Billionaire Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India's 100 Richest with a net worth of $92 billion.
Gautam Adani, who rose meteorically to overtake Ambani as India's richest person for the first time last year, has slipped to the second position.
Adani's net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group's shares tumbling.
“Shortly after spinning off and listing Jio Financial Services, which has an asset management joint venture with BlackRock, Ambani cemented his succession plan by appointing his three children to Reliance's board as non-executive directors in August,” Forbes said.
Meanwhile, the collective wealth of India's 100 Richest was flat at $799 billion this year.
Software tycoon Shiv Nadar climbed two spots to return to the third place followed by Matriarch Savitri Jindal, of the OP Jindal Group, who was ranked fourth. On the fifth spot was Radhakishan Damani of Avenue Supermarts, whose fortune declined to $23 billion from $27.6 billion previously.
Others in the top 10 include, Cyrus Poonawalla (6th, $20.7 billion), Hinduja Family (7th, $20 billion), Dilip Shanghvi (8th, $19 billion), Kumar Birla (9th, $17.5 billion), and Shapoor Mistry & Family (10th, $16.9 billion).
“India is riding high and is considered a hot spot by global investors. That buoyancy has made the elite club of India's 100 Richest even more exclusive this year, with the minimum net worth to make the cutoff rising to a record $2.3 billion,” said Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia.
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies.
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