India’s economy continues to surge forward, and with it, the fortunes of its richest individuals. In 2023, Forbes’ India Rich List saw a record-breaking 169 Indians make it onto the global billionaires’ list, highlighting the country’s growing economic clout. Let’s delve into the top 10 wealthiest individuals in India, according to Forbes’ Real-Time Billionaires data as of December 12, 2023.
The top 10 richest people in 2023
| Name & India Rank | Global Rank | Net worth (US$) | Company |
|---|---|---|---|
| #1 Mukesh Ambani | 15 | $94.3 B | Reliance Industries |
| #2 Gautam Adani | 16 | $72.2 B | Adani Group |
| #3 Shiv Nadar | 46 | $31.2 B | HCL Technologies |
| #4 Savitri Jindal & family | 51 | $29.0 B | JSW Group |
| #5 Cyrus Poonawalla | 79 | $22.1 B | Serum Institute of India |
| #6 Dilip Shanghvi | 89 | $20.1 B | Sun Pharmaceutical Industries Ltd |
| #7 Kumar Birla | 96 | $18.7 B | Aditya Birla Group |
| #8 Radhakishan Damani | 100 | $18.0 B | DMart, Avenue Supermarts |
| #9 Lakshmi Mittal | 107 | $16.5 B | ArcelorMittal |
| #10 Kushal Pal Singh | 117 | $15.1 B | DLF Limited |
1. Mukesh Ambani – Reliance Industries Ltd (Net worth: $89.7 billion)
Mukesh Ambani, 66, the chairman of Reliance Industries, reclaims the top spot as India’s richest person. Despite an 8% decline in his wealth compared to last year, his net worth remains a staggering $89.7 billion. Reliance Industries, a conglomerate involved in energy, retail, and telecommunications, has seen annual revenue exceeding $100 billion for the first time.
2. Gautam Adani – Adani Group (Net worth: $51.7 billion)
Gautam Adani, 61, the chairman of the Adani Group, had a turbulent year. While he soared to a peak net worth of $150 billion in 2022, his wealth has since declined by a whopping 54.67%, landing at $51.7 billion in 2023. Despite the setback, Adani remains a force to be reckoned with, controlling India’s largest port and having significant investments in infrastructure, energy, and commodities.
3. Shiv Nadar – HCL Enterprise (Net worth: $29.1 billion)
Shiv Nadar, 78, the founder of HCL Technologies, a global IT services company, holds the third position with a net worth of $29.1 billion. HCL has been a major player in the digital transformation space, contributing to Nadar’s impressive wealth accumulation. Nadar also was bestowed with the Padma Bhushan, India’s esteemed third-highest civilian distinction, by the Indian government in 2008.
4. Savitri Jindal & family – O.P. Jindal Group (Net worth: $25.3 billion)
Savitri Jindal, 73, India’s richest woman, heads the Jindal Group, a diversified conglomerate with interests in steel, power, and infrastructure. She has become the first Indian woman to cross the $25 billion net worth mark, solidifying her position as a leading figure in the Indian business world. The various divisions of the business are run by her four sons: Prithviraj, Sajjan, Ratan and Naveen Jindal. Further, JSW Sports, the sports division of the JSW Group, operates as part of the conglomerate that spans India, the USA, South America, Europe, and Africa.
5. Cyrus Poonawalla – Serum Institute of India (Net worth: $21.2 billion)
Cyrus Poonawalla, 82, the chairman of the Serum Institute of India, the world’s largest vaccine manufacturer by volume, holds the fifth spot with a net worth of $21.2 billion. Assisting him in its management is his son Adar. Poonawalla’s company played a pivotal role in the global fight against COVID-19, further boosting his wealth and prominence.
6. Dilip Shanghvi – Sun Pharmaceuticals (Net worth: $19.5 billion)
Dilip Shanghvi, 67, the founder and chairman of Sun Pharmaceutical Industries, India’s largest pharmaceutical company by market capitalization, holds the sixth position with a net worth of $19.5 billion. Sun Pharma’s strong performance in the generics market has contributed significantly to Shanghvi’s wealth accumulation.
7. Radhakishan Shivkishan Damani – Avenue Supermarts Limited (Net worth: $16.6 billion)
Radhakishan Damani, 68, the founder of Avenue Supermarts Limited, which runs more than 200 DMart stores in India. DMart, India’s largest supermarket chain by revenue, holds the seventh position with a net worth of $16.6 billion. DMart’s focus on low prices and value for money has resonated with Indian consumers, driving Damani’s wealth growth.
8. Kumar Birla – Hindalco Industries (Net worth: $17.8 billion)
Kumar Birla, 56, the chairman of the Aditya Birla Group, a conglomerate with interests in metals, cement, and telecommunications, holds the eighth position with a net worth of $17.8 billion. The Aditya Birla Group’s diverse portfolio and strong market presence have contributed to Birla’s wealth and position as a leading industrialist.
9. Lakshmi Mittal – ArcelorMittal (Net worth: $15.2 billion)
Lakshmi Mittal, 73, the present Chairman and CEO of ArcelorMittal, known as the largest global steel manufacturer. In 2021, Mittal passed on the CEO role to his son, Aditya Mittal, while maintaining his position as the executive chairman of ArcelorMittal. He holds the ninth position with a net worth of $15.2 billion.
10. Kushal Pal Singh – DLF Limited (Net worth: $13.7 billion)
Kushal Pal Singh, 92, a former army officer and real estate pioneer, the Chairman Emeritus of DLF, India’s largest listed real estate company by market capitalization. Singh joined DLF, a business founded by his father-in-law Chaudhary Raghvendra Singh in 1946, in 1961. He served as the company’s chairman for over five decades, transforming it from a small-scale developer into a real estate giant. He holds the ninth position with a net worth of $13.7 billion.
Please note: This information is based on the Forbes Real-Time Billionaires rankings as of December 12, 2023, and may differ slightly depending on the date and source used.
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