On the 2023 M3M Hurun Global Rich List, the director of Reliance Industries Limited, Mukesh Ambani, was the only Indian to make it into the top 10 richest people in the world. The fortune of billionaire Gautam Adani, on the other hand, has experienced a significant drop in recent years.
Mukesh Ambani, chairman of Reliance Industries Limited, was the only person from India to break into the top 10 billionaires on the 2023 M3M Hurun Global Rich List. Ambani’s net wealth is estimated to be $82 billion.
The industrialist, who is 65 years old, has successfully maintained his position as the richest individual in Asia for the third year running. On the 2023 edition of the M3M Hurun Global Rich List, he is also ranked as the wealthiest telecom entrepreneur.
On the other hand, it has been a difficult year for Gautam Adani, who was poised to take away the title of Asia’s richest man from Ambani this year but managed to hang on to the spot briefly. Gautam Adani was poised to take away the title of Asia’s richest man from Ambani this year.
Because of a damning report that was released in January by the US short seller Hindenburg Research, the total value of Adani’s assets suffered a significant hit.
“After a report was published in January by US short-seller Hindenburg, Adani saw a decline in his fortune of more than sixty percent from its previous high. According to the report, Adani had momentarily held the position of second richest person on the planet just before it was released.
According to the report, Gautam Adani suffered a loss of Rs. 3,000 billion each week over the course of the previous year. Even though he fell 11 spots in this year’s ranking, he is still the third-richest energy entrepreneur on this year’s rich list. This is despite the fact that he is no longer in the top spot.
When considering the overall number of billionaires, India comes in third place.
In terms of the overall number of billionaires in the country, India came in third place on the 2023 M3M Hurun Global Rich List, behind only the United States and China.
There was a modest decrease in the number of billionaires dwelling in India from 215 in the previous year to 187 in 2023. According to the findings of the research, the total number of billionaires jumps to 217 when people of Indian descent are included in the count.
It should be mentioned that Mumbai is home to 66 billionaires in India, followed by New Delhi with 39 and Bengaluru with 21 respectively.
The fact that Indian billionaires on the 2023 rich list added approximately $361 billion to their collective wealth over the past five years is an interesting fact that is mentioned in the report. This amount is comparable to Hong Kong’s gross domestic product (GDP).
On the 2023 M3M Hurun Global Rich List, India is ranked sixth in terms of the number of billionaires who have added at least one billion dollars to their fortunes over the course of the previous year. On the other hand, India is also at the very top of the rankings when it comes to the diminishing of its riches.
According to the report, while countries like China and the United States each had more than one hundred eighty-eight and one hundred twenty-three billionaires respectively who lost more than one billion dollars over the course of one year, India had forty-one billionaires who lost more than one billion dollars over the course of one year.
From the healthcare industry to the aviation industry, other important trends among Indian billionaires
The manufacturing of consumer products and chemicals produced the second-highest number of Indian dollar billionaires, followed by the healthcare industry. Comparatively, the financial services, healthcare, and retail industries each produced more global billionaires than any other industry.
Cyrus S. Poonawalla, founder of Serum Institute of India, has a net worth of $27 billion, making him the wealthiest healthcare millionaire in the world. He is followed on the list by Dilip Shanghvi and his family, founders of Sun Pharmaceutical Industries, who have a net worth of $17 billion.
In addition to this, the country is home to some of the world’s wealthiest aircraft billionaires. Rakesh Gangwal and Rahul Bhatia and family of IndiGo airlines are the wealthiest aviation billionaires to feature on the global rich list in 2023. Their combined fortune is estimated to be $3.6 billion and $3.3 billion respectively.
Byju’s founder and CEO Byju Raveendran, along with his family, placed 994th in this year’s ranking, with a wealth of $3.3 billion. This represents an increase of over 1,005 positions over the course of the past three years. Byju’s is the world’s second-richest education-based startup founded and run by an entrepreneur.
Kumar Mangalam Birla and his family are the second wealthiest cement manufacturer in the world, with a combined wealth of $14 billion, which placed them 136th on the ranking of the world’s richest people.
With a combined fortune of $26 billion, Shiv Nadar and his family, who are all associated with HCL Tech, have risen to the position of third richest software and services billionaire in the world.
Trends in the rankings of billionaires around the world
The number of billionaires has decreased for the second time in just ten years, as suggested by the 2023 M3M Hurun Global Rich List, which also revealed that the world lost five billionaires every week over the course of the previous year.
According to the ranking from this year, there are 3,112 billionaires in the world. This represents a reduction of 269 from the previous year, when the number stood at 3,384. On the M3M Hurun Global Rich List, China comes in first place, followed by the United States. Both countries have over fifty percent of the world’s millionaires, which is known as the fifty-three percent mark.
When compared to the previous year, there were 8% fewer billionaires, and the overall wealth of these individuals was down 10%. Both of these statistics are important to keep in mind. At least 1,078 billionaires saw an increase in their fortune, with 176 new billionaires joining the ranks. On the other hand, 2,479 people saw no change in their wealth or saw it diminish, and 445 of those people dropped off the list. The median age was 66 years old.
Pankaj Bansal, Director of M3M India, made the following statement in response to the launch: “At a critical point in history, when India’s GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world.” [Citation needed]
“M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of entrepreneurs,” said Anas Rahman Junaid, MD and Chief Researcher for Hurun India.
