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Wealth shuffle among India’s elite: Ambani leads, Adani falls, Birla and Bajaj return to top 10

In a dramatic reshuffle in India’s billionaire club, RIL chairman Mukesh Ambani has reclaimed his throne as the richest person, surpassing Gautam Adani, whose wealth took a hit due to the Hindenburg controversy. Despite a sluggish stock market, Ambani’s wealth has surged four-fold in less than a decade. The list also witnessed steady growth from Shiv Nadar of HCL and Gopichand Hinduja & family, while Radhakishan Damani experienced a dip. Here is a list of India’s top 10 richest people, according to the latest report by Hurun India: (Image: Shutterstock)
Ambani’s Comeback: Despite a dull stock market performance, Mukesh Ambani (66) has regained his position as India’s richest person. He surpassed Gautam Adani, whose wealth took a hit due to the Hindenburg effect. Over the past decade, Reliance Industries has invested over US$150 billion, more than any other Indian corporation. Ambani’s wealth has grown fourfold from Rs 165,100 crore in 2014 to nearly Rs 808,700 crore.
Gautam Adani
Adani’s Decline: Following the Hindenburg report, Gautam Adani (61), Chairman of the Adani Group, slipped to second place. His wealth decreased by a staggering Rs 6,19,000 crore within a year. Despite this setback, Adani Group companies showed strong growth. Their total income and post-tax profit increased by 85% and 82% respectively in FY22-23.
Poonawalla’s Persistence: Cyrus S Poonawalla (82), founder of Serum Institute of India, climbed three ranks due to a 36% increase in his wealth over the past year. His company is the world’s largest vaccine manufacturer. The malaria vaccine developed by the University of Oxford and Serum Institute received WHO approval for widespread use.
Nadar’s Consistency: Shiv Nadar (78) of HCL retained fourth place as his wealth increased by 23% to Rs 2,28,900 crore. Over the past decade, his wealth has grown by 194%. In FY23, HCL Technologies surpassed the Rs 1 lakh crore revenue mark for the first time. (Image: Reuters)
Hinduja’s Ascent: Gopichand Hinduja & family (83) moved up two positions to fifth rank after their wealth increased by 7% to Rs 1,76,500 crore. The family patriarch and eldest Hinduja brother, Srichand Parmanand Hinduja, passed away in London in May 2023 at age 87. (Image: Reuters)
Shanghvi’s Progress: Dilip Shanghvi (68), founder of Sun Pharmaceutical Industries, advanced three positions to sixth rank. His wealth surged by 23% to Rs 1,64,300 crore. Over the past five years, his wealth has increased by 83%. Sun Pharmaceutical Industries’ revenue grew from Rs 26,066 crore in FY18 to Rs 43,279 crore in FY23. (Image: Wikimedia Commons)
Lakshmi Mittal, chief executive officer of ArcelorMittal, arrives for a meeting with France's Prime Minister Edouard Philippe at the Hotel Matignon in Paris, France, July 31, 2017. REUTERS/Benoit Tessier - RC1112BBE2E0
Mittal’s Rise: LN Mittal & family (73) moved up to seventh place, with their wealth growing by 7% to Rs 1,62,300 crore. ArcelorMittal, led by LN Mittal, is now the world’s largest steelmaker outside China. It earned US$79.8 billion in 2022. The London-based company’s wealth has grown by 42% over the past five years. (Image: Reuters)
Radhakishan Damani of Avenue Supermarts
Damani’s Dip: Radhakishan Damani (68), of Avenue Supermarts, fell three places to eighth. His wealth decreased by 18% to Rs 1,43,900 crore. Despite this, Damani’s wealth has grown by 211% or Rs 97,600 crore in the last five years.
Birla’s Boost: Kumar Mangalam Birla & family (56), of Aditya Birla Group, rose two places to ninth. Their wealth grew by 5% to Rs 1,25,600 crore. Over the past five years, Birla’s wealth has increased by 171% or Rs 79,300 crore.
Bajaj’s Breakthrough: Niraj Bajaj & family of Bajaj Group secured the tenth spot. Their wealth grew by 7% to Rs 1,20,700 crore. The Bajaj Group is the third-largest family business house in India.
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IIFL Wealth Hurun India Rich List 2020: Here is a look at some interesting facts

