Mukesh Ambani still No 1 on Forbes list of India’s 100 richest people but his wealth declines by Rs…
The total wealth of India’s 100 richest people decreased by 9%, or $100 billion, to a total of $1 trillion this year. The decline is largely attributed to currency depreciation and a 3% decline in the Sensex indicator.
Mukesh Ambani, chairman and chief executive of Reliance Industries, has once again secured the top spot in Forbes India’s Richest 100 2025 list. Despite a 12% drop in wealth from last year, Ambani’s net worth stands at an impressive $105 billion, down $14.5 billion. The decline was due to weakness in the rupee and decline in the stock market. Ambani, whose group operates in oil, retail and telecom, has now turned to artificial intelligence with the launch of Reliance Intelligence and plans to list the group’s telecom arm Jio in 2026.
Ambani is followed by infrastructure tycoon Gautam Adani and his family, who rank second with a fortune of $92 billion. Adani, founder and chairman of Adani Group, received some relief in September when India’s market regulator said allegations made by US short seller Hindenburg Research could not be proven. The 2023 report had triggered a sharp sell-off in Adani Group shares, but its latest regulatory filing has helped restore investors’ confidence.
The total wealth of India’s 100 richest people decreased by 9%, or $100 billion, to a total of $1 trillion this year. The decline is largely attributed to currency depreciation and a 3% decline in the Sensex indicator. Almost two-thirds of the billionaires on the list, including Ambani, have seen their wealth decline.
Telecom tycoon Sunil Mittal, who moved up three places to No. 4, saw his family fortune rise by $3.5 billion to $34.2 billion, making him this year’s top dollar earner. Mittal last finished fourth in 2008. Shiv Nadar, founder of HCL Technologies, dropped one place to 5th place with a fortune of $33.2 billion.
New entrants include the Doshi siblings at No. 37, who debuted with a combined fortune of $7.5 billion following the public listing of Waaree Energies, India’s largest solar panel maker by capacity. Another newcomer, Sunil Vachani (No. 80, $3.85 billion), founder and chairman of Dixon Technologies, also joined the elite club. His company produces electronics for world giants such as Samsung and Xiaomi.
Many names returned to the list, including USV’s Leena Tewari (No. 82, $3.8 billion), Sobha’s PNC Menon (No. 87, $3.6 billion) and KPR Mill’s KP Ramasamy (No. 97, $3.3 billion). Seven fell from last year’s rankings, with the qualifying threshold dropping slightly to $3.2 billion from $3.3 billion in 2024.
The Forbes Rich List was compiled using detailed data on stocks and finances from families, individuals, analysts and regulatory filings. Publicly traded assets were valued using stock prices and exchange rates as of September 19, 2025, while private companies were valued by comparing them to comparable publicly traded firms. The rankings include family wealth and may also include foreign nationals with significant business or residential ties to India.
