NEW DELHI: Forbes' Billionaires 2023 list, which was published on Tuesday, stated that Mukesh Ambani had reclaimed his position as Asia's richest person after challenger Gautam Adani dropped to No. 24.
"With his estimated value of USD 126 billion on January 24, Adani was the third-richest person in the world. However, a report released later that day by American short-seller Hindenburg Research sent his companies' shares plunging," states Forbes.
With a current net worth of USD 47.2 billion, he ranks second among Indian billionaires after Ambani. Ambani, 65, was the ninth-placed billionaire in the world with a net worth of USD 83.4 billion. Reliance Industries, the oil-to-telecom juggernaut owned by Ambani, "became the first Indian business to reach USD 100 billion in revenue last year," according to Forbes.
According to the report, Ambani avoided succession rumours by appointing his children to prominent positions last year. His elder son Akash is the chairman of Jio Infocomm; his daughter Isha is in charge of the retail division; and his younger son Anant works for Reliance's new energy ventures.
Forbes' list of the world's billionaires estimates the combined wealth of the top 25 individuals at USD 2.1 trillion, down from USD 2.3 trillion in 2022 by a total of USD 200 billion. "Compared to about half of the list overall, two-thirds of the top 25 are poorer than they were last year," it stated.
Jeff Bezos suffered the greatest loss when Amazon shares fell 38%. Bezos' fortune was reduced by USD 57 billion as a result of the decline, which also dropped him from No. 2 in the world in 2022 to No. 3 this year.
Elon Musk, this year's second-biggest loss, had it the worst. After his expensive acquisition of Twitter, which he partially paid for by selling Tesla shares and which alarmed investors, he lost his position as the world's richest man. Now ranked No. 2, Musk has lost USD 39 billion in value from a year ago.