Rupee drops 14 Paise
Reliance Industries (RIL) Chairman Mukesh Ambani has topped the list of richest Indians, according to the IIFL Wealth Hurun India Rich List 2020. As per the latest list, the number of Indians having a net worth of more than Rs 1,000 crore has fallen to 828 this year from 953 in 2019. The combined wealth of the people on the list is around $821 billion — 20 percent of India’s GDP. Here are some interesting details that emerged from the list.
Mukesh Ambani
Mukesh Ambani retained the top spot for the ninth consecutive year. The RIL chairman, who has seen his fortune grow significantly despite the ongoing COVID-19 crisis has a net worth of Rs 6,58,400 crore. Ambani’s wealth increased at the rate of Rs 90 crore per our since lockdown began in March.
The high and mighty have not been immune to the effects of the ongoing economic downturn following the COVID-19 pandemic. The report found that the number of Indians having a net worth of more than Rs 1,000 crore has fallen to 828 this year from 953 in 2019.
paracetamol medicines drugs pharma pharceuticals
While the current economic troubles have adversely affected most sectors, there are some exceptions. As per the report, the pharmaceutical sector witnessed a 21 percent increase in wealth this year.
Avenue Supermarts
Radhakrishan Damani, the founder of Avenue Supermarts, made it to the top ten following a 56 percent rise in his wealth after the share price increased by 51 percent.
Ritesh Agarwal
At 26, Oyo Rooms’ Ritesh Agarwal is the youngest member on the list.
96-year-old Dharam Pal Gulati of MDH is the oldest person on the list
The list is notable for under-representation of women with only 40 individuals finding a place on the top 200 list. Smita Crishna-Godrej secured 28th rank to emerge as the richest women followed by Kiran Mazumdar-Shaw who took the 34th spot and Manju D Gupta occupied the 47th position.
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IIFL Wealth Hurun India Rich List 2020: Here is a look at the top 10 richest Indians

Fiscal slippage, COVID, coronavirus
CESC
Reliance Industries (RIL) Chairman Mukesh Ambani is the richest Indian, according to the IIFL Wealth Hurun India Rich List. Ambani, secured the top spot for the ninth consecutive time with a net worth of Rs 6,58,400 crore. As per the latest list, the number of Indians with a net worth of more than Rs 1,000 crore has fallen to 828 this year from 953 in 2019. The combined wealth of the people on the list is around $821 billion.
No 10. Cyrus Mistry & Shapoor Pallonji Mistry | Pallonji Group | Net worth: Rs 76,000 crore.
No 9. Dilip Shanghvi | Sun Pharmaceutical Industries | Net worth: Rs 84,000 crore
No 8. Uday Kotak | Kotak Mahindra Bank | Net worth: Rs 87,000 crore.
Radhakishan Damani
No 7. Radhakishan Damani and family | Avenue Supermarts | Net worth: Rs 87,200 crore.
No 6. Cyrus Poonawalla | Serum Institute of India | Net worth: Rs 94,300 crore.
No 5. Azim Premji | Wipro | Net worth: Rs 1,14,400 crore.
No 4. Gautam Adani and family | Adani Group | Net worth: Rs 1,40,200 crore.
Shiv Nadar RSS speech
No 3. Shiv Nadar and family | HCL | Net worth: Rs 1,41,700 crore.
No 2. Hinduja brothers | Hinduja Group | Net worth: Rs 1,43,700 crore.
No 1. Mukesh Ambani | Reliance Industries | Net worth: Rs 658,400 crore.
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Hurun Global Rich List 2019: Mukesh Ambani breaks into top 10 for the first time

