India ranks third with 169 billionaires

New Delhi: India, which has the third-most billionaires, with 169, had a more mixed year. Indian billionaires as a group - worth $675 billion - are $75 billion poorer than in 2022, as per the Forbes World's Billionaires List 2023. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, has regained his spot as Asia's richest person after rival Gautam Adani, Chairman of the Adani Group, tumbled to No 24.

As per the list released on Tuesday, the US still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion. Indian billionaires as a group are $75 billion poorer in 2023 when compared to last year.

"Adani was the world's third-richest person on January 24, when he was worth nearly $126 billion. A report issued by US short-seller Hindenburg Research later that day, however, sent his companies' shares plummeting," Forbes said. His net worth is now $47.2 billion and is the second richest Indian behind Ambani.

With a net worth of $83.4 billion, Ambani, was ranked at No 9 on the world billionaire list. "Last year, Ambani's oil-to-telecom behemoth Reliance Industries became the first Indian company to surpass $100 billion in revenue," Forbes said.

Ambani, 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 Reliance's new energy ventures.

"The infrastructure and commodities tycoon, who briefly became the world's second richest person last September and was the world's third richest person for most of January, slipped to No. 24 globally. He is now India's second wealthiest citizen," it said. Adani's elder brother Vinod was estimated to be worth nearly $10 billion "but not counted as an Indian billionaire due to his Cyprus passport," it said.

The 25 richest people in the world are worth a collective $2.1 trillion, according to Forbes' World's Billionaires list, down a combined $200 billion from $2.3 trillion in 2022. "Two-thirds of the top 25 are poorer than they were last year, compared to around half of the list overall," it said.

No one lost more than Jeff Bezos as Amazon shares crashed by 38 per cent. The drop lopped $57 billion from Bezos' fortune and knocked him from No 2 in the world in 2022 to No 3 this year.

This year's second-biggest loser, Elon Musk, had it worse. He lost his title of world's richest person after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, helping to spook investors. Musk, who is worth $39 billion less than a year ago, is now No 2.

With $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 & Co., among others.

Musk, 51, with $180 billion net worth, is ranked No. 2, followed by Jeff Bezos with $114 billion net worth. "There are a record number of Indians on Forbes' 2023 list of the World's Billionaires - 169 in all, up from 166 last year. But their combined wealth faced a reality check, dropping 10 per cent to $675 billion, from $750 billion on the 2022 list," Forbes said.

Nearly half of all billionaires across the world are poorer than they were a year ago, as per the Forbes World's Billionaires List 2023.