Billionaire promoters in India Inc hit record high of 152 in 2023, this person made an entry: Report

The count of billionaire promoters within India Inc.'s listed firms witnessed a notable surge in 2023, as per the Business Standard report.

Net Worth Surpasses Records: $858.3 Billion Combined

The report further adds that the billionaire promoters in 2023 swelled to a record high of 152 in 2023 as against 126 in 2022. In addition to this, a 16% uptick was also recorded in their combined net worth in 2023 at $858.3 billion. In 2022, the combined net worth of the promoter's billionaires was around $739 billion.

Shifting Wealth Dynamics: Ambani-Adani's Contributions

In 2023, Mukesh Ambani and Gautam Adani, India's top two wealthiest individuals representing Reliance Industries and Adani Group respectively, contributed to 25.5% of the total net worth of all billionaire promoters. This figure marks a decrease from their combined share of 34.8% in 2022, as reported by the English daily.

Individual Wealth Fluctuations: Key Figures

Mukesh Ambani's wealth climbed by 4.7% to $112.5 billion in 2023, while Gautam Adani experienced a decline of 28.7%, landing at $106.63 billion from $149.5 billion in 2022.

Shiv Nadar's Rise and Other Notable Figures

In 2023, HCL Tech's Shiv Nadar outpaced Radhakishan Damani of Avenue Supermarts, securing the position of India's third wealthiest person. Nadar's net worth surged to $29.3 billion, marking a significant 34.9% increase from $21.75 billion in 2022, while Damani's net worth declined to $24 billion in 2023.

Azim Premji of Wipro emerged as the fifth wealthiest Indian, boasting a net worth of $21.8 billion last year, representing a 9.1% rise from his 2022 net worth.

Among other prominent figures on Business Standard's list were the combined net worth of Malav Dani, Amrita Vakil, and Manish Choksi of Asian Paints at $20.8 billion, Dilip S Shanghvi of Sun Pharmaceutical Industries with $20.7 billion, Sunil Mittal of Bharti Airtel at $20.2 billion, Sajjan Jindal of JSW Group at $18.9 billion, and Rajiv and Sanjiv Bajaj of the Rahul Bajaj Group at $16.7 billion, respectively.

Two notable changes in the 2023 list of the richest billionaire promoters were the inclusion and exclusion of Sajjan Jindal of JSW Group and Uday Kotak, respectively.

The Jindal family witnessed a substantial increase of 55.4% in their net worth in 2023, mainly due to the listing of JSW Infrastructure on October 3, 2023. This development added approximately $4.5 billion to the family's overall net worth for the year.

The IPO boom in 2023 welcomed new names to the billionaire list, including Ramesh Chand Juneja of Mankind Pharma, Pradeep G Rathod of Cello World, Tribhuvanprasad Kabra of R R Kabel, and Pradeep Kumar Aggarwal of Signature Global.