Mumbai, October 5, 2023 – Reliance Industries Chairman and Managing Director, Mukesh Ambani, has secured the 9th position in Forbes’ 37th annual World’s Billionaires List 2023, marking a notable climb from his 10th place last year. Ambani, the business magnate and industrialist, boasts an estimated net worth of USD 83.4 billion, a slight dip from his previous worth of USD 90.7 billion.
Ambani Outshines Tech Titans and Corporate Icons
In a surprising turn, Ambani surpassed prominent figures like Steve Ballmer of Microsoft, Larry Page, and Sergey Brin of Google, Mark Zuckerberg of Facebook, and Michael Dell of Dell Technologies. This advancement solidifies his status as one of the most influential business tycoons on the global stage.
Adani’s Wealth Stumbles Amid Market Volatility
Meanwhile, Gautam Adani, another leading Indian industrialist, faced a setback as he slipped to the 24th rank globally due to the recent decline in share prices of Adani Group companies. His net worth, previously estimated at USD 47.2 billion, faced a downturn amid market uncertainties.
India’s Billionaires Landscape
India, however, showcased a positive trend in the Forbes list, with the number of billionaires rising from 166 in 2022 to 169 in 2023. Ambani’s consistency in securing a top spot contributed significantly to India’s strong representation in the global billionaires’ club. Shiv Nadar of HCL Technologies also featured prominently, ranking third among Indians with a net worth of USD 25.6 billion and a global rank of 55.
Global Wealth Fluctuations
Forbes’ global billionaire count experienced a marginal decline from 2,668 in the previous year to 2,640 in 2023. The report attributed this dip to falling stocks, challenges faced by unicorn startups, and increasing interest rates, leading to a challenging year for the world’s wealthiest individuals. The combined wealth of the world’s billionaires dropped from USD 12.7 trillion in March 2022 to USD 12.2 trillion, indicating a significant contraction.
Leading Nations in Billionaires
The United States maintained its position as the country with the highest number of billionaires, boasting 735 individuals worth a collective USD 4.5 trillion. China, including Hong Kong and Macau, remained second, with 562 billionaires valued at USD 2 trillion. India stood strong in third place, with 169 billionaires amassing a total wealth of USD 675 billion.
Mukesh Ambani’s consistent climb in the Forbes’ Billionaires List reflects the resilience and dynamism of India’s business landscape on the global front. As the world continues to navigate economic uncertainties, Ambani’s success story stands as a testament to India’s entrepreneurial spirit and its enduring impact on the international business arena.