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- RIL CMD Mukesh Ambani has not only regained the top spot on the list of richest Indians, he has lost much less wealth compared to Gautam Adani.
- Ambani is now the only Indian in the top ten in the 2023 M3M Hurun Global Rich List.
- Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion when compared to last year, losing a cumulative wealth of $122.7 billion.
- Globally, five billionaires dropped out of the list every week.
- Mumbai, the financial capital of India, also accounted for a third of the total billionaires in India, followed by Delhi.
Reliance Industries’ CMD Mukesh Ambani has raced past Gautam Adani to emerge as the richest Indian in 2023 M3M Hurun Global Rich List. While both Ambani and Adani saw their wealth erode on a year-on-year basis, Adani ended up losing 35% of his wealth due to the Hindenburg saga, while Ambani lost less at 20% between 2022 and 2023’s Hurun Rich List.
Adani, who was briefly the second richest person in the world on the Bloomberg Billionaires Index, saw his wealth plummet from $119 billion on January 24, to $57.2 billion now.
On the other hand, Mukesh Ambani, who also witnessed a decline of $21 billion in his wealth, stood out as the richest Indian and Asian. He is also the only Indian in the top ten richest people in the world on the 2023 M3M Hurun Global Rich List.
Adani also lost the most wealth out of the top ten billionaires in India.
Even when Adani was the richest Indian, Ambani’s Reliance Industries topped the list of Hurun’s most valuable companies.
Biggest wealth losers
Underlining just how bad the last one year was for billionaires, the top nine billionaires in terms of wealth erosion lost a cumulative $339 billion, which is only slightly lower than Hong Kong’s GDP of $361 billion.
Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion compared to last year. These billionaires lost a cumulative $122.7 billion during this period, placing India on the third position, only behind China and the US.
Not just India, billionaires are down globally
However, it’s not just Adani and Ambani who have lost wealth this year – according to the list, the world lost 5 billionaires every week over the last one year. The number of billionaires is down by 269, from 3,381 last year to 3,112 now.
Not just the number of billionaires, even the cumulative wealth of these billionaires has declined by 10% to $13.7 trillion.
Overall, nine out of the top ten Indian billionaires lost their wealth, according to the Hurun rich list. Only Cyrus Poonawalla, the chairman and managing director of biotechnology company Serum Institute of India, managed to grow his wealth.
Poonawalla has also emerged as the richest healthcare billionaire in the world.
Interestingly, it’s not all gloomy for billionaires – India added 15 new billionaires to its list, with the richest of them all being Rekha Rakesh Jhunjhunwala, the wife of the late Rakesh Jhunjhunwala, who was also known as the ‘Big bull’.
A third of India’s billionaires are based in Mumbai, Delhi a distant second
Mumbai, India’s financial capital, also emerged as the top source of billionaires, accounting for a third of the total billionaires in India. According to the Hurun rich list, 66 out of 187 Indian billionaires are based in Mumbai.
Mumbai also dominates when it comes to the top ten billionaires in India, accounting for five out of the ten. Interestingly, two of these ten billionaires reside in London.
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