Mukesh Ambani tops Forbes 2022 list
Prestigious business magazine Forbes released its long-awaited list of the richest Indians. Reliance Industries Limited Chairman Mukesh Ambani tops the list while Adani Group Chairman Gautam Adani is ranked second.
According to Forbes, 2021 has been a great year for IPOs in India. A Forbes report by Nazneen Karmali said more than 60 companies raised $15.6 billion in 2021. He added that the total number of billionaires in India hit a record high of 166 from 140 last year. The combined wealth of these billionaires has increased by nearly 26% to $750 billion.
Here are India’s 10 richest billionaires on Forbes 2022 list
With a net worth of $90.7 billion, Mukesh Ambani has retained his top spot on the Forbes list of the richest Indians. Ambani’s main sources of income are oil, gas and petrochemicals. The business mogul envisions a green future for his company Reliance Industries. Ambani will invest $80 billion in renewable energy over the next 15 years. He is also building a new complex named after his late father Dhirubhai Ambani. The complex will include four major factories near Reliance’s oil refinery in Jamnagar, Gujarat. Dhirubhai Ambani had a humble start to his career working as a yarn trader in the 1960s. He then established Reliance Industries, which started as a small textile manufacturing company in 1966.
Next on the list is Gautam Adani, chairman and founder of the multinational conglomerate Adani Group, based in Ahmedabad. Adani’s net worth has been estimated at $90 billion. His wealth has increased thanks to the rise in shares of Adani Green Energy. According to Forbes report, Adani plans to double its investments in renewable energy and is ready to invest $70 billion. He aspires to become the world’s largest renewable energy producer by 2030. In February this year, Adani was named the richest Asian in the Bloomberg Billionaires Index.
HCL Technologies Chairman Emeritus Shiv Nadar landed third place on the list with a net worth of $28.7 billion. The technology pioneer co-founded HCL Technologies, one of the leading software service providers in India. He is also a strategic advisor to the board of directors. His company HCL is currently chaired by his daughter Roshni Nadar Malhotra. The company has up to 1,98,000 employees and is based in 52 countries. Nadar’s journey from starting HCL in a garage in 1976, manufacturing calculators and microprocessors.
Poonawalla is Chairman and Managing Director of the Cyrus Poonawalla Group, which includes the Serum Institute of India, the world’s largest vaccine manufacturer. He has a net worth of $24.3 billion. The businessman’s wealth has seen a major increase after the coronavirus pandemic. His biotech company Serum Institute of India has supplied a large portion of the 1.8 billion COVID-19 vaccines administered to Indians. The company manufactures the Covishield vaccine under license from AstraZeneca. Poonawalla recently received one of India’s highest civilian honours, the Padma Bhushan.
Retail king Radhakishan Damani is the founder of the successful supermarket chain Avenue Supermarts. The company operates 271 DMart stores in India. Damani’s career started as a stock market investor. He started his entrepreneurial adventure with a grocery store. Today, he has a net worth of $20 billion. In 2021, Damani and his brother Gopikishan bought a house in an upmarket area in south Mumbai for a whopping $100 million. Damani was also included in the list of top 100 global billionaires by Bloomberg Billionaires Index in August last year.
Next on the list is steel tycoon Lakshmi Mittal, executive chairman of ArcelorMittal, the world’s largest steel company. He also chairs Aperam, a stainless steel manufacturing company. Mittal’s net worth is estimated at $17.9 billion. He saw a massive increase in his wealth, thanks to a small but significant increase in steel prices. His $76.6 billion company, ArcelorMittal, generated net income of $15 billion in 2021. That was a nice boost for Mittal, whose company suffered a loss of $733 million last year. last year.
The only woman on Forbes 2022 list of India’s richest billionaires, Savitri Jindal is the chairwoman emeritus of the famed OP Jindal Group. The steel and electricity conglomerate is named after Jindal’s late husband. Jindal’s group companies, JSW Steel and JSW Energy, are led by his son Sajjan Jindal. Both companies saw their shares rise, adding to Jindal’s wealth. Today, his net worth is $17.7 billion. Jindal Group’s interests include steel, power, cement and infrastructure.
One of India’s most respected businessmen, Kumar Birla has chaired the Aditya Birla Group since 1995. The $45 billion conglomerate is named after his father, Aditya Birla. With a net worth of $16.5 billion, Birla reached 8th place on Forbes 2022 list of India’s richest billionaires. In 2021, Birla had left the chairmanship of telecommunications company Vodafone Idea, the result of an unsuccessful merger between Idea Cellular and the Vodafone Group. Birla even suggested selling his stake in the indebted and loss-making company to the Indian government. Birla recently purchased Reebok’s Indian operations.
Owner of the fourth largest specialty generic drug brand in the world, Dilip Shanghvi has a net worth of $15.6 billion. His company Sun Pharmaceuticals is India’s most valuable pharmaceutical company. Much of the company’s total revenue of $4.5 billion comes from international markets. Shanghvi founded the company in 1983 with the aim of producing psychiatric drugs. He is currently the general manager of the company. Sun Pharmaceuticals recently paid $485 million to settle a lawsuit in the United States.