Wealthiest Indian Individuals
In the closing months of 2023, here is list of top 10 Wealthiest Indian Individuals. India’s wealthiest billionaires experienced a favourable economic climate, with the bull market driving the Nifty 50 to an impressive annual gain of 20.03%. Representing the top 50 companies in the nation, this marked the eighth consecutive year of positive returns, culminating in a remarkable 7.94% increase in December – the highest in over two decades. Robust retail participation, significant foreign portfolio investments, and positive global economic shifts contributed to this outstanding performance. Additionally, victories in state elections, strong corporate earnings, and an optimistic economic growth forecast from the Reserve Bank of India further bolstered investor confidence, setting the stage for continued prosperity in both India’s wealthiest circles and the broader economy.
As 2023 drew to a close, the world’s richest individuals experienced a resurgence, with the combined net worth of the top 500 billionaires surging by $1.5 trillion (approximately ₹125 lakh crore), as reported by the Bloomberg Billionaires Index.
Mukesh Ambani, the chairman of Reliance Industries, led the pack among Indian billionaires in wealth accumulation, gaining $9.98 billion (around ₹83,107 crore) in 2023. With a net worth of $97.1 billion (around ₹8.08 lakh crore), Ambani holds the title of the richest Indian and ranks 13th globally, primarily driven by the success of Reliance Industries and Jio Financial Services. His wealth surge followed a 9% increase in RIL stock and the listing of Jio Financial post-demerger.
Close on Ambani’s heels, Shiv Nadar, the founder of HCL Tech, increased his wealth by $9.47 billion (around ₹78,856 crore), reaching a total of $34 billion (around ₹2.83 lakh crore) despite challenges faced by the IT sector. HCL Tech’s shares soared by 41%. Savitri Jindal, former chairperson of OP Jindal Group and the wealthiest Indian woman, saw her wealth rise by $8.93 billion (around ₹74,364 crore) from Jindal Steel and other group companies, totalling $24.7 billion (around ₹2.05 lakh crore).
Real estate magnate Kushal Pal Singh of DLF witnessed a $7.83 billion (around ₹65,205 crore) increase, with DLF’s shares rising by 91%, resulting in a net worth of $16.1 billion (around ₹1.34 lakh crore). Shapoor Mistry of the Shapoorji Pallonji Group added $7.41 billion (around ₹61,706 crore), reaching a fortune of $35.2 billion (around ₹2.93 lakh crore).
Other significant wealth increases were noted for Kumar Mangalam Birla (Aditya Birla Group, +$7.09 billion), Ravi Jaipuria (Varun Beverages, +$5.91 billion), Dilip Shanghvi (Sun Pharma, +$5.26 billion), Mangal Prabhat Lodha (Lodha Group, +$3.91 billion), and Sunil Mittal (Airtel, +$3.62 billion).
Conversely, Gautam Adani faced the most substantial wealth loss globally in 2023, witnessing a drop of $37.3 billion (around ₹3.10 lakh crore) due to a sell-off in his companies’ shares. This left him with a net worth of $83.2 billion (around ₹6.92 lakh crore). Adani Group companies, including Adani Enterprises, Adani Energy Solutions, and Adani Green Energy, experienced notable declines in share prices.
Here is the ranking of the 10 wealthiest Indian Individual in 2023 according to Bloomberg’s Billionaires Index.
Mukesh Ambani
As the chairman and managing director of Reliance Industries Limited, Mukesh Ambani holds the esteemed title of India’s wealthiest individual. With a net worth of $97.1 billion or approximately ₹8.08 lakh crore, Ambani ranks thirteenth on the global billionaire list. Under his visionary leadership, Reliance Industries Limited (RIL) has evolved into a leading Indian conglomerate with a significant global presence. In recognition of his exceptional achievements, Ambani was honored with the prestigious Padma Vibhushan award in 2016.
Ambani’s business empire encompasses a diverse range of industries, including petrochemicals, refining, oil and gas exploration, and telecommunications. Since assuming leadership in 2004 following his father Dhirubhai Ambani’s passing, Mukesh Ambani has steered RIL to unprecedented heights. He orchestrated the successful launch of Reliance Jio, a telecommunications venture that revolutionized the Indian telecom landscape with its affordable data plans and high-speed internet services.
In addition to his business acumen, Mukesh Ambani is renowned for his philanthropic endeavours through the Reliance Foundation, focusing on healthcare, education, and rural development across India.
