According to a ranking published by Forbes India, the collective net worth of the top 100 richest in the country stands at a whopping USD 799 billion. However, the ranking reveals major shifts in the top order compared to last year's rankings.
Forbes 100 Richest Indian: Indian business tycoon Mukesh Ambani replaced Gautam Adani to claim the top spot in this year’s Top 100 Richest Indian rankings. According to a ranking published by Forbes India, the collective net worth of the top 100 richest in the country stands at a whopping USD 799 billion. However, the ranking reveals major shifts in the top order compared to last year’s rankings.
Mukesh Ambani who recently appointed his three children to Reliance’s board as non-executive directors, pegs the No 1 position in the list with a net worth of USD 92 billion. Gautam Adani, last year’s No 1, slips down to USD 68 billion, owing to the tumbling in the shares of Adani Enterprises. However, he can secure the second position, much ahead of the third in line, the software tycoon Shiv Nadar. The fantastic turnaround for HCL Technologies with a profit jump of 42 per cent in the last year contributed to the billionaire’s jump to third spot.
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Savitri Jindal, the matriarch of the OP Jindal Group, a conglomerate in power and steel, holds the fourth position with a net worth of USD 24 billion, marking a 46 per cent increase. This growth is attributed in part to the September IPO of JSW Infrastructure, led by her dynamic son, Sajjan Jindal.
Underlining the recent economic growth, the report credited the rise to a huge uptick in the share market which cumulatively rose 14 per cent in the last year. The positive fiscal sentiments and the government’s growth-focused policies also contributed to the rise in the net worth of these individuals.
This year has seen notable increases in the wealth of several individuals, with Inder Jaisinghani having the highest percentage gain. His wires and cables company, Polycab India, flourished due to the expansion of electrification, resulting in a nearly doubled family fortune, now standing at USD 6.4 billion. Another success story involves the pharmaceutical brothers Ramesh and Rajeev Juneja, who enjoyed a significant 64 per cent boost following the May listing of their company, Mankind Pharma.
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However, gaining entry into India’s 100 richest clubs is becoming increasingly challenging, especially with the minimum net worth reaching a record USD 2.3 billion. This year, only three new entrants managed to secure a spot in this exclusive club.
Renuka Jagtiani, chairwoman of Landmark Group, a major retailing giant headquartered in Dubai, claims a spot previously held by her late husband, Micky Jagtiani, who passed away in May. The Dani family of Asian Paints enters the list as heirs to the late patriarch Ashwin Dani, who passed away in September after a brief illness. The third newcomer is K P Ramasamy, the founder and chairman of K P R Mill, a prominent garment exporter.
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