Following a spectacular rise in his wealth that was the result of a historical rally in the stock prices of the listed companies in his debt-powered empire, Gautam Adani topped the 2022 Forbes list of India’s 100 Richest with a net worth of $150 billion. He was followed by the long-time leader of the rich list, Mukesh Ambani, who was dethroned this year by Adani. His net worth is reportedly $88 billion.
Radhakishan Damani, Cyrus Poonawalla, Shiv Nadar, Savitri Jindal, Dilip Shanghvi, the Hinduja brothers, Kumar Mangalam Birla and the Bajaj family completed the top 10.
The top 100 put together had a net worth of $800 billion.
After nearly tripling his wealth in 2021, Adani doubled his net worth in 2022, Forbes said. In fact, so spectacular was the rise in Adani’s fortunes, that he offset the decline in the wealth of the other people on the list who were impacted by a weaker rupee.
Adani and Ambani together account for 30% of the total wealth of India’s 100 richest.
The top 100 list includes nine new faces this year, including three who gained a bulk of their wealth from the public markets debut of their companies. They are Nykaa‘s Falguni Nayar (44th), Vedant Fashions‘ Ravi Modi (50th) and Metro Brands’ Rafique Malik (89). All three of them are from the fashion industry.
Four prominent members on the list passed away this year. Bajaj family patriarch Rahul Bajaj, ace markets investor Rakesh Jhunjhunwala and construction tycoon Pallonji Mistry and his son Cyrus Mistry lost their lives in 2022.
Four people made a return to the list in 2022 after dropping out in the preceding years. Notably among them is Anand Mahindra, who returned to the 91st spot after the stocks of his company rallied following a spectacular performance in the automobiles market.
Meanwhile, Paytm‘s Vijay Shekhar Sharma dropped out of the list this year following the dismal debut of his company on the bourses.
Forbes said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and regulatory agencies. Public fortunes were calculated based on stock prices and exchange rates as of September 23. Private companies were valued based on similar companies that are publicly traded, Forbes said.