India Rich List 2023: India, riding high on the success of hosting the G20 Summit and landing a spacecraft on the moon, has witnessed a 14% surge in its stock market since Forbes' last wealth assessment. However, this surge, influenced by a weaker rupee, has not translated into an upswing in the collective net worth of India's 100 Richest, which remained steady at $799 billion.

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According to the Forbes India Richest List of 2023, Mukesh Ambani

, Chairman, Reliance Industries, bounced back to the top position with a net worth of $92 billion. Ambani solidified his succession plan by appointing his three children as non-executive directors to Reliance's board after the spin-off and listing of Jio Financial Services, a venture with BlackRock, in August.

Meanwhile, infrastructure magnate Gautam Adani, who briefly surpassed Ambani as India's wealthiest in the previous year, saw a notable setback after a damaging report by US short seller Hindenburg Research in January, causing a drastic dip in his group's shares. Despite some recovery, Adani's net worth plummeted by a substantial $82 billion to $68 billion, marking the most significant decline both in dollar value and percentage terms, according to Forbes.

Software tycoon Shiv Nadar surged two positions to reclaim the third spot as shares of HCL Technologies surged by 42% over the past year amidst a tech resurgence. Savitri Jindal, matriarch of the OP Jindal Group, a power and steel conglomerate, secured the fourth position with a net worth of $24 billion, witnessing a 46% increase.

Inder Jaisinghani experienced the most remarkable wealth increase in percentage terms. His wires and cables company, Polycab India, greatly benefited from the accelerating electrification efforts, nearly doubling his family's fortune to $6.4 billion. Ramesh and Rajeev Juneja, the Pharma brothers, enjoyed a handsome 64% boost following the successful May listing of their company, Mankind Pharma.

This year, only three new entrants made their mark. Renuka Jagtiani, chairwoman of Landmark Group, a Dubai-headquartered retailing giant, claimed a spot following her husband Micky Jagtiani's passing in May. The Dani family of Asian Paints and garment exporter K.P. Ramasamy also secured positions. Notably, the fortune of Srichand Hinduja, the eldest of four Hinduja brothers, who passed away in May, is now listed under the Hinduja family.

Additionally, the list saw the return of seven individuals, including healthcare entrepreneur Ranjan Pai, who cashed out $1 billion by selling part of his stake in Manipal Health Enterprises to Singapore’s Temasek. However, eight individuals from the previous year's list dropped off, including the couple Byju Raveendran and Divya Gokulnath, as their ed tech firm Byju’s saw a drastic devaluation amid various challenges.

First Published:Oct 12, 2023 11:26 AM IST