“Mukesh Ambani Reclaims Top Spot on Forbes India Rich List as Adani Slips, Inder Jaisinghani Makes Striking Gains”

Forbes India Rich List: Mukesh Ambani Reclaims No. 1 Spot, Adani Slips as Polycab's Inder Jaisinghani Gains

Mukesh Ambani, the Chairman of Reliance Industries, has returned to the top of Forbes India’s list of the 100 richest Indians, dethroning last year’s richest Indian, Gautam Adani. The annual list, which tracks the fortunes of the wealthiest individuals in the country, revealed that the combined wealth of India’s 100 richest people now stands at an astonishing $799 billion, despite a year of challenges and market fluctuations.

Mukesh Ambani’s net worth, estimated at $92 billion (approximately ₹7.6 lakh crore), has propelled him back to the coveted number one spot. This financial ascent can be attributed to various notable developments throughout the year, including the listing of Jio Financial Services and the appointment of his children as non-executive directors on the Reliance Board.

Gautam Adani, who had briefly surpassed Ambani in wealth last year, faced a significant decline in net worth. His fortune plummeted by a staggering $82 billion, leaving him with $68 billion. This sudden shift was a result of the Hindenburg report, which accused Adani’s conglomerate of financial malpractices and stock manipulation. However, Adani Group stocks managed to rebound following substantial investments by India-American Rajiv Jain’s firm, GQG Partners, leading to a recovery.

Shiv Nadar made notable gains in this year’s ranking, climbing two positions to secure the third spot with a fortune of $29.3 billion (approximately ₹2.4 lakh crore). Savitri Jindal, associated with the O.P. Jindal Group, follows closely in fourth place with a wealth of $24 billion.

Radhakishan Damani, the owner of DMart, retained his position among the top five richest Indians, despite a substantial decrease in net worth. His current net worth stands at $23 billion, compared to $27.6 billion the previous year.

The threshold for entry into the elite Forbes list this year was a net worth of $2.3 billion.

One notable newcomer to the list is Inder Jaisinghani, who ranks at number 32. He stands out as the most significant percentage gainer, with his family’s net worth nearly doubling. This surge in wealth is attributed to the success of Polycab India, the company he leads, which has benefited from the increasing electrification efforts across the country.

Three additional newcomers made their debut on the Forbes list this year: Renuka Jagtiani, Chairperson of Landmark Group (ranked No. 44 with $4.8 billion), the Dani family of Asian Paints (ranked No. 22 with $8 billion), and K.P. Ramasamy (ranked No. 100 with $2.3 billion), founder and chairman of K.P.R. Mill. Ranjan Pai, with a net worth of $2.75 billion, secures the 86th position on the list.

Forbes India Rich List 2023:

  1. Mukesh Ambani; $92 billion
  2. Gautam Adani; $68 billion
  3. Shiv Nadar; $29.3 billion
  4. Savitri Jindal; $24 billion
  5. Radhakishan Damani; $23 billion
  6. Cyrus Poonawalla; $20.7 billion
  7. Hinduja Family; $20 billion
  8. Dilip Shanghvi; $19 billion
  9. Kumar Birla; $17.5 billion
  10. Shapoor Mistry & Family; $16.9 billion

Inder Jaisinghani’s success story is particularly noteworthy. He is the driving force behind Polycab India, a company specializing in electrical wires and cables. The journey began in 1986 when he established the firm as a trading entity. In 2014, Polycab diversified into manufacturing electric fans, LED lighting, switches, and switchgear. The company went public in 2019. Jaisinghani’s remarkable rise in the ranks is a testament to his entrepreneurial spirit, having faced adversity when he dropped out of school at the age of 15 due to his father’s passing.

As India’s economic landscape continues to evolve, the Forbes India rich list showcases the ever-changing fortunes of its wealthiest individuals, with some facing setbacks and others achieving remarkable gains.

The rankings may see further shifts as these business leaders navigate the challenges and opportunities presented by the Indian economy in the coming years.

Sources By Agencies

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