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Business News/ News / India/  India's richest man: Mukesh Ambani on top; check other tycoons on the list
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India's richest man: Mukesh Ambani on top; check other tycoons on the list

Mukesh Ambani remains India's richest person with a net worth of ₹7.5 lakh crore, while Gautam Adani is his closest rival with a net worth of $61.4 billion.

Washington DC, June 23 (ANI): Reliance Chairman Mukesh Ambani with wife Nita Ambani arrives to attend the State Dinner at the White House in Washington DC, USA on Thursday. US President Joe Biden and First Lady Jill Biden hosted this special event in honour of PM Modi on the South Lawn on June 22. (ANI Photo) (ANI)Premium
Washington DC, June 23 (ANI): Reliance Chairman Mukesh Ambani with wife Nita Ambani arrives to attend the State Dinner at the White House in Washington DC, USA on Thursday. US President Joe Biden and First Lady Jill Biden hosted this special event in honour of PM Modi on the South Lawn on June 22. (ANI Photo) (ANI)

The landscape of wealth in India has seen notable shifts as billionaires continue to emerge and expand their fortunes. The latest edition of Trendlyne’s "Chart of the Week" reveals fascinating insights into the country's top 14 richest individuals, shedding light on their industries, holdings, and strategies for accumulating vast wealth.

Mukesh Ambani, the Chairman of Reliance Industries, has maintained his position as India's wealthiest individual, boasting a net worth of an impressive approximately 7.5 lakh crore ($90.6 billion) as of July 4, 2023. Ambani's ascent began eight years ago when Reliance Retail emerged as India's leading revenue-generating retailer, catapulting his net worth to $21.1 billion in 2014.

The subsequent launch of Jio in 2016 and the introduction of Jio Phone in 2017 further propelled his wealth to $40.2 billion, marking a staggering surge of 77.1%. Despite a temporary setback due to the COVID-19 pandemic, Ambani's fortunes rebounded with investments from Google, along with the introduction of Jio Mart and Jio 5G, culminating in a net worth of $76.9 billion by the end of the year.

Also Read: ‘Lost 60% overnight’, investors vent anger after Reliance Retail approves share capital reduction

Gautam Adani, the Founder and Chairman of the Adani Group, has emerged as Ambani's most prominent rival in terms of wealth accumulation. As of July 4, 2023, Adani holds the title of India's second richest individual, boasting a net worth of approximately 5.1 lakh crore ($61.4 billion). Adani's wealth journey has been extraordinary, with his net worth soaring 12-fold since 2014.

His acquisition endeavours, including the notable Holcim India's businesses and NDTV, propelled him past Ambani in 2022, reaching an astonishing net worth of $121 billion. 

However, Hindenburg's allegations of accounting fraud and stock manipulation in January 2023 sent Adani's fortunes plummeting, resulting in the largest one-day loss of net worth in history for any billionaire. Nonetheless, Adani stocks have since regained value, with a 63% recovery in his net worth to $61.4 billion by June 2023.

Also Read: Who is Nina Kothari? The lesser-known sister of billionaire Mukesh Ambani

Other notable tycoons on the list include Shiv Nadar of HCL Technologies, who is the richest tech billionaire in India with a net worth of $27.4 billion. The next in line is Azim Premji ($24 billion) of Wipro.

Other top names include Lakshmi Mittal ($19 billion) of ArcelorMittal, Radhakishan Damani of Avenue Supermarts (D-Mart), Dilip Shanghvi of Sun Pharmaceuticals, Cyrus Poonawalla ($24.4 billion) of Serum Institute, Savitri Jindal of Jindal Steel & Power, Uday Kotak of Kotak Mahindra Bank, Kumar Birla of Aditya Birla Group and Sunil Mittal of Bharti Enterprises.

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ABOUT THE AUTHOR
Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and sports. Before working with digital news publications, he worked as a freelance content writer.
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Published: 13 Jul 2023, 12:28 PM IST
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