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MA Yusuffali, Joy Alukkas and Micky Jagtiani retain their spots on the prestigious Forbes 100 Rich List, with Gautam Adani at the top
Yusuf Ali MA Yusuffali’s Lulu Group, which operates one of the fastest growing hypermarket-supermarket networks in the world, is ranked 35th with a fortune of $5.4 billion. — Archive photos
The combined wealth of India’s 100 richest men rose by $25 billion to $800 billion as a post-pandemic demand recovery propelled its economy past Britain to become the world’s fifth-largest.
Three non-resident Indians living in the UAE – MA Yusuffali, Chairman of Lulu Group, Joy Alukkas, Chairman of Joyalukkas Group, and Micky Jagtiani, Chairman of Landmark Group – have secured their places in the prestigious Forbes Rich List 100. At the top of the list is Gautam Adani, an Indian infrastructure tycoon with a fortune of $150 billion.
Yusuffali’s Lulu Group, which operates one of the fastest-growing hypermarket-supermarket networks in the world, is No. 35 with a fortune of $5.4 billion.
Joy Alukkas, Chairman and Managing Director of Joyalukkas Group.
Alukkas owns one of the largest jewelry networks in the Middle East, ranking 69th with a fortune of $3.1 billion. He is the only Indian jeweler who can find a place in the top 100. No. 73 Jagtiani’s fortune is estimated at $2.9 billion.
After nearly tripling his wealth in 2021, Adani has doubled his fortune to $150 billion this year, making him the new No. 1 — and for a period of time this September, his fortune reached Adani, the biggest gainer this year in both percentage and dollar terms, announced that he will invest $100 billion over the next decade, 70% of which will be in on green energy.
According to Forbes, India’s second-richest person is Mukesh Ambani, chairman of Reliance Industries, an oil and gas to telecommunications giant with a fortune of $88 billion, down from $92.7 billion last year 5.0%. Between them, Adani and Ambani now account for 30% of the combined wealth of India’s 100 richest people.
Radhakishan Damani, who owns the DMart supermarket chain, entered the top three for the first time, although his net worth fell 6.0% to $27.6 billion. Another year of huge profits from a Covid-19 vaccine has propelled Indian vaccine giant Cyrus Poonawalla to fourth place with a fortune of $21.5 billion, Forbes said in a statement.
Gautam Adani’s fortune doubled this year to $150 billion, making him the new No. 1.
Others in the top 10 include Shiv Nadar – $21.4 billion, Savitri Jindal & family – $16.4 billion; Dilip Shanghvi and family – $15.5 billion; Hinduja brothers – $15.2 billion; Kumar Birla – $15 billion ; and Bajaj Family – $14.6 billion.
Three of the richest high-profile members of the Bajaj family have died this year: Rahul Bajaj, the patriarch of the Bajaj family; Rakesh Jhunjhunwala, often referred to as India’s Warren Buffet, died shortly after launching his new airline, Akasa Air, in August He was replaced by his wife Rekha Jhunjhunwala. Cyrus Mistry, the 54-year-old son of construction magnate Pallonji Mistry, died three months later in a car crash in September, leaving the patriarch’s family behind. Son Shapoor Mistry controls the family’s $14.2 billion fortune.
Mukesh Ambani, chairman of Reliance Industries, came in second with a fortune of $88 billion, down 5 percent from last year’s $92.7 billion.
Nykaa CEO Falguni Nayar is one of three new faces to make the list this year thanks to their company’s IPO. Falguni Nayar (No. 44 with a net worth of $4.08 billion) is a former banker who became India’s richest self-made woman last year when her beauty and fashion retailer Nykaa went public. Two other new entrants to the list after the IPO are ethnic clothing retailer Ravi Modi (No. 50 with a net worth of $3.75 billion) and shoe maker Rafique Malik (No. 89 with a net worth of $2.22 billion), Listed on Metro Brands in December 2021.
Among the four returnees was Anand Mahindra, whose company made a splash with an electric SUV. There are more beneficiaries on the list than most (60 in total), and their wealth is down from a year ago. Notable among the declines was Vijay Shekhar Sharma, who saw shares in One97 Communications, the parent company of fintech Paytm, drop amid a global tech crash. The cutoff for the top 100 was $1.9 billion, almost the same as last year’s $1.94 billion.
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