Mukesh Ambani stays India’s richest despite massive wealth drop
- Despite a stock market correction, India's billionaires list reached a record high with 205 citizens listed.
- Mukesh Ambani remained the richest person in India with a net worth of $92.5 billion after a significant drop.
- The landscape of wealth in India is changing with new entrepreneurs emerging alongside established billionaires.
India has seen a significant presence in the global wealth landscape, with a record 205 Indian citizens featured on Forbes' World’s Billionaires list. As of March 7, 2025, the combined wealth of the top ten richest Indians reached nearly $337 billion, even after experiencing a downturn of $56 billion over the past year. Mukesh Ambani, the chairman of Reliance Industries, maintained his status as the wealthiest individual in the country despite a substantial decrease in his fortune, which fell to $92.5 billion. His company’s lagging share prices and declining margins in key business segments contributed greatly to this financial retraction. The fortunes of other wealthy individuals in India also reflected similar setbacks. Gautam Adani, who ranks second in wealth, experienced a drop to $56.3 billion. His fortunes were impacted as well, indicating the broader challenges faced by the top tycoons in the country. Meanwhile, Savitri Jindal emerged as the third wealthiest with a net worth of $35.5 billion, propelled by her steel businesses and investments. The landscape of wealth among the Indian elite is continuously evolving, with approximately 92 billionaires increasing their wealth compared to previous years. The year marked an influx of new billionaires to the Indian list, with notable entries such as Bhavish Aggarwal of Ola Cabs and Mahima Datla from Biological E. These new figures reflect the growing entrepreneurial spirit in India, particularly in sectors such as electric vehicles and biotechnology. Despite the challenges faced by established names in the billionaire community, the new entrants indicate potential growth and opportunities for wealth creation in the country. Overall, while the decline in wealth among the Indian billionaires is stark, the emergence of new billionaires and the retention of wealth by established figures like Ambani indicate resilience in the face of adversity. The future will likely see changes as these billionaires adapt to market conditions and pursue new opportunities. The wealth dynamics in India remain a critical topic as the economy continues to develop in various sectors, shaping the financial landscape of the country and contributing to the global economic landscape.