Mukesh Ambani overtakes Gautam Adani to secure 'richest Indian' title on Hurun India Rich List 2023

Mukesh Ambani, chairman of Reliance Industries Limited, has reclaimed the title of the richest Indian, surpassing Adani Group chairman Gautam Adani, who experienced a substantial decline in wealth due to the scathing Hindenburg Research report, as per Hurun India Rich List 2023.

Hurun India and 360 ONE Wealth on Tuesday released the 360 ONE Wealth Hurun India Rich List 2023. This is the 12th annual ranking of the richest individuals in India.

"Despite Reliance Industries' lacklustre performance in the stock market, Mukesh Ambani (66) reclaimed the title of the richest Indian, surpassing Gautam Adani, who experienced a substantial decline in wealth due to the Hindenburg effect," said the report.

Reliance Industries has made cumulative investments exceeding $150 billion in the last decade, surpassing any other corporation in India, the report said. During this period, Mukesh Ambani's wealth has surged from Rs 1.65 lakh crore in 2014 to nearly Rs 8.08 lakh crore in 2023, marking an impressive four-fold increase.

Gautam Adani (61), the chairman of Adani Group, slipped to the second position with a wealth of Rs 4.74 lakh crore. Cyrus S Poonawalla (82), the founder of Serum Institute of India, has maintained his position at number three, with a total wealth amounting to Rs 2.78 lakh crore as of 2023.

Shiv Nadar (78) of HCL, retained the fourth spot with a wealth of Rs 2.29 lakh crore, followed by Gopichand Hinduja & family at Rs 1.76 lakh crore. Dilip Shanghvi, the founder and leader of Sun Pharmaceutical Industries stand at the sixth spot with Rs 1.64 lakh crore.

Also featured in the top 10 list are LN Mittal & family (Rs 1.62 lakh crore), Radhakishan Damani (68) of Avenue Supermarts (Rs 1.44 lakh crore), Kumar Mangalam Birla & family (56) of Aditya Birla Group (Rs 1.25 lakh crore), and Niraj Bajaj and family (Rs 1.2 lakh crore).

It may be noted that Radha Vembu of Zoho has overtaken Falguni Nayyar of Nykaa to become the richest self-made Indian woman in the 360 ONE Wealth Hurun India Rich List 2023. Co-founder of Confluent, a streaming data technology company, Neha Narkhede is the youngest self-made woman entrepreneur in the list.

"With 1,319 individuals now possessing Rs 1,000 crore or more, we are witnessing a remarkable surge, up by 76 per cent over the last five years.  The cumulative wealth of our listers has surged to Rs 109 lakh crore, surpassing the combined GDP of Singapore, UAE, and Saudi Arabia. This year’s list highlights the immense entrepreneurial spirit of the country, with 64 per cent being self-made," Yatin Shah, Co-Founder of 360 ONE and Joint CEO, 360 ONE Wealth, said.

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