Updated: Apr 2
India’s economy recently surpassed the United Kingdom to become the fifth-largest in the world due to the post-pandemic boom. This growth is reflected in the increase in combined wealth of India’s top 100 earners, which went up by $25 billion to reach $800 billion, according to Forbes’ 2022 Rich List. In this article, we will take a closer look at the individuals who made it to the top of the list, including the newcomers and the ones who dropped off, and what factors contributed to their success.
Gautam Adani: The New Richest Man in India
Gautam Adani, an infrastructure tycoon, has taken the top spot from Mukesh Ambani, the chairman of Reliance Industries, who held the title for more than a decade. Adani’s rise to the top is attributed to the impressive performance of his companies, which have achieved record-breaking feats in the past year. Adani's group of companies includes Adani Ports and Special Economic Zone (SEZ), Adani Enterprises, Adani Green Energy, Adani Power, and Adani Transmission. Adani Ports and SEZ alone contribute more than 60% of Adani group’s revenue, and it is the largest commercial port operator in India. Adani's net worth currently stands at $102.3 billion, which is a 104% increase from the previous year.
Image Courtesy - Business Today
Mukesh Ambani: A Close Second
Mukesh Ambani, who held the top spot for more than a decade, is now at number two with a net worth of $96.6 billion. Ambani’s wealth primarily comes from Reliance Industries, a conglomerate with interests in oil and gas exploration, refining and marketing, petrochemicals, textiles, and retail. Ambani is also behind Reliance Jio, a telecommunications company that disrupted the Indian telecom market with its low-cost data plans.
Picture Courtesy - GQ India
New Entrants to the List
Forbes’ 2022 Rich List includes nine new entrants, three of whom made it to the list through initial public offerings (IPOs). Ravi Modi, the founder of ethnic clothing brand Manyavar, came in at number 50 with a net worth of $5.5 billion. Rafique Malik, the owner of Metro Brands, a footwear retail company, is at number 89 with a net worth of $2.8 billion. Nykaa’s founder Falguni Nayar, the richest self-made woman in India, made it to the list at number 100 with a net worth of $1.9 billion after her company’s successful IPO.
Picture Courtesy - Forbes India
Drop-Offs from the List
Among the notable drop-offs from Forbes’ 2022 Rich List is Vijay Shekhar Sharma, the founder of Paytm, a digital payments company. Sharma’s net worth took a hit due to the worldwide tech rout, which led to a decline in Paytm’s share prices. However, his company is still valued at $18 billion, and Sharma’s net worth stands at $1.4 billion, just below the $1.9 billion threshold for the top 100.
Picture Courtesy - GQ India
Notable Deaths on the List
Forbes’ 2022 Rich List includes three notable deaths. Rahul Bajaj, a member of the Bajaj family, died due to illness. Rakesh Jhunjhunwala, often referred to as the Indian Warren Buffet, died after launching Akasa Air in August, and his wife, Rekha, now takes his place on the list. Pallonji Mistry, a construction magnate, lost his 54-year-old son Cyrus Mistry in a car crash in September
Picture Courtesy - Economic Times