Hindenburg impact: Gautam Adani lost Rs 3,000 cr every week over last 12 months, says Hurun report

Adani Group chairman Gautam Adani bore the brunt of the scathing Hindenburg report as he slipped from the position of world's second richest billionaire to the 23rd slot in 2022, showed M3M Hurun Global Rich List 2023, released on Wednesday.

With a 35% year-on-year decline in wealth, Ahmedabad-based Gautam Adani's net worth stood at $53 billion. As per Hurun, Adani lost Rs 3,000 crore every week over the last year. Adani Group lost the second richest Asian title to China's Zhong Shanshan. In January, following a report by US short-seller Hindenburg, Adani's wealth nosedived by more than 60% from his peak. Just before the report, Adani was briefly the world’s second richest person.

"With a 35% decrease in wealth, Gautam Adani & family, 60, of Adani Group lost the second richest Asian title to Zhong Shanshan of YST after a report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60% from his peak," Hurun India said.

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On January 24, Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels at the company, which Adani has denied, but the conglomerate's listed stocks lost market value to the tune of $130 billion.

With a net loss of $28 billion, Adani also gave away his status as India's richest individual to Reliance Industries Chairman Mukesh Ambani whose net worth is estimated at $82 billion. Ambani is the only Indian among world's top 10 billionaires, showed the report.

2023 M3M Hurun Global Rich List, the twelfth edition of the list, is a comprehensive ranking of individuals worldwide who have a net worth of at least one billion US dollars, providing insights into the world's wealthiest people.

Down 11 ranks over the last year, Gautam Adani is the third richest energy entrepreneur in the 2023 M3M Hurun Global Rich List. Gautam Adani & family has gained more than 437 ranks over the last 10 years.

With a wealth of $27 billion, Cyrus Poonawalla, 81 of Serum Institute of India, is the third richest person in India. Vaccine King Cyrus Poonawalla is the richest healthcare billionaire in the world. 

With a wealth of $26 billion Shiv Nadar & family, 77, of HCL Technologies, ranked fourth in 2023 M3M Hurun Global Rich List. With a donation of Rs 1,161 crore Shiv Nadar reclaimed the “India’s most generous title” according to Hurun India Philanthropy List 2022. Shiv Nadar has committed more than $1 billion to philanthropy.

With a wealth of $25 billion, Lakshmi N Mittal, 72 of ArcelorMittal, is the wealthiest Indian immigrant. SP Hinduja & family, 86, decreased their wealth by $3 billion from last year, cumulating at $20 billion. The brothers are based between Mumbai, London and Geneva.

With a wealth of $17 billion, Dilip Shanghvi & family, 67, of Sun Pharmaceutical Industries is at seventh rank. He started Sun Pharma in 1983 to make psychiatric drugs and grew the company after a series of acquisitions. Dilip Shanghvi is the second richest healthcare billionaire in the world.

With a wealth of $16 billion, Radhakishan Damani & family, 67, the founder of DMart, is down 40 positions and dropped out of the Global Top 100. Damani is the eighth richest multi-brand retail billionaire in the world.