India has a significant presence on the global billionaire stage, with 169 Indians on Forbes' 2023 list of global billionaires, up from 166 last year. Today, our focus is on India's elite group, the top 10 richest individuals based on net worth.
1. Mukesh Ambani
Age: 66 years old.
Net worth: $96.8 billion
Wealth**: Reliance Industries***
Mukesh Ambani, 66, has a staggering net worth of $96.8 billion, catapulting him to the pinnacle of personal wealth in India. As Managing Director and Chairman of Reliance Industries, Mr. Ambani is at the helm of an empire with revenues of more than 8 billion rupees ($104 billion). Reliance Industries' vast product portfolio spans petrochemicals, oil and gas, retail, telecommunications, and more. Three descendants of the Ambani dynasty – Akash, Anant, and Isa – were actively involved in the running of the business, each managing a different division of the corporate behemoth.
2. Gautam Adani
Age: 61 years old.
Net worth: $58.5 billion
Fortune**: Adani Group.
Gautam Shantilal Adani has a whopping net worth of $58.5 billion, thanks to the Adani Group. Under his leadership, the international conglomerate controls India's port operations and development industry. Notably, Priti Adani, the wife of Gautam Adani, served as the president of the Adani Foundation, which was established in 1996. Ports, airports, power generation and transmission, and renewable energy are just a few of the group's businesses. However, Hindenburg Research, an American investment research firm known for short-selling, accused Adani of financial misconduct and market manipulation, resulting in a significant** market valuation of his company at more than $120 billion.
3. Shiv Nadal
Age: 78 years old.
Net worth: $29.4 billion
Fortune**: HCL Group.
Schiff Nadal's staggering $29.4 billion fortune is largely due to his ownership of HCL Corporation. HCL has been praised for its contributions to the IT industry and has served notable clients including Cisco, Microsoft, and Boeing. In 2008, India** conferred on Mr. Nadal the Order of Padmasambhma, India's third-highest civilian honour, in recognition of his outstanding service. In addition to his business talents, Mr. Nadal is also regarded as a well-known philanthropist, having donated $116 in late 2022Rs 100 million.
4. The Savitri Jindal family
Age: 73 years old.
Net assets: $23.7 billion
Fortune**: Op.Jindal Group.
S**itri Jindal is a prominent Indian politician and entrepreneur who serves as O.Op.Honorary Chairman of the Jindal Group, respected. Her four sons, Prithviraj, Sajjan, Ratan, and N**Een Jindal, oversee several business units including JSW Sports, contributing to the development of India's vibrant sports ecosystem. S**itri Jindal claims to be the richest woman in India.
5. Cyrus Punavala
Age: 82 years old.
Net worth: $20 billion.
Fortune**: Serum Institute of India.
Cyrus Poonawalla, a staunch supporter of vaccine development in India, has reaped the rewards of a surge in sales and revenues through the Serum Institute of India, which owns a private holding. Assisting him in his administration was his son Adar. The Serum Institute has a reputation as the world's largest vaccine manufacturer, a position that has been aided by the widespread use of COVID-19 vaccines developed by SII.
6. Dilip Sanhawi
Age: 67 years old.
Net worth: $18.7 billion.
Fortune**: Sun Pharmaceutical.
The 67-year-old has amassed a fortune of $18.7 billion through pioneering efforts in the Sun pharmaceutical industry. Under his leadership, Sun Pharma became the first Indian pharmaceutical company to reach a market capitalization of $5 billion. Shangewe's growth strategy included the $4 billion acquisition of Lambeth Laboratories in 2014, a transformative acquisition.
7. Radajishin Damani
Age: 68 years old.
Net worth: $17 billion
Fortune**: Avenue Supermarket***
Radajishin Damani, a 68-year-old entrepreneur and savvy investor credited with founding Avenue Supermarket ***enue Supermarts Limited), is responsible for managing a network of more than 200 DMART stores in India. In addition, he takes control of his investment business through Bright Star Investments Limited.
8. Kumar Birla
Age: 56 years old.
Net worth: $16.6 billion
Fortune**: Hindalco Industries
Kumar Birla, 56, is a prominent figure in the commodities sector, leading the Aditya Birla Group, which spans industries such as aluminium, cement and financial services. Billa also served as the non-executive chairman of Vodafone Creative Telecom Corporation. However, he relinquished this position in 2021 due to mounting debt. In 2023, he was appointed as a Non-Executive Director. Notably, Billa's descendants, Ananya and Aryaman, recently joined the board of directors of the flagship company, ready to inject new ideas and vitality into the business.
9. Lakshmi Mittal
Age: 73 years old.
Net worth: $16.4 billion.
Fortune**: ArcelorMittal Group.
Lakshmi Mittal, 73, is the chairman and chief executive officer of ArcelorMittal, the world's largest steel producer. In 2019, he demonstrated his strategic acumen by partnering with Nippon Steel to successfully acquire Essar Steel for $5.9 billion. Mittal retained the position of Executive Director but handed over the CEO role to his son, Aditya Mittal, in 2021.
10. Uday Kotak
Age: 64 years old.
Net worth: $13.5 billion
Wealth**: Kotak Mahindra Bank.
Uday Kotak, 64, is the founder and managing director of the Kotak Mahindra Group in a prominent position. He made the tactical choice to reduce bank ownership in 2020 to improve compliance and regulatory flexibility. Uday Kotak's son, Jay Kotak, is undergoing active training to take on leadership positions within the company.