Mukesh Ambani regains Asia's richest person spot

Mukesh Ambani has regained his spot as Asias richest person after rival Gautam Adani tumbled to No 24 Forbes said in its Billionaire 2023 list releasedAdani was the worlds thirdrichest person on January 24 when he was worth nearly USD 126 billion A report issued by US shortseller Hindenburg Research later that day however sent his companies shares plummeting Forbes saidHis net worth is now USD 472 billion and is the second richest Indian behind AmbaniWith a net worth of USD 834 billion Ambani 65 was ranked at No 9 on the world billionaire listLast year Ambanis oiltotelecom behemoth Reliance Industries became the first Indian company to surpass USD 100 billion in revenue Forbes saidAmbani it said sidestepped speculation about succession by giving his children key roles last year Older son Akash is the chairman of telecom arm Jio Infocomm daughter Isha is the head of the retail business and younger son Anant works in Reliances new energy venturesAlso Read Adanis wealth down 60 per cent cedes richest Indian tag to Ambani ReportThe 25 richest people in the world are worth a collective USD 21 trillion according to Forbes Worlds Billionaires list down a combined USD 200 billion from USD 23 trillion in 2022Twothirds of the top 25 are poorer than they were last year compared to around half of the list overall it saidNo one lost more than Jeff Bezos as Amazon shares crashed by 38 per cent The drop lopped USD 57 billion from Bezos fortune and knocked him from No 2 in the world in 2022 to No 3 this yearThis years secondbiggest loser Elon Musk had it worse He lost his title of worlds richest person after his pricey purchase of Twitter which he funded in part by the sale of Tesla shares helping to spook investorsMusk who is worth USD 39 billion less than a year ago is now No 2With USD 211 billion net worth Bernard Arnault the French luxury goods tycoon tops the list for the first time on the back of a banner year at LVMH which owns Louis Vuitton Christian Dior and Tiffany amp Co among othersMusk 51 with USD 180 billion net worth is ranked No 2 followed by Jeff Bezos with USD 114 billion net worthThere are a record number of Indians on Forbes 2023 list of the Worlds Billionaires 169 in all up from 166 last year But their combined wealth faced a reality check dropping 10 per cent to USD 675 billion from USD 750 billion on the 2022 list Forbes saidThe majority of that decline came from one highprofile saga the stock rout of companies in the Adani Group following a January report of fraud allegations by shortseller Hindenburg Research allegations the Adani Group has deniedThe infrastructure and commodities tycoon who briefly became the worlds second richest person last September and was the worlds third richest person for most of January slipped to No 24 globally He is now Indias second wealthiest citizen it saidAdanis elder brother Vinod was estimated to be worth nearly USD 10 billion but not counted as an Indian billionaire due to his Cyprus passport it saidWith the sheen off the tech sector software magnate Shiv Nadars fortune tumbled 11 per cent from a year ago to USD 256 billion but he retained his position as the countrys third richest personDespite declining demand for Covid19 vaccines Indias vaccine king Cyrus Poonawalla whose portfolio includes listed financial services firm Poonawalla Fincorp as well as privately held vaccine giant Serum Institute of India held onto his spot as the countrys fourth richest person though his net worth fell 7 per cent from a year ago to USD 226 billionSteel magnate Lakshmi Mittal was ranked at No 5 followed by OP Jindal Group matriarch Savitri Jindal Sun Pharmas Dilip Shanghvi and Radhakishan Damani whose Avenue Supermarts owns the DMart retail chainKumar Birla is ranked at No 9 and Uday Kotak at No 10Among the newcomers is the youngest Indian billionaire 36yearold Nikhil Kamath who cofounded discount brokerage Zerodha with his older sibling Nithin Kamath also a newcomer The Bengaluru brothers are worth USD 11 billion and USD 27 billion respectivelyFour people returned to the list this year after previously falling off including Keshub Mahindra chairman emeritus of Mahindra amp Mahindra The 99 yearold patriarch is the oldest Indian billionaire and has a net worth of USD 12 billionTwentythree people from last years list didnt make the cut this time including metals magnate Anil Agarwal whos weighed down by debt and payments pioneer Vijay Shekhar Sharma whose One97 Communications has seen its shares steadily fall since its IPO in late 2021 amid increasing competition for its Paytm payments app and prominent investors such as SoftBank and Alibaba paring their stakesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute 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