The 25 Most Richest People in India in 2023-2024

India has a notable presence on the global billionaire stage, with a remarkable 169 Indians securing coveted spots on Forbes’ 2023 World’s Billionaires list, indicating an increase from the previous year’s 166 individuals. Today, we delve into the crème de la crème of India’s financial elite, the top 10 wealthiest individuals in terms of net worth as of September 2023.

Mukesh Ambani – $96.8 billion

Mukesh Ambani, aged 66, commands a staggering net worth of $96.8 billion, making him the reigning supreme in India’s billionaire landscape. As the Managing Director and Chairman of Reliance Industries, Mr. Ambani presides over an empire with revenues exceeding Rs 8 lakh crore ($104 billion). Reliance Industries’ extensive portfolio includes petrochemicals, oil and gas, retail, telecom, and more. Notably, Mr. Ambani’s three progeny – Akash, Anant, and Isha – actively manage distinct segments of this corporate behemoth.

Gautam Adani – $58.5 billion

At 61 years of age, Gautam Adani is credited with an impressive net worth of $58.5 billion, leading the Adani Group. This international conglomerate controls India’s port operations and development industry. Priti Adani, Gautam Adani’s wife, serves as the chair of the Adani Foundation, which he established in 1996. The group’s diverse interests encompass ports, airports, power generation and transmission, and renewable energy. However, allegations of financial misconduct and market manipulation have weighed on Adani’s firm’s market valuation.

Shiv Nadar – $29.4 billion

Shiv Nadar, aged 78, boasts an extraordinary wealth of $29.4 billion, primarily attributable to his ownership of HCL Enterprise. HCL has earned acclaim for its contributions to the IT sector, serving prestigious clients like Cisco, Microsoft, and Boeing. In 2008, Mr. Nadar received the Padma Bhushan, India’s third-highest civilian accolade, in recognition of his exceptional services. Beyond his business prowess, Mr. Nadar is renowned as a philanthropist, exemplified by his significant 2022 donation of Rs. 1,161 crore.

Savitri Jindal – $23.7 billion

Aged 73, Savitri Jindal is a distinguished Indian politician and entrepreneur, holding the esteemed position of emeritus chair at the O.P. Jindal Group. Her four sons, Prithviraj, Sajjan, Ratan, and Naveen Jindal, oversee diverse business divisions, including JSW Sports, contributing to the development of a vibrant sports ecosystem and 1xBet live casinos online in India. Savitri Jindal claims the distinction of being India’s wealthiest woman.

Cyrus Poonawalla – $20.0 billion

A stalwart in vaccine development within India, 82-year-old Cyrus Poonawalla reaps the rewards of surging sales and earnings through his ownership of the privately held Serum Institute of India. Assisting him in its management is his son, Adar. The Serum Institute holds the prestigious title of the world’s largest vaccine manufacturer, a status bolstered by the widespread utilization of COVID-19 vaccines developed by the SII.

Dilip Shanghvi – $18.7 billion

Aged 67, Dilip Shanghvi has amassed a fortune of $18.7 billion through pioneering endeavors at Sun Pharmaceutical Industries. Under his leadership, Sun Pharmaceutical became the first Indian pharma company to achieve a valuation of $5 billion. Shanghvi’s growth strategy included a transformative acquisition of Ranbaxy Laboratories for $4 billion in 2014 and so he almost made the list of the most powerful leader in the world 2023-2024 according to the mirrorreview.

Radhakishan Shivkishan Damani – $17.0 billion

A 68-year-old entrepreneur and astute investor, Radhakishan Shivkishan Damani is celebrated as the founder of Avenue Supermarts Limited, overseeing a network of over 200 DMart stores in India. Additionally, he exercises control over his investment ventures through Bright Star Investments Limited.

Kumar Birla – $16.6 billion

Aged 56, Kumar Birla reigns as a prominent figure in the commodities arena, guiding the Aditya Birla Group, which spans sectors such as aluminum, cement, and financial services. Birla also had a significant presence as the non-executive chairman of Vodafone Idea Telecommunications; however, he relinquished this role in 2021 due to mounting debts. In 2023, he assumed the position of a non-executive director. Notably, Birla’s offspring, Ananya and Aryaman, have recently joined the boards of flagship companies, poised to infuse fresh ideas and vigor into the business.

Lakshmi Mittal – $16.4 billion

At 73 years of age, Lakshmi Mittal is the chairman and chief executive officer of ArcelorMittal, the biggest producer of steel in the world. In 2019, he collaborated with Nippon Steel to successfully acquire Essar Steel for $5.9 billion, demonstrating his strategic acumen. Mittal retained his post as executive chairman but gave the CEO job to his son Aditya Mittal in 2021. Production at ArcelorMittal’s Kryvyi Rih factory in Ukraine has been hampered by recent geopolitical developments, most notably Russia’s invasion of Ukraine.

Uday Kotak – $13.5 billion

Uday Kotak, aged 64, is the founder and managing director of the Kotak Mahindra Group, a prominent post. He made the tactical choice to reduce his ownership of the bank in 2020, improving compliance and regulatory flexibility. Jay Kotak is being aggressively trained by Uday Kotak to take on a leadership position within the company.

This exclusive list derives its data from Forbes’ Real-Time Billionaires rankings, providing a comprehensive panorama of India’s financial elite in 2023.

