This story is part of Forbes India’s 100 Richest 2022 article. See the full list Here.
India’s post-pandemic demand revival has pushed its economy past Britain’s to become the world’s fifth largest, but the stock market is down slightly from a year ago, with the biggest dampener being a weaker rupee, which has fallen 10% over the period. . Despite this, the combined wealth of India’s 100 richest increased by $25 billion to $800 billion.
This success was largely due to the infrastructure tycoon’s record-breaking feat Gautam Adani, marking the first time since 2008 that the top order has changed. After nearly tripling its fortunes in 2021, Adani doubled its fortunes this year to $150 billion to become the new No. 1, and also held second place for a while. the richest man on the planet. Adani, the biggest earner this year in terms of both interest and dollars, said it will invest $100 billion over the next decade, 70% of it in green energy.
Mukesh AmbaniReliance Industries, which controls oil and gas telecom giant, is No. 2 at $88 billion, down 5% from last year. Between them, Adani and Ambani account for 30% of the total wealth of India’s 100 richest.
The country’s retail king, Radhakishan DamaniSupermarket chain owner DMart rounded out the top three, though its net worth fell 6% to $27.6 billion. Another year of bumper profits from Covid-19 vaccines has boosted India’s vaccine baron Cyrus Poonawalla He rose to fourth place with a fortune of 21.5 billion dollars.
There are nine new faces this year, including three from IPOs: Falguni Nayar, a former banker who became India’s richest woman after listing her beauty and fashion retailer Nykaa; ethnic tailor Ravi Modi; and a shoemaker Rafiq Malik, Listed in Metro Brands last December.
Three prominent members of the list have died this year: Rahul Bajaj, the ailing patriarch of the Bajaj family; Rakesh Jhunjhunwala, often referred to as India’s Warren Buffett, died in August shortly after launching his new airline, Akasa Air, and his wife Rekha Jhunjhunwala takes his place; and construction tycoon Pallonji Mistry, whose 54-year-old son Cyrus Mistry died three months later in a road accident in September, leaving the patriarch’s eldest son. Shapoor Mistry at the top of his family’s $14.2 billion fortune.
Among the four people who returned to the ranks Anand Mahindra, created a buzz by launching its Mahindra & Mahindra electric SUV. The number of earners on the list is over 60, with many seeing their wealth decline compared to a year ago.
Among the outliers was Vijay Shekhar Sharma, whose shares in One97 Communications, the parent company of fintech Paytm, tumbled amid a global tech trend. The cap for the top 100 was $1.9 billion, the same as last year’s $1.94 billion.
Full coverage of India’s 100 Richest 2022:
Editing assistance by Jane Ho. Additional reporting by Gloria Haraito and Anuradha Raghunathan.
This list has been compiled using shareholding and financial information obtained from families and individuals, stock exchanges, analysts and regulatory agencies of India. The ranking lists family incomes, including those shared among extended families such as the Bajaj and Godrej families. Public revenues were calculated based on stock prices and exchange rates on September 23. Private companies were valued based on similar publicly traded companies. The list may also include foreign nationals with business, residential or other ties to the country, or citizens who do not reside in the country but have significant business or other ties to the country. The editors reserve the right to change any information or delete any listing due to new information.