Reliance Industries Limited, India’s largest corporate by revenues, profits and market value, has continued to top the Indian corporates in the 2023 edition of ‘The Global 2000’ published by Forbes
Our Bureau
Mumbai/New York
Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India’s 100 Richest with a net worth of $92 billion. The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India’s richest person for the first-time last year, has slipped to the second position.
“Shortly after spinning off and listing Jio Financial Services, which has an asset management joint venture with BlackRock, Ambani cemented his succession plan by appointing his three children to Reliance’s board as non-executive directors in August,” Forbes said.
Meanwhile, the collective wealth of India’s 100 Richest was flat at $799 billion this year. Software tycoon Shiv Nadar climbed two spots to return to the third place with a fortune of $29.3 billion, as shares of HCL Technologies jumped 42 per cent in the past year amid a tech rebound.
Matriarch Savitri Jindal, of the OP Jindal Group, a power and steel conglomerate, was ranked fourth with $24 billion net worth, up 46 per cent. Rounding out the top five was Radhakishan Damani of Avenue Supermarts, whose fortune declined to $23 billion from $27.6 billion previously. As per the list, Shamsheer Vayalil, the medical doctor-turned-entrepreneur from Kerala, was ranked 57th with a net worth of $3.7 billion.
Shamsheer’s net worth has grown 68 per cent this year, from $2.2 billion in 2022, making him the richest doctor in India. Comparative data indicates Shamsheer is also the fastest-growing non-resident Indian on the list.
“India is riding high and is considered a hot spot by global investors. That buoyancy has made the elite club of India’s 100 Richest even more exclusive this year, with the minimum net worth to make the cutoff rising to a record $2.3 billion,” said Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia.
Others in the top 10 include, Cyrus Poonawalla (6th, $20.7 billion), Hinduja Family (7th, $20 billion), Dilip Shanghvi (8th, $19 billion), Kumar Birla (9th, $17.5 billion), and Shapoor Mistry & Family (10th, $16.9 billion).
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.
Earlier in June this year, Reliance Industries Limited, India’s largest corporate by revenues, profits and market value, had continued to top the Indian corporates in the 2023 edition of ‘The Global 2000’ published by Forbes.
Reliance Industries was placed at 45 in the overall ranking of 2000 global corporates ahead of well-known names like Germany’s BMW Group, Switzerland’s Nestle, China’s Alibaba Group, US’s Procter and Gamble, and Japan’s Sony. Notably, Reliance Industries improved its ranking in the prestigious listing of global corporates from 53 in 2022 to 45 in 2023.
Behind Reliance, the other prominent Indian names in the 2023 rankings are State Bank of India at 77, HDFC Bank at 128 and ICICI Bank at 163.
The JPMorgan Chase of the US topped the ranking table.
‘The Global 2000’ ranks the largest companies in the world using four metrics — sales, profits, assets and market value. Forbes used the latest 12 months of financial data available as of May 5, 2023, to calculate the factors used for this ranking.
Reliance Industries had also ranked as India’s best employer and was in the top 20 worldwide in 2022. These rankings are based on a large-scale survey, where employees rate their employers on numerous points.
Meanwhile, Mukesh Ambani and Nita Ambani, founder and chairperson of Reliance Foundation hosted International Olympic Committee (IOC) president Thomas Bach at their residence Tuesday ahead of the 141st IOC Session to be held between October 15-17 in Mumbai. Nita Ambani welcomed Thomas Bach in a traditional Indian way on Tuesday evening at their residence ahead of the 141st IOC Session.
Football Sports Development Limited (FSDL) Founder Chairperson Nita Ambani and Thomas Bach on Sunday attended a Football match between Mumbai City FC and Kerala Blaster FC.
Bach was amazed at the passionate crowd support during the match between the Islanders and the Blasters, as he praised Nita Ambani and the whole team behind the FSDL for giving this incredible shape to the top-tier football league in the country.
