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Business News/ Companies / News/  Billionaire promoters in India Inc hit record high of 152 in 2023; decline in Ambani, Adani combined net worth: Report
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Billionaire promoters in India Inc hit record high of 152 in 2023; decline in Ambani, Adani combined net worth: Report

Mukesh Ambani's net worth climbed by 4.7% to $112.5 billion in 2023, while Gautam Adani's net worth dropped 28.7% to $106.63 billion
  • Shiv Nadar surpassed Radhakishan Damani to become India's third richest person
  • Chairman and managing director of Reliance Industries Mukesh Ambani's net worth climbed by 4.7% to $112.5 billion in 2023 (AFP)Premium
    Chairman and managing director of Reliance Industries Mukesh Ambani's net worth climbed by 4.7% to $112.5 billion in 2023 (AFP)

    The count of billionaire promoters of India Inc's listed firms has increased by 21% in 2023 as per a report by Business Standard.

    The billionaire promoters in 2023 swelled to a record high of 152 in 2023 as against 126 in 2022. In addition to this, a 16% uptick was also recorded in their combined net worth in 2023 at $858.3 billion. In 2022, the combined net worth of the promoter billionaires was around $739 billion.

    Gautam Adani climbs world's rich list, close to overtaking Mukesh Ambani's spot

    Notably, the top-2 richest people of India--Reliance Industries Chairman Mukesh Ambani and Adani Group head Gautam Adani-- accounted for 25.5% of the combined net worth of all the billionaire promoters in 2023, down from their 34.8% share in 2022, according to the English daily.

    Savitri Jindal beats Mukesh Ambani, Gautam Adani in net worth surge

    Mukesh Ambani's net worth climbed by 4.7% to $112.5 billion in 2023 from $107.4 billion in 2022.

    Adani's net worth dropped 28.7% to $106.63 billion last year from $149.5 billion in 2022.

    Gautam Adani's wealth rises by $5.6 billion amid market rally

    HCL Tech's Shiv Nadar surpassed Radhakishan Damani of Avenue Supermarts to become India's third richest person in India in 2023. Nadar's net worth surged to $29.3 billion, a 34.9% rise from $21.75 billion in 2022. Damani net worth declined to $24 billion in 2023.

    Wipro's Azim Premji emerged as the fifth wealthiest Indian last year with a net worth of $21.8 billion, a 9.1% rise from his 2022 net worth.

    Other notable wealthy India Inc promoters on Business Standard's list were Malav Dani, Amrita Vakil and Manish Choksi of Asian Paints (a combined net worth of $20.8 billion); Sun Pharmaceutical Industries' Dilip S Shanghvi ($20.7 billion); Sunil Mittal of Bharti Airtel (($20.2 billion); Sajjan Jindal of JSW Group (($18.9 billion); and Rajiv and Sanjiv Bajaj of the Rahul Bajaj Group ($16.7 billion).

    The two names that made an entry and exit in the 2023 richest billionaire promoters were Sajjan Jindal of JSW Group and Uday Kotak.

    The Jindal family’s net worth increased by 55.4% in 2023 following the listing of JSW Infrastructure on October 3, 2023. The infra firm added nearly $4.5 billion to the family’s net worth in 2023.

    Not just the Jindal family, the IPO boom in 2023 also added four new promoters to the billionaire list--Ramesh Chand Juneja of Mankind Pharma ($7.4 billion of net worth); Pradeep G Rathod of Cello World ($1.6 billion of net worth), Tribhuvanprasad Kabra of R R Kabel (($1.3 billion of net worth), and Pradeep Kumar Aggarwal of Signature Global ($1 billion of net worth).

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    Published: 02 Jan 2024, 01:07 PM IST
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