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Forbes 2023 Billionaires List: At 169, Number Of Indian Billionaires Reaches All-Time High

The number of Indians on Forbes 2023 list of the world’s billionaires has hit a record high this year.

At 169, there are a record number of Indian billionaires on the list released by Forbes yesterday, with the number rising from 2022’s 166.

However, while the number of billionaires rose, their combined wealth faced a reality check, dropping 10% to $675 billion, down from $750 billion on the 2022 list.

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10 Richest Indians On Forbes’ 2023 List

forbs 2023 list indian billionaires
indiatimes

Here are India’s 10 richest people, as per the Forbes 2023 list:

(Net worth as of March 10th, 2023)

1. Mukesh Ambani

Net worth: $83.4 billion

2. Gautam Adani

Net worth: $47.2 billion

3. Shiv Nadar

Net worth: $25.6 billion

4. Cyrus Poonawalla

Net worth: $22.6 billion

5. Lakshmi Mittal

Net worth: $17.7 billion

6. Savitri Jindal

Net worth: $17.5 billion

7. Dilip Shanghvi

Net worth: $15.6 billion

8. Radhakishan Damani

Net worth: $15.3 billion

9. Kumar Birla

Net worth: $14.2 billion

10. Uday Kotak

Net worth: $12.9 billion

Also Read: 4 Indian-Americans Feature In Forbes 400 Rich List 2022

Who Lost How Much Wealth?

The majority of that decline comes from one high-profile saga: the stock rout of companies in the Adani Group, following Hindenburg Research’s January report of fraud allegations. The stock bloodbath nearly halved the net worth of Gautam Adani to $47.2 billion. Adani, who briefly became the world’s second richest person last September and was the world’s third richest person for most of January, slipped to number 24 globally.

Though the fortunes of India’s other top ten richest didn’t shrink nearly as much as Adani did, the overall movement was downward. Except for pharma billionaire Dilip Shanghvi, whose fortune is unchanged since last year, the rest of the country’s top 10 have seen their wealth go down, as per a Forbes report.

Despite an 8% decline in his wealth over the past year, Mukesh Ambani retained his position as both India’s and Asia’s richest person—and is the ninth richest person in the world—with a net worth of $83.4 billion. 65-year-old Ambani also has his eye on succession, giving key roles in different businesses to each of his three children: Akash (telecom), Isha (retail), and Anant (green energy).

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

On the other hand, India’s vaccine king, Cyrus Poonawalla—whose portfolio includes listed financial services firm Poonawalla Fincorp as well as privately held vaccine giant Serum Institute of India—held onto his spot as the country’s fourth richest person, though his net worth fell 7% from a year ago to $22.6 billion.

Retail magnate Radhakishan Damani’s wealth declined to $15.3 billion as shares of his Avenue Supermarts, which owns the DMart retail chain, fell. Though Damani still figures among the world’s ten richest Indians, he ceded his position as the nation’s fifth richest to steel tycoon Lakshmi Mittal, whose $80 billion (revenue) company ArcelorMittal is increasingly focusing on low-carbon products, the report mentioned.

O.P. Jindal Group’s Savitri Jindal still remains the only woman among the top 10 richest Indians, with $17.5 billion in net worth.

savitri jindal
forbes

Also Read: Meet Binod Chaudhary: Nepal’s First & Only Billionaire On Forbes List

16 Newcomers In India Billionaires List 2023

This year’s 16 Indian newcomers include three women, two of whom inherited their fortunes: Rekha Jhunjhunwala (net worth: $5.1 billion) takes the place of her husband Rakesh Jhunjhunwala, who died last August at age 62; Rohiqa Cyrus Mistry ($7 billion) is the daughter-in-law of late construction billionaire Pallonji Mistry, who died in June at age 93. He left his vast assets to his two sons, Shapoor Mistry (a newcomer with an Irish passport, therefore not counted among the Indians) and the younger Cyrus (Rohiqa’s husband), who died in a car crash a few weeks after his father passed away, as per the Forbes report.  

Among the newcomers is the youngest Indian billionaire, 36-year-old Nikhil Kamath, who cofounded discount brokerage Zerodha with his older sibling Nithin Kamath (also a newcomer). The brothers are worth $1.1 billion and $2.7 billion, respectively. (Also new, but not counted as an Indian billionaire due to his Cyprus passport, is Gautam Adani’s brother Vinod Adani, worth nearly $10 billion.) 

vinod adani
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Four people returned to the list this year after previously falling off, including Keshub Mahindra, chairman emeritus of Mahindra & Mahindra, best known for its popular SUVs. The 99-year-old patriarch is the oldest Indian billionaire and has a net worth of $1.2 billion.

23 people from last year’s list didn’t make the cut this time, including metals magnate Anil Agarwal and payments pioneer and Paytm CEO Vijay Shekhar Sharma.

Also Read: Forbes 2022 List Of The Highest-Paid Dead Celebrities

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