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Mukesh Ambani, the 66-year-old chairman of Reliance Industries, has surged back to claim the title of India’s richest man on the recently released 360 ONE Wealth Hurun India Rich List 2023. His wealth is estimated at a INR808,700 crore, marking a 2 per cent growth compared to the previous year. This resurgence catapults him to the top of the list after being edged out in the previous year.
Mukesh Ambani reclaims top position
Mukesh Ambani’s fortunes turned around dramatically this year, while his rival Gautam Adani, who had held the top spot, saw his wealth plummet by a staggering 57 per cent. Adani’s estimated wealth now stands at INR474,800 crore, reflecting the dramatic shift in the Indian billionaire landscape.
Notable changes in rankings
Radhakishan Damani, the prominent investor and promoter of D-Mart, also experienced a significant decline, losing 18 per cent of his wealth in a single year. Despite these challenges, his family’s estimated wealth remains substantial at INR1,43,900 crore.
This year’s edition of the Hurun rich list showcases remarkable resilience and dynamism, with 273 new entrants and 38 new billionaires emerging, even in the face of economic difficulties.
Cyrus S Poonawalla, aged 82, and his family retained the third position on the list. They are the promoters of the Serum Institute of India, and their wealth is estimated at INR278,500 crore, marking a robust 36 per cent growth from the previous year.
Shiv Nadar, the 78-year-old founder and chairman emeritus of HCL, secured the fourth position with an estimated wealth of INR228,900 crore, marking a substantial 23 per cent increase compared to the previous year.
London-based Gopichand Hinduja and family made the fifth spot with a 7 per cent rise in their wealth, estimated at INR1,76,500 crore.
Despite challenges, some of India’s business magnates have witnessed their fortunes growing. Dilip Shanghvi, associated with Sun Pharmaceutical Industries, is now estimated to possess wealth valued at ₹1,64,300 crore, marking a 23 per cent increase from the previous year.
LN Mittal of Arcelor Mittal secured the seventh spot with estimated wealth of ₹1,62,300, reflecting a 7 per cent growth.
Diversity in the list
The 360 ONE Wealth Hurun India Rich List 2023 showcases the diverse economic landscape of India. The cumulative wealth on the list has surged by 8.5 per cent, despite a 9.3 per cent decrease in average wealth. India now boasts 259 billionaires, a remarkable increase of 38 from the previous year.
Rapid growth in Indian wealth
Yatin Shah, Co-Founder of 360 ONE & Joint CEO, 360 ONE Wealth, commented, “The list is a testament to the remarkable growth and dynamism of India’s economy. With 1,319 individuals now possessing INR 1,000 crore or more, we are witnessing a remarkable surge, up by 76 per cent over the last five years.”
Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth, noted, “Construction and engineering emerged as the top gainers, followed closely by pharmaceuticals, which has a cut-off of INR 20,000 crore. With 262 new entrants spanning 30 industries and 61 cities, the 360 ONE Wealth Hurun India Rich List 2023 reflects a dynamic and diverse economic landscape.”