Notwithstanding the overall decline in economic growth, India has the third highest number of billionaires, ahead of Germany and Russia, according to Forbes’ 35th annual list of the world’s wealthiest.
India now has 140 billionaires behind US (724) and China (456)
Nineteen Indian newcomers joined the list, while another 19 returned to the list after falling off in the past.
Among the new faces is octogenarian Prathap Reddy, founder and Chairman of Apollo Hospitals Enterprise. Arvind Lal, who founded and runs diagnostics chain, Dr Lal PathLabs, which received government approval to conduct Covid-19 tests, also makes his debut.
Mukesh Ambani, who has successfully diversified his oil and gas empire into fast-rising sectors such as telecom and retail, reclaimed his spot as Asia’s richest person with a net worth of $84.5 billion.
Gautam Adani got a staggering $42 billion richer as shares of his companies, including Adani Enterprises and Adani Green Energy, rocketed.
With his fortune up five-fold since 2020, Adani is now the second-richest Indian, a spot previously occupied by retailing king, Radhakishan Damani.
Two of the 10 richest Indians get their wealth from healthcare, a sector that’s enjoying a boost around the world.
Vaccine billionaire Cyrus Poonawalla’s Serum Institute of India, run by his 40-year-old son Adar, joined the Covid-19 vaccines race early by forging multiple partnerships and investing $800 million in building a new factory.
Pharma magnate Dilip Shanghvi climbed back into the top 10, propelled by a jump in the shares of Sun Pharmaceutical Industries.