India has a file excessive variety of billionaires, however their mixed internet value is $75 billion lower than a yr in the past–largely as a result of one billionaire’s change of fortune.

Tlisted here are a file variety of Indians on Forbes’ 2023 checklist of the World’s Billionaires–169 in all, up from 166 final yr. But their mixed wealth confronted a actuality examine, dropping 10% to $675 billion–down from $750 billion on the 2022 checklist.

The majority of that decline comes from one high-profile saga: the inventory rout of firms within the Adani Group, following a January report of fraud allegations by short-seller Hindenburg Research (allegations the Adani Group has denied). The inventory slide practically halved the web value of Gautam Adani to $47.2 billion, down from $90 billion final yr. The infrastructure and commodities tycoon, who briefly grew to become the world’s second richest particular person final September and was the world’s third richest particular person for many of January, slipped to No. 24 globally. He is now India’s second wealthiest citizen.

Though the fortunes of India’s different high ten richest didn’t shrink practically as a lot as Adani’s did, the general motion was downward. Except for pharma billionaire Dilip Shanghvi, whose fortune is unchanged since final yr, the remainder of the nation’s high 10 have seen their wealth erode. Net worths for the 2023 checklist had been calculated utilizing inventory costs and trade charges from March 10, 2023.

Despite an 8% decline in his wealth over the previous yr, Mukesh Ambani retained his place as each India’s and Asia’s richest particular person—and is the ninth richest particular person on this planet—with a internet value of $83.4 billion. Annual income of his Reliance Industries crossed $100 billion for the primary time within the fiscal yr by means of March 2022. Ambani, 65, has his eye on succession, giving key roles in several companies to every of his three kids: Akash (telecom), Isha (retail) and Anant (inexperienced vitality).

With the sheen off the tech sector, software program magnate Shiv Nadar’s fortune tumbled 11% from a yr in the past to $25.6 billion, however he retained his place because the nation’s third richest particular person. Despite declining demand for Covid-19 vaccines, India’s vaccine king Cyrus Poonawalla–whose portfolio consists of listed monetary companies agency Poonawalla Fincorp in addition to privately held vaccine big Serum Institute of India–held onto his spot because the nation’s fourth richest particular person, although his internet value fell 7% from a yr in the past to $22.6 billion.

Inflationary headwinds blew away practically one fourth of retail magnate Radhakishan Damani’s wealth, which declined to $15.3 billion as shares of his Avenue Supermarts, which owns the DMart retail chain, the native equal of Walmart, fell. Though Damani nonetheless figures among the many world’s ten richest Indians, he ceded his place because the nation’s fifth richest to metal czar Lakshmi Mittal, whose $80 billion (income) ArcelorMittal is more and more specializing in low-carbon merchandise.

O.P. Jindal Group matriarch Savitri Jindal nonetheless stays the one girl among the many high 10 richest Indians. The dozen different Indian girls billionaires within the ranks embrace former banker Falguni Nayar, who retained her title because the nation’s richest self-made girl regardless of shares of her FSN E-Commerce Ventures, which owns magnificence and trend startup Nykaa, taking a success. She is value $2.6 billion, down from $4.5 billion a yr in the past.

This yr’s 16 Indian newcomers embrace three girls, two of whom inherited their fortunes: Rekha Jhunjhunwala (internet value: $5.1 billion) takes the place of her husband Rakesh Jhunjhunwala, a maverick investor typically often known as India’s Warren Buffett, who died final August at age 62; Rohiqa Cyrus Mistry ($7 billion) is the daughter-in-law of late building billionaire Pallonji Mistry, who died in June at age 93. He left his huge belongings to his two sons, Shapoor Mistry (a newcomer with an Irish passport, subsequently not counted among the many Indians) and the youthful Cyrus (Rohiqa’s husband), who died in a automobile crash just a few weeks after his father handed away.

Among the newcomers is the youngest Indian billionaire, 36-year-old Nikhil Kamath, who cofounded low cost brokerage Zerodha along with his older sibling Nithin Kamath (additionally a newcomer). The Bangalore brothers are value $1.1 billion and $2.7 billion, respectively. (Also new, however not counted as an Indian billionaire as a result of his Cyprus passport: Gautam Adani’s brother Vinod Adani, value practically $10 billion.) Four individuals returned to the checklist this yr after beforehand falling off, together with Keshub Mahindra, chairman emeritus of Mahindra & Mahindra, finest recognized for its fashionable SUVs. The 99 year-old patriarch is the oldest Indian billionaire and has a internet value of $1.2 billion.

Twenty-three individuals from final yr’s checklist didn’t make the reduce this time, together with metals magnate Anil Agarwal, who’s weighed down by debt, and funds pioneer Vijay Shekhar Sharma, whose One 97 Communications has seen its shares steadily fall since its IPO in late 2021 amid growing competitors for its Paytm cellular pockets and outstanding buyers, equivalent to SoftBank and Alibaba, paring their stakes.

Here are India’s 10 richest individuals:

^{(NET WORTHS ARE AS OF MARCH 10, 2023)}

#1. Mukesh Ambani

Net value: $83.4 Billion | Source of wealth: Diversified | City: Mumbai

#2. Gautam Adani

Net value: $47.2 Billion | Source of wealth: Infrastructure | City: Ahmedabad

#3. Shiv Nadar

Net value: $25.6 Billion | Source of wealth: Software Services | City: Delhi