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Mukesh Ambani surpasses Gautam Adani as the richest Indian – 2023 M3M Hurun Global Rich List

Hurun Global Rich List 2023 – Mukesh Ambani surpasses Adani

M3M Hurun Global Rich List 2023 features Mukesh Ambani’s rise to the top as the richest Indian over Gautam Adani. While both Ambani and Adani saw their wealth erode on a year-on-year basis, Adani lost 35% of his wealth due to the Hindenburg saga, whereas Ambani lost 20% between 2022 and 2023.

On January 24, Adani was the second richest person in the world on the Bloomberg Billionaires Index, but now he has a net worth of $57.2 billion.

Mukesh Ambani, whose wealth also declined by $21 billion, is the richest Indian and Asian on the 2023 M3M Hurun Global Rich List.

Among the top ten billionaires in India, Adani lost the most wealth.

Despite Adani being the richest Indian, Ambani’s Reliance Industries topped Hurun’s most valuable companies list.

The biggest wealth losers

During the last one year, the top nine billionaires lost a cumulative $339 billion in wealth erosion, which is only slightly lower than Hong Kong’s GDP of $361 billion.

NameWealth Change ($bn)Current Wealth ($bn)
Jeff Bezos-70118
Elon Musk-48157
Sergery Brin-4472
Larry Page-4175
Mackenzie Scott-3526
Gautam Adani & Family-2853
Mukesh Ambani-2182
Zeng Yuqun-1835
Scott Farquhar-1710
Zhang Yiming-1737
Source: 2023 M3M Hurun Global Rich List

As a result, 41 Indian billionaires saw their wealth decline by at least $1 billion since last year, losing a cumulative $122.7 billion during this period, placing India third behind China and the United States.

Billionaires who lost at least $1bn

CountryNumber of BillionairesCumulative Wealth Loss ($bn)
USA123-603.7
China178-482.2
India41-122.7
Germany 22-42.3
Switzerland17-26.5
UK11-24.1
Sweden11-23.3
Brazil7-14.5
Italy7-11.8
Japan 5-10.3
Indonesia5-7.6
Source: 2023 M3M Hurun Global Rich List

Globally, billionaires are down, not just in India

This year, the world has lost 5 billionaires every week, according to the list. The number of billionaires is down by 269 from 3,381 last year to 3,112 this year.

As well as the number of billionaires, the cumulative wealth of these billionaires has declined by 10% to $13.7 trillion.

According to the Hurun rich list, nine out of ten Indian billionaires lost their wealth. Only Cyrus Poonawalla, the chairman and managing director of Serum Institute of India, increased his.

Additionally, Poonawalla has become the world’s richest healthcare billionaire.

India’s Top 10 Billionaires

NameWealth ($bn)YoY Change
Mukesh Ambani82-20%
Gautam Adani & Family53-35%
Cyrus Poonawalla274%
Shiv Nadar & Family26-7%
Lakshmi N Mittal20-20%
SP HInduja & Family20-13%
Dilip Shanghvi & Family17-6%
Radhakishan Damani & Family16-30%
Kumar Mangalam Birla & Family14-22%
Uday Kotak14-13%
Source: 2023 M3M Hurun Global Rich List

There’s some good news for billionaires – India added 15 new billionaires, including Rekha Rakesh Jhunjhunwala, wife of Rakesh Jhunjhunwala, also known as the ‘Big Bull’.

Mumbai is home to a third of India’s billionaires, while Delhi comes in second

A third of India’s billionaires are based in Mumbai, the country’s financial capital. Of 187 Indian billionaires, 66 are based in Mumbai, according to the Hurun rich list.

CityNo. of Billionaires
Mumbai66
Delhi39
Bengaluru21
Others61
Total187
Source: 2023 M3M Hurun Global Rich List

Five of the top ten billionaires in India reside in Mumbai, and two of them live in London.

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Editorial Director
I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

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