Data released by Hurun Global indicates that Shanghai has overtaken Mumbai to become Asia’s billionaire capital for the first time, with 92 billionaires. Mumbai now has 90, down by two.
India’s billionaire club continues to witness significant shifts, with Mukesh Ambani retaining his position at the top despite a decline in wealth. The rankings highlight the changing fortunes of the country’s wealthiest individuals, driven by stock market fluctuations, business expansions, and economic trends.
City-wise billionaires
Mukesh Ambani Retains the Top Spot
Mukesh Ambani and family remain India’s richest, with a wealth of INR 8.6 lakh crore. However, their fortune declined by 13% year-on-year, largely due to market corrections affecting Reliance Industries. Despite this dip, Ambani’s diversified business empire spanning telecommunications, energy, and retail ensures his continued dominance.
Gautam Adani Closes the Gap
Gautam Adani and family stand at the second spot with INR 8.4 lakh crore in wealth, experiencing a robust 13% increase. Adani Group’s aggressive expansion across renewable energy, infrastructure, and logistics has contributed to this rise, reinforcing his stature in the global business landscape.
Roshni Nadar Joins the List
A new entrant in the rankings, Roshni Nadar and family hold INR 3.5 lakh crore in wealth, positioning her as India’s richest woman. As the chairperson of HCL Technologies, her leadership has significantly bolstered the company’s growth, making her a key player in India’s IT sector.
| Rank | Name | Wealth (INR Lakh Cr) | Change % YoY | Company | Age | City of Residence |
| 1 | Mukesh Ambani & family | 8.6 | -13% | Reliance Industries | 67 | Mumbai |
| 2 | Gautam Adani & family | 8.4 | 13% | Adani | 62 | Ahmedabad |
| 3 | Roshni Nadar & family | 3.5 | New | HCL | 43 | New Delhi |
| 4 | Dilip Shanghvi & family | 2.5 | 21% | Sun Pharmaceutical Industries | 69 | Mumbai |
| 5 | Azim Premji & family | 2.2 | Revalued | Wipro | 79 | Bengaluru |
| 6 | Kumar Mangalam Birla & family | 2.0 | 28% | Aditya Birla | 57 | Mumbai |
| 6 | Cyrus S Poonawalla & family | 2.0 | -8% | Serum Institute of India | 83 | Pune |
| 8 | Niraj Bajaj & family | 1.6 | 12% | Bajaj Auto | 70 | Mumbai |
| 9 | Ravi Jaipuria & family | 1.4 | 7% | RJ Corp | 70 | New Delhi |
| 10 | Radhakishan Damani & family | 1.4 | -11% | Avenue Supermarts | 69 | Mumbai |
Dilip Shanghvi’s Steady Rise
The founder of Sun Pharmaceutical Industries, Dilip Shanghvi, witnessed a 21% increase in wealth, reaching INR 2.5 lakh crore. His company’s strong performance in the pharmaceutical sector has reinforced his position among India’s top billionaires.
Azim Premji’s Revaluation Boosts Ranking
Wipro’s Azim Premji saw his wealth revalued at INR 2.2 lakh crore, marking an upward shift in rankings. The IT veteran remains a philanthropic force, channeling a significant portion of his wealth into charitable initiatives.
Birla and Poonawalla in a Close Contest
Kumar Mangalam Birla and Cyrus Poonawalla both hold INR 2.0 lakh crore in wealth. While Birla’s empire grew by 28%, Poonawalla’s fortune dipped by 8%. The contrasting trends highlight the dynamics of the industrial and healthcare sectors.
Bajaj, Jaipuria, and Damani Round Off the List
Niraj Bajaj’s wealth rose by 12% to INR 1.6 lakh crore, fueled by Bajaj Auto’s strong performance. Ravi Jaipuria’s RJ Corp saw a 7% increase, reaching INR 1.4 lakh crore. However, Radhakishan Damani, the retail magnate behind Avenue Supermarts, saw an 11% decline in fortune, settling at INR 1.4 lakh crore.
Conclusion
The rankings underscore India’s dynamic business landscape, with wealth creation and erosion shaping the fortunes of its billionaires. While some tycoons continue to expand their empires, others face headwinds in an evolving economic environment. As industries adapt to global challenges, the coming years may bring further shifts in India’s billionaire rankings.