares over the past year, driven by a resurgence in the tech sector.
Matriarch Savitri Jindal, of the OP Jindal Group, a conglomerate specialising in power and steel, secured the fourth position with a significant increase to $24 billion, marking a 46 percent rise.
At number five is Radhakishan Damani from Avenue Supermarts, though his wealth dropped from $27.6 billion to $23 billion.
First Published: Oct 13, 2023, 14:59
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