Oct 10, 2023
By: Sourabh Jain
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The Hurun Rich List 2023 has been released, giving us insights about India’s richest. In this list, only two billionaires, Cyrus S Poonawalla and Shiv Nadar have retained their position in the top 10 list.
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Mukesh Ambani and family top the list with a wealth of $97.43 billion. Mukesh Ambani and family are promoters of Reliance Industries that has interests in retail, telecom, energy and other sectors. Ambani’s wealth has increased by a mere 2 percent in the last one year.
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Gautam Adani has lost more than half his wealth after the Hindenburg report released earlier this year, registering a decline of 57 percent to $57.2 billion. Gautam Adani is one of the only two people in the list to have lost wealth during the year.
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Cyrus S Poonawalla and family, the founder of Serum Institute of India has recorded the highest increase in wealth at 36 percent in the last one year. The 82-year-old billionaire has a wealth of $33.55 billion. The Serum Institute of India is the world's largest vaccine manufacturer.
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Shiv Nadar, the founder of tech giant HCL and the current chairman emeritus is the country’s fourth richest person. His wealth has increased by 23 percent to $27.58 billion. His wealth has increased by 194 percent in the last ten years.
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Hinduja Group’s Gopichand Hinduja and family are next on the list, with a wealth of $21.27 billion. Hinduja’s wealth has increased by 7 percent in the last one year. Srichand Parmanand Hinduja, his elder brother had passed away in May 2023.
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Dilip Shanghvi, the founder of India’s biggest pharma company Sun Pharmaceutical Industries is the sixth richest person in India. He has reported a 23 percent increase in wealth to $19.8 billion.
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Lakshmi Mittal and family, the chairman of ArcelorMittal is the seventh richest person in India. His wealth has reported a 7 percent increase in the last one year to $19.55 billion. ArcelorMittal has emerged as the world’s largest steelmaker outside China.
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Radhakishan Damani, the founder of popular supermarket chain Avenue Supermarts (DMart) is the second person in the list to record a decline in wealth. Damani’s wealth reported an 18 percent decline to $17.34 billion. Avenue Supermarts shares have declined by over 18 percent over the year.
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Kumar Mangalam Birla, the chairman of the Aditya Birla Group, is ranked as the ninth richest person in India. His wealth increased by 5 percent to reach $15.13 billion. Birla’s wealth has increased by 171 percent in the last five years.
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Niraj Bajaj, chairman of Bajaj Auto, is a new entrant to the list. Bajaj’s wealth increased by 7 percent to reach $14.54 billion. The Bajaj Group is the third largest family business house in the country and has over 50,000 employees.
Credit: Bajaj Group