1. Mukesh Ambani: Chairman and managing director of Reliance Industries Ltd. Net Worth: Rs 383,700 crore, Rank: 8th. Mukesh Ambani chairs and runs $60 billion (revenues) oil and gas giant RIL, among India’s most valuable companies. In 2016, RIL sparked a price war in India’s hyper-competitive telecom market with the launch of 4G phone service Jio. Jio has signed on 215 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones.
2. S P Hinduja: Hinduja Group. Net worth: Rs 150,500 crore. Rank: 40th. The group’s businesses range from trucks and lubricants to banking and cable television. The brothers own valuable real estate in London, including their home Carlton House Terrace and the historic Old War Office building in Whitehall.
3. Azim Premji: Chairman, Wipro Ltd. Net worth: Rs 121,000 crore. Rank: 57th. Premji’s Wipro is India’s third-largest outsourcer. He gave up studies at Stanford University to look after the family’s cooking oil business in 1966 when his father expired, and expanded into the software sector. Wipro has an innovation centre in Silicon Valley, which is focused on developing new technologies and collaborating with startups. Premji’s son Rishad, who heads strategy and sits on the board, also oversees Wipro’s $100 million venture capital fund.
4. Cyrus Poonawala: Founder, Serum Institute of India. Net worth: Rs 89,800 crore. Rank: 100th. Son of a racehorse breeder, Poonawalla founded Serum Institute of India in 1966 and built it into one of the world’s largest vaccine makers. Serum produces 1.5 billion doses annually of a range of vaccines, including for measles, polio and flu. Serum owns Dutch vaccine maker Bilthoven Biologicals and the Czech unit of US firm Nanotherapeutics.
5. Lakshmi Mittal: Chief Executive Officer, ArcelorMittal. Net worth: Rs 87,900 crore. Rank: 112th. Mittal serves as chairman and CEO of ArcelorMittal, the world’s biggest steelmaker. Hailing from a steel clan, he separated from his siblings to start Mittal Steel and then went on to merge the company with France’s Arcelor in 2006. Benefiting from the steel recovery, the company reported a surge in net profit to $4.6 billion in 2017 on revenue of $68.7 billion. ArcelorMittal, along with Italian steel firm Marcegaglia, acquired Italy’s loss-making steel group Ilva for $2.1 billion in June 2017.
6. Uday Kotak: Managing Director, Kotak Mahindra Bank. Net worth: Rs 75,600 crore. Rank: 129th. Spurning his family’s trading business, Kotak started a finance firm in 1985 and then went on to convert it into a bank 2003. His Kotak Mahindra Bank is now among India’s top four banks in the private sector. Since its March 2107 launch, Kotak’s 811 digital banking app, which offers zero-balance accounts, has expanded the customer base to 14.5 million. In September 2018, Kotak was appointed by the government as non-executive chairman of the debt-strapped Infrastructure Leasing & Financial Services.
7. Gautam Adani: Chairman and founder, Adani Group. Net worth: Rs 70,600 crore. Rank: 157th. Ports tycoon Adani controls Mundra Port, India’s largest, in his home state of Gujarat. His $12 billion (revenue) Adani Group’s interests include power generation and transmission, real estate and commodities. Adani’s overseas assets include Australia’s Abbott Point port and the controversial Carmichael coal mine, billed as one of the world’s largest. Adani’s son Karan runs listed firm Adani Ports & SEZ, now the family’s biggest asset. Adani Group has partnered Swedish defence firm Saab to make Gripen fighter jets in India.
8. Dilip Shanghvi, Managing Director, Sun Pharmaceuticals. Net worth: Rs 67,300 crore. Rank: 163rd. Son of a pharma distributor, Shanghvi borrowed $200 from his father to start Sun Pharmaceutical Industries in 1983 to make psychiatric drugs. The company is the world’s fourth largest speciality generics maker and India’s most valuable pharma outfit with March 2017 revenues of $5 billion. Shanghvi grew Sun through a series of shrewd acquisitions, the biggest of which was the purchase of rival Ranbaxy Laboratories for $4 billion in 2014. Sun’s shares fell after the US Food and Drug Administration observed manufacturing lapses at one of its biggest factories in India.
9. Cyrus Mistry and Shapoor Pallonji Mistry. Pallonji Group. Net worth: Rs 67,100 crore.  Rank: 163rd.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Here are the top 10 richest Indians

Here are the top 10 richest Indians.

Cyrus Pallonji Mistry

Total wealth: Rs 69,400 crore

Shapoor Pallonji Mistry

Total wealth: Rs 69,400 crore

Gautam Adani

Total Wealth: Rs 74,900 crore

Uday Kotak

Total Wealth: Rs 78,400 crore

Cyrus S Poonawalla

Total Wealth: Rs 80,100 crore

Dilip Shanghvi

Total Wealth: Rs 89,700 crore

Azim Premji

Total Wealth: Rs 98,300 crore

LN Mittal

Total Wealth: Rs 114,500 crore

SP Hinduja and Family

Total Wealth: Rs 158,100 crore

Mukesh Ambani

Total Wealth: Rs 371,000 crore

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.