The past year was very good for India’s super-wealthy, with some of the country’s richest individuals adding billions to their already massive fortunes. Leading the pack was Mukesh Ambani, chairman of Reliance Industries. According to reports, Mr. Ambani’s net worth increased by an eye-popping $10 billion in 2023.
With this addition, Ambani’s total wealth is now estimated to be around $97 billion. He remains the richest man in India by a wide margin. Most of Ambani’s money comes from his various businesses under Reliance Industries, including its retail and telecom divisions. The company’s share price rose over the year, helping boost Ambani’s net worth. His digital unit Jio also listed publicly, providing another boost.
Coming in second was HCL Technologies founder Shiv Nadar. Reports say Nadar’s wealth grew by $9.47 billion over the past year to reach $34 billion total. Despite challenges for India’s tech industry, HCL saw its stock price jump over 40% in 2023. This helped delivery huge gains for Nadar and cemented his position as one of the richest self-made entrepreneurs in Asia.
In third place was Savitri Jindal, chairperson emeritus of Jindal Steel and Power. Widow of the late O.P. Jindal, she saw her net worth increase by $8.93 billion to $24.7 billion. Jindal Steel and other enterprises in the family’s conglomerate continued generating healthy revenues and profits.
Another big winner was real estate tycoon Kushal Pal Singh of DLF. Higher profits and a doubling of DLF’s share price led to a $7.83 billion jump in Singh’s personal fortune to $16.1 billion. Several other billionaires from sectors like construction, pharmaceuticals, beverages and telecom also saw substantial increases, growing their wealth between $3-8 billion for the year based on company performances.
Yet it wasn’t all gains, with Adani Group‘s Gautam Adani suffering a net loss of $37 billion due to stocks in companies like Adani Enterprises and Adani Green declining sharply earlier in 2023. Still, with wealth above $80 billion, Adani remained among the richest people on the planet.
Overall, 2023 was a year of enormous wealth creation for India’s richest as businesses and stock markets provided bountiful opportunities. With economic stability and resilience in their industries, these tycoons further cemented their status as national and global elite. Barring major unforeseen crises, their fortunes seem set to keep rising in the coming years as well.