1. Mukesh Ambani

• Net Worth: $83.4 billion
• Company: Reliance Industries
• Sources of Wealth: Petrochemicals, telecom, retail
• Wealth Change: Decrease

2. Gautam Adani

• Net Worth: $47.2 billion
• Company: Adani Group
• Sources of Wealth: Commodities, ports, power generation and transmission, real estate, defense, airport, and data center
• Wealth Change: Decrease

3. Shiv Nadar

• Net Worth: $25.6 billion
• Company: HCL Technologies
• Sources of Wealth: IT services and consulting
• Wealth Change: Decrease

4. Cyrus Poonawalla

• Net Worth: $22.6 billion
• Company: Serum Institute of India
• Sources of Wealth: Vaccines
• Wealth Change: Increase

5. Lakshmi Mittal

• Net Worth: $17.7 billion
• Company: ArcelorMittal
• Sources of Wealth: Steel
• Wealth Change: Decrease

6. Savitri Jindal

• Net Worth: $17.5 billion
• Company: JSW Group, Jindal Steel & Power
• Sources of Wealth: Steel, energy, cement, and infrastructure
• Wealth Change: Decrease

7. Dilip Shanghvi

• Net Worth: $15.6 billion
• Company: Sun Pharmaceutical Industries
• Sources of Wealth: Pharmaceuticals
• Wealth Status: Steady

8. Radhakishan Damani

• Net Worth: $15.3 billion
• Company: Avenue Supermarts (DMart)
• Sources of Wealth: Investments, retail
• Wealth Change: Decrease

9. Kumar Mangalam Birla

• Net Worth: $14.2 billion
• Company: Aditya Birla Group
• Sources of Wealth: Textiles, telecom, cement
• Wealth Change: Decrease

10. Uday Kotak

• Net Worth: $12.9 billion
• Company: Kotak Mahindra Bank
• Sources of Wealth: Banking
• Wealth Change: Decrease

11. Azim Premji

• Net Worth: $9.2 billion
• Company: Wipro Group
• Sources of Wealth: IT services and consulting
• Wealth Change: Decrease

12. Ravi Jaipuria

• Net Worth: $8.6 billion
• Company: RJ Corp
• Sources of Wealth: Fast food
• Wealth Change: Increase

13. Kushal Pal Singh

• Net Worth: $8.2 billion
• Company: DLF
• Sources of Wealth: Real estate
• Wealth Change: Decrease

14. Hasmukh Chudgar & family

• Net Worth: $7.6 billion
• Company: Intas Pharmaceuticals
• Sources of Wealth: Pharmaceuticals
• Wealth Change: Increase

15. Benu Gopal Bangur

• Net Worth: $7.3 billion
• Company: Shree Cement
• Sources of Wealth: Cement
• Wealth Change: Increase

16. Rohiqa Cyrus Mistry

• Net Worth: $7.0 billion
• Company: Shapoorji Pallonji Group
• Sources of Wealth: Construction, real estate
• Wealth Change: NEW

17. Ashwin Dani

• Net Worth: $7.0 billion
• Company: Asian Paints
• Sources of Wealth: Paints
• Wealth Change: Decrease

18. Sunil Mittal

• Net Worth: $6.1 billion
• Company: Bharti Enterprises
• Sources of Wealth: Telecom
• Wealth Change: Increase

19. Gopikishan Damani & family

• Net Worth: $6.0 billion
• Company: Avenue Supermarts (DMart)
• Sources of Wealth: Investments, retail
• Wealth Change: Decrease

20. Vikram Lal

• Net Worth: $5.6 billion
• Company: Eicher Motors
• Sources of Wealth: Automotive
• Wealth Change: Increase

21. Mahendra Choksi & family

• Net Worth: $5.4 billion
• Company: Asian Paints
• Sources of Wealth: Paints
• Wealth Change: Decrease

22. M. A. Yusuff Ali

• Net Worth: $5.3 billion
• Company: LuLu Group International
• Sources of Wealth: Retail
• Wealth Change: Decrease

23. Micky Jagtiani

• Net Worth: $5.2 billion
• Company: Landmark Group
• Sources of Wealth: Retail, Hospitality, Healthcare
• Wealth Change: Increase

24. Rekha Jhunjhunwala

• Net Worth: $5.1 billion
• Company: Rare Enterprises
• Sources of Wealth: Investments
• Wealth Status: Steady

25. Murali Divi & family

• Net Worth: $4.9 billion
• Company: Divi’s Laboratories
• Sources of Wealth: Pharmaceuticals
• Wealth Change: Decrease

Conclusion

In conclusion, the top 10 richest people in India represent a diverse range of industries and backgrounds. Their fortunes are a reflection of India’s evolving economic landscape, global influence, and entrepreneurial spirit. While opinions about their wealth and influence may vary, their impact on India’s economy and society cannot be denied.

FAQs:

How often do the rankings of the richest people in India change?

Wealth rankings can change frequently due to market fluctuations and business developments. Annual updates are common.

What industries are these individuals primarily involved in?

These individuals have diversified interests, including technology, manufacturing, finance, and healthcare.

Are there any newcomers to the list of the top 10 richest people in India?

Newcomers may emerge as India’s business landscape evolves. Keep an eye on emerging entrepreneurs.

How does India’s economic landscape affect the wealth of these individuals?

Economic growth, industry trends, and global factors play a significant role in determining their wealth.

What philanthropic activities are these billionaires known for?

Many of them are involved in philanthropy, focusing on education, healthcare, and social development.

How do these individuals compare to the world’s wealthiest individuals?

While India’s billionaires are among the world’s richest, global wealth rankings feature a diverse set of individuals from different countries and industries.