According to the ranks of the 360 ONE Wealth Hurun India Rich List 2023, which was published on Tuesday, Reliance Industries Chairman Mukesh Ambani surpassed Gautam Adani of the Adani Group to become the wealthiest Indian.
Ambani’s net worth increased slightly by 2% to Rs 8.08 lakh crore. However, following a claim by a US-based short seller against the group, Gautam Adani’s fortune dropped by 57% to Rs 4.74 lakh crore, causing a significant stock fall in his group enterprises this year.
In a study on the Adani Group that was released in January, short seller Hindenburg Research claimed that the conglomerate had engaged in “brazen stock market manipulation” and committed accounting irregularities over a long period of time. The promoter family’s fortune was eroded as a result of the report’s significant fall in the group stocks. The short seller’s accusations have all been refuted by The Adani Group.
The Hurun 2023 list, which utilises August 30 as the basis date to gauge fortunes, includes a total of 1,319 individuals from 138 cities.
Cyrus Poonwalla, MD and chairman of Serum Institute of India (SII), maintained his ranking as the third-richest Indian despite a 36% increase in wealth to Rs 2.78 lakh crore. Shiv Nadar, the founder and chairman of HCL Technologies, continued to rank as the fourth richest Indian despite seeing a 23% growth in his wealth to Rs 2.28 lakh crore.
The bulk of people in the top 10 ranks advanced, including Gopichand Hinduja, who is currently rated fifth, Dilip Shanghvi, L N Mittal, Kumar Mangalam, and Niraj Bajaj.
Radhakishan Damani, the creator of D-Mart, saw an 18% decline in his wealth to Rs. 1.43 lakh crore. Damani dropped three spots to take the eighth-richest Indian position.
Furthermore, Zepto’s Kaivalya Vohra was the youngest person on the list, and Radha Vembu of Zoho surpassed Falguni Nayar to become the richest self-made Indian woman.
Mahendra Ratilal Mehta, MD and CEO of Precision Wires India, made his debut on the list at the age of 94.
Hurun claims that India has grown to have 259 billionaires, a 4.4-fold growth in 12 years, by adding two new billionaires every three weeks during the past year.
Amid concerns over inequities, the report stated that the wealth of 51 individuals more than doubled this year compared to 24 the previous year.
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Source: The Indian Express
