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Business News/ News / Mukesh Ambani regains Asia's richest person spot in Forbes Billionaire 2023 list
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Mukesh Ambani regains Asia's richest person spot in Forbes Billionaire 2023 list

With a net worth of $83.4 billion, Ambani, 65, was ranked at number 9 on the world billionaire list.

Chairman and managing director of Reliance Industries Mukesh Ambani. (Photo by SUJIT JAISWAL / AFP) (AFP)Premium
Chairman and managing director of Reliance Industries Mukesh Ambani. (Photo by SUJIT JAISWAL / AFP) (AFP)

Reliance Industries chairman Mukesh Ambani has once again regained his spot as Asia's richest person in the Forbes Billionaire 2023 list released on 4 April.

The following development took place after Gautam Adani tumbled to No. 24 in the global list.

Adani was the world's third-richest person on January 24, when he was worth nearly $126 billion. A report issued by US short-seller Hindenburg Research later that day, however, sent his companies' shares plummeting," Forbes said.

His net worth is now $47.2 billion and is the second richest Indian behind Ambani.

With a net worth of $83.4 billion, Ambani, 65, was ranked at number 9 on the world billionaire list.

ALSO READ: Mukesh Ambani beats Steve Ballmer to become richest sports owner in Forbes billionaire 2023 list

"Last year, Ambani's oil-to-telecom behemoth Reliance Industries became the first Indian company to surpass $100 billion in revenue," Forbes said.

Sidestepping speculation about succession, Ambani gave his children key roles last year: Older son Akash is the chairman of telecom arm Jio Infocomm; daughter Isha is the head of the retail business; and younger son Anant works in Reliance's new energy ventures.

According to Forbes' World's Billionaires list, the 25 richest people in the world are worth a collective $2.1 trillion, down a combined $200 billion from $2.3 trillion in 2022.

"Two-thirds of the top 25 are poorer than they were last year, compared to around half of the list overall," it said.

No one lost more than Jeff Bezos as Amazon shares crashed by 38 per cent. The drop lopped $57 billion from Bezos' fortune and knocked him from No. 2 in the world in 2022 to No. 3 this year.

This year's second-biggest loser, Elon Musk, had it worse. He lost his title of world's richest person after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, helping to spook investors.

Musk, who is worth $39 billion less than a year ago, is now No. 2.

With $211 billion net worth, Bernard Arnault, the French luxury goods tycoon, tops the list for the first time on the back of a banner year at LVMH, which owns Louis Vuitton, Christian Dior and Tiffany & Co., among others.

Musk, 51, with $180 billion net worth, is ranked No. 2, followed by Jeff Bezos with $114 billion net worth.

"There are a record number of Indians on Forbes' 2023 list of the World's Billionaires - 169 in all, up from 166 last year. But their combined wealth faced a reality check, dropping 10 per cent to $675 billion, from $750 billion on the 2022 list," Forbes said.

Following a January report of fraud allegations by short-seller Hindenburg Research, Gautam Adani slipped to No. 24 globally and is now India's second wealthiest citizen.

Software magnate Shiv Nadar's fortune tumbled 11 per cent from a year ago to $25.6 billion, but he retained his position as the country's third richest person.

India's vaccine king Cyrus Poonawalla held onto his spot as the country's fourth richest person, though his net worth fell 7 per cent from a year ago to $22.6 billion.

Steel magnate Lakshmi Mittal was ranked at No. 5 followed by OP Jindal Group matriarch Savitri Jindal, Sun Pharma's Dilip Shanghvi and Radhakishan Damani, whose Avenue Supermarts owns the DMart retail chain.

Kumar Birla is ranked at No. 9 and Uday Kotak at No. 10.

Among the newcomers is the youngest Indian billionaire, 36-year-old Nikhil Kamath, who co-founded discount brokerage Zerodha with his older sibling Nithin Kamath (also a newcomer). The Bengaluru brothers are worth $1.1 billion and $2.7 billion, respectively.

Four people returned to the list this year after previously falling off, including Keshub Mahindra, chairman emeritus of Mahindra & Mahindra. The 99 year-old patriarch is the oldest Indian billionaire and has a net worth of USD 1.2 billion.

With PTI inputs.

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Published: 04 Apr 2023, 09:01 PM IST
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