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India’s richest billionaires now have a combined fortune of nearly $1 trillion, despite declines in the Indian rupee and stock market. According to the latest annual ranking by Forbes, the combined wealth of the country’s wealthiest individuals has remained largely unchanged from the previous year.
A major change at the top of the list is the return of Gautam Adani as India’s richest person. The Adani Group chairman has reclaimed the No. 1 position after three years. His wealth rose by $20.7 billion to $112.7 billion, including family assets. He recorded the largest increase in wealth in dollar terms this year.
However, Adani’s fortune remains well below its 2022 peak, when his family wealth reached around $150 billion. His current fortune is about $37 billion lower than that level.
Adani’s infrastructure-focused business empire is currently pursuing major expansion plans, including a proposed investment of up to $100 billion in artificial intelligence infrastructure.
Mukesh Ambani, chairman and managing director of Reliance Industries, ranks second with an estimated fortune of $86.3 billion, down $18.7 billion over the past year. Reliance shares declined amid pressure on profits in several businesses, including its retail operations.
Ambani is also preparing to list Jio Platforms, Reliance’s telecommunications and digital-services arm, on the stock market. The company has received regulatory approval for an initial public offering that could raise up to $3.8 billion. If successful, it could become the largest IPO in Indian history.
Savitri Jindal, India’s richest woman, remains in third place. The fortune of the family behind the O.P. Jindal Group, which operates in sectors ranging from steel to power, declined slightly to around $39.8 billion.
Steel magnate Lakshmi Mittal recorded the biggest percentage increase in wealth. He climbed eight places to fourth, with his fortune rising 74% to $34.7 billion.
Mittal has also expanded into sports. In May, he joined Adar Poonawalla, son of vaccine entrepreneur Cyrus Poonawalla, in acquiring Indian Premier League franchise Rajasthan Royals. The deal valued the team at approximately $1.65 billion.
Despite the overall stability in the combined wealth of India’s richest people, more than half of those on the list saw their fortunes decline. The rapid growth of artificial intelligence has created new challenges for India’s information technology and software-services industry, affecting several leading entrepreneurs in the sector.
The rest of the top 10 are Sunil Mittal and family in fifth place, Cyrus Poonawalla in sixth, Shiv Nadar in seventh, Dilip Shanghvi and family in eighth, Kumar Birla in ninth, and the Hinduja family in tenth.Source: Forbes Magazine