India's richest man: Mukesh Ambani on top; check other tycoons on the list
Reliance Industries, has maintained his position as India's wealthiest individual, boasting a net worth of an impressive approximately ₹7.5 lakh crore ($90.6 billion) as of July 4, 2023. Ambani's ascent began eight years ago when Reliance Retail emerged as India's leading revenue-generating retailer, catapulting his net worth to $21.1 billion in 2014.
The subsequent launch of Jio in 2016 and the introduction of Jio Phone in 2017 further propelled his wealth to $40.2 billion, marking a staggering surge of 77.1%. Despite a temporary setback due to the COVID-19 pandemic, Ambani's fortunes rebounded with investments from Google, along with the introduction of Jio Mart and Jio 5G, culminating in a net worth of $76.9 billion by the end of the year.
Gautam Adani, the Founder and Chairman of the Adani Group, has emerged as Ambani's most prominent rival in terms of wealth accumulation. As of July 4, 2023, Adani holds the title of India's second richest individual, boasting a net worth of approximately ₹5.1 lakh crore ($61.4 billion).
Adani's wealth journey has been extraordinary, with his net worth soaring 12-fold since 2014. His acquisition endeavours, including the notable Holcim India's businesses and NDTV, propelled him past Ambani in 2022, reaching an astonishing net worth of $121 billion. However, Hindenburg's allegations of accounting fraud and stock manipulation in January 2023 sent Adani's fortunes plummeting, resulting in the largest one-day loss of net worth in history for any billionaire.
Nonetheless, Adani stocks have since regained value, with a 63% recovery in his net worth to $61.4 billion by June 2023. Other notable tycoons on the list include Shiv Nadar of HCL Technologies, who is the richest tech billionaire
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