Mumbai: Mukesh Ambani, chairman and managing director of Reliance Industries, has retained the top spot on Forbes India’s list of the country’s 100 richest people, with a net worth of $105 billion, making him a centibillionaire.

Ambani, who has expanded Reliance’s footprint from oil and petrochemicals to telecoms and digital services, has also entered the field of artificial intelligence with the launch of Reliance Intelligence. He has announced plans to list the telecom arm, Jio, in 2026, which could further strengthen his financial position.

The Forbes list, released this week, is available at www.forbes.com/india and www.forbesindia.com and also features in the October issue of Forbes Asia.

Top contenders

At No. 2 on the list is Gautam Adani & family, with a fortune of $92 billion. The Adani Group chairman received relief in September after India’s securities regulator cleared him of fraudulent transaction allegations made by U.S. short seller Hindenburg Research, which had previously caused a major sell-off in Adani companies’ shares in 2023.

Savitri Jindal, of the O.P. Jindal Group, retained the third position, though her net worth fell by $3.5 billion to $40.2 billion.

Telecom magnate Sunil Mittal, founder of Bharti Enterprises, emerged as the biggest dollar gainer on the list. His family fortune rose by $3.5 billion to $34.2 billion, propelling him to fourth place, a position he last held in 2008.

Shiv Nadar