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 $361 billion.
| Name | Wealth Change ($bn) | Current Wealth ($bn) |
| Jeff Bezos | -70 | 118 |
| Elon Musk | -48 | 157 |
| Sergery Brin | -44 | 72 |
| Larry Page | -41 | 75 |
| Mackenzie Scott | -35 | 26 |
| Gautam Adani & Family | -28 | 53 |
| Mukesh Ambani | -21 | 82 |
| Zeng Yuqun | -18 | 35 |
| Scott Farquhar | -17 | 10 |
| Zhang Yiming | -17 | 37 |
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 $1bn
| Country | Number of Billionaires | Cumulative Wealth Loss ($bn) |
| USA | 123 | -603.7 |
| China | 178 | -482.2 |
| India | 41 | -122.7 |
| Germany | 22 | -42.3 |
| Switzerland | 17 | -26.5 |
| UK | 11 | -24.1 |
| Sweden | 11 | -23.3 |
| Brazil | 7 | -14.5 |
| Italy | 7 | -11.8 |
| Japan | 5 | -10.3 |
| Indonesia | 5 | -7.6 |
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 $13.7 trillion.
According to the Hurun rich list, nine out of ten Indian billionaires lost their wealth. Only Cyrus Poonawalla, the chairman and managing director of Serum Institute of India, increased his.
Additionally, Poonawalla has become the world’s richest healthcare billionaire.
India’s Top 10 Billionaires
| Name | Wealth ($bn) | YoY Change |
| Mukesh Ambani | 82 | -20% |
| Gautam Adani & Family | 53 | -35% |
| Cyrus Poonawalla | 27 | 4% |
| Shiv Nadar & Family | 26 | -7% |
| Lakshmi N Mittal | 20 | -20% |
| SP HInduja & Family | 20 | -13% |
| Dilip Shanghvi & Family | 17 | -6% |
| Radhakishan Damani & Family | 16 | -30% |
| Kumar Mangalam Birla & Family | 14 | -22% |
| Uday Kotak | 14 | -13% |
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.
| City | No. of Billionaires |
| Mumbai | 66 |
| Delhi | 39 |
| Bengaluru | 21 |
| Others | 61 |
| Total | 187 |
Five of the top ten billionaires in India reside in Mumbai, and two of them live in London.
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