Rs 3.3 lakh cr! Mukesh Ambani surpasses Gautam Adani in Hurun rich list

Gautam Adani, Chairman of Adani Group, who had topped Hurun’s list of the richest people in India, has slipped to the second spot. While the slip from the top spot might not seem like a big deal, it reinstates Mukesh Ambani, Chairman of Reliance Industries, who had held the mantle of the richest man in the country for a long time, as the richest person. 

According to 360 ONE Wealth Hurun India Rich List 2023, in 2022 Gautam Adani was ahead of Mukesh Ambani’s wealth by Rs 3 lakh crore, but in 2023, Ambani is ahead of Adani by Rs 3.3 lakh crore. 

Gautam Adani’s slip to the second spot comes after the Hindenburg Research report halved his wealth in the past year. The Hurun list stated that Adani suffered a staggering decrease in wealth amounting to Rs 6,19,000 crore within a year, representing the most substantial annual wealth decline in the history of the inception of the Hurun rich list. 

As it fell, so it grew. The Adani Group companies exhibited remarkable growth, the report underscored, with its total income soaring by 85 per cent to reach Rs 2,62,499 crore, and profit after tax surging by 82 per cent to Rs 23,509 crore in FY22-23. 

The Hindenburg report had accused the Gautam Adani-helmed group of stock manipulation and other financial misdeeds that led to a stock rout. 

Mukesh Ambani’s ranking soared despite Reliance Industries’ lackluster performance in the stock market. “Reliance Industries has made cumulative investments exceeding US$150 billion in the last decade, surpassing any other corporation in India. During this period, Mukesh Ambani's wealth has surged from Rs 165,100 crore in 2014 to nearly Rs 808,700 crore, marking an impressive four-fold increase,” the report added. 

Apart from Ambani and Adani, Cyrus Poonawalla, Shiv Nadar, Gopichand Hinduja, Dilip Shanghvi, LN Mittal, Radhakishan Damani, KM Birla and Niraj Bajaj feature in the top 10 spots respectively. 

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

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