The dynamics of wealth in India have undergone significant transformations as billionaires continue to emerge and expand their fortunes. In the latest edition of Trendlyne's captivating "Chart of the Week," we gain valuable insights into the top 14 wealthiest individuals in the country. This enlightening report delves into their respective industries, holdings, and strategies for amassing immense wealth.
Mukesh Ambani, the esteemed Chairman of Reliance Industries, proudly retains his status as India's wealthiest individual, with a staggering net worth of approximately Rs. 7.5 lakh crore ($90.6 billion) as of July 4, 2023. Ambani's remarkable journey began eight years ago when Reliance Retail emerged as the leading revenue-generating retailer in India, propelling his net worth to $21.1 billion in 2014.
Subsequently, the launch of Jio in 2016 and the introduction of Jio Phone in 2017 further accelerated his wealth, soaring to $40.2 billion—an astounding surge of 77.1%. Despite a temporary setback caused by the COVID-19 pandemic, Ambani's fortunes rebounded through strategic investments from Google, alongside the introduction of Jio Mart and Jio 5G. This culminated in a net worth of $76.9 billion by the end of the year.
Gautam Adani, the visionary Founder and Chairman of the Adani Group, has emerged as Ambani's foremost rival in terms of wealth accumulation. As of July 4, 2023, Adani proudly claims the title of India's second richest individual, with a net worth of approximately Rs. 5.1 lakh crore ($61.4 billion). Adani's journey to riches has been nothing short of extraordinary, witnessing his net worth skyrocket by twelve-fold since 2014.
His strategic acquisitions, including the notable Holcim India's businesses and NDTV, propelled him past Ambani in 2022, reaching an astonishing net worth of $121 billion.
However, in January 2023, Adani faced a significant blow when Hindenburg alleged accounting fraud and stock manipulation, resulting in the largest single-day loss of net worth in history for any billionaire. Nevertheless, Adani stocks have since regained value, experiencing a remarkable 63% recovery in net worth, amounting to $61.4 billion as of June 2023.
The list of notable tycoons also includes Shiv Nadar of HCL Technologies, reigning as the wealthiest tech billionaire in India with a net worth of $27.4 billion. Following closely is Azim Premji ($24 billion) of Wipro.
Among other prominent names are Lakshmi Mittal ($19 billion) of ArcelorMittal, Radhakishan Damani of Avenue Supermarts (D-Mart), Dilip Shanghvi of Sun Pharmaceuticals, Cyrus Poonawalla ($24.4 billion) of Serum Institute, Savitri Jindal of Jindal Steel & Power, Uday Kotak of Kotak Mahindra Bank, Kumar Birla of Aditya Birla Group, and Sunil Mittal of Bharti Enterprises.
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