Gautam Adani
Once again securing his place in the elite ranks of the world’s wealthiest individuals, Gautam Adani currently holds the fifteenth position on the global list, solidifying his status as the second richest person in India. Adani’s net worth stands at $83.2 billion (approximately ₹6.92 lakh crore), despite a significant loss of $50.3 billion over the past year.
Adani’s conglomerate has diversified interests spanning power generation and transmission, real estate, commodities, and infrastructure. Several Adani Group companies, including Adani Enterprises, Adani Green Energy, Adani Power, Adani Wilmar, Adani Transmission, Adani Ports & SEZ, Ambuja Cements, and ACC, are publicly listed. Notably, these stocks have yielded substantial returns for investors.
Despite facing challenges, including allegations of fraud and financial malpractices, Adani continues to navigate a path to recovery. By the end of 2022, he held the title of India’s wealthiest individual, with his conglomerate securing the position as the second-largest Indian conglomerate, surpassed only by Reliance Industries.
Shapoor Mistry
As the founder of the Shapoorji Pallonji Group, Shapoor Mistry is the third wealthiest individual in India, boasting a net worth of $35.3 billion (roughly ₹2.93 lakh crore). Notably, he holds the forty-first position among the world’s richest individuals, gaining recognition for both his business ventures and philanthropic endeavours.
Shiv Nadar
Shiv Nadar, the co-founder of HCL Technologies, ranks fourth among India’s richest billionaires with an estimated wealth of $34 billion (approximately ₹2.83 lakh crore). HCL Technologies is a prominent provider of software services in India, with substantial revenue of $12.7 billion. Under Nadar’s leadership, HCL has emerged as one of the country’s largest IT services companies, operating in over 45 countries. Nadar also holds the forty-fourth position on the global billionaire’s list, receiving numerous awards and accolades for his contributions to the IT industry and philanthropy.
Azim Premji
A former chairman of Wipro Limited and a dedicated philanthropist, Azim Premji is the fifth richest individual in India, with a net worth of $26.3 billion (₹2.18 lakh crore). In 2019, Premji dropped from the second position in the Forbes India Rich list to the seventeenth position after a substantial donation to charity. Under his leadership, Wipro expanded from the cooking oil industry to the IT sector, becoming a leading software services company with a global presence in over 50 countries.
Dilip Shanghvi
Dilip Shanghvi, an Indian billionaire businessman and the founder of Sun Pharmaceutical Industries, holds the seventh position among India’s richest individuals with a net worth of $20.8 billion (approximately ₹1.73 lakh crore). Sun Pharmaceutical Industries is one of India’s largest pharmaceutical companies, ranking among the nation’s leaders in pharmaceutical supplies with an annual revenue of $5.34 billion.
Lakshmi Mittal
Lakshmi Mittal, the Chairman of Arcelor Mittal, is ranked as India’s ninth richest person with a net worth of $20.5 billion (approximately ₹1.71 lakh crore). Arcelor Mittal stands as the world’s largest steel and mining producer by output, with revenues of $53.3 billion. Under Mittal’s leadership, Arcelor Mittal has become a global leader in the steel industry, with operations in more than 60 countries.
Radhakrishnan Damani
The founder of Avenue Supermarts Limited, Radhakishan Damani, holds the eighth position on this list with a net worth of $19.5 billion (approximately ₹1.62 lakh crore). Damani earned the title of the retail king of India after his supermarket chain completed a ₹1,870 crore ($229 million) IPO in March 2017. In addition to Avenue Supermarts, Damani holds stakes in companies like VST Industries, India Cements, TV Today Network, and Health and Glow, contributing to his significant net worth.
Savitri Jindal
Savitri Jindal, India’s wealthiest female entrepreneur holds the position as the only businesswoman in the country’s top 10 richest people. As the chairperson of the Jindal Group, she boasts a net worth of $24.7 billion (approximately ₹2.05 lakh crore). Under her leadership, the conglomerate has not only become a major steel producer but has also successfully expanded its operations into power generation, infrastructure, cement, and textiles.
Kumar Mangalam Birla
Kumar Mangalam Birla, the chairman of the Aditya Birla Group, is the tenth richest individual in India, boasting a net worth of $18.6 billion (approximately ₹1.54 lakh crore). Birla’s philanthropic contributions, including a ₹242 crore donation with his family, have established him as one of India’s most generous billionaires. Taking the reins of the conglomerate at the age of 28, Birla expanded its presence into diverse sectors, including textiles, cement, chemicals, aluminium, and telecommunications. Notably, Birla has played a key role in the Indian telecom sector, establishing Idea Cellular and contributing to the group’s international expansion. His dedication extends to societal improvement, particularly in rural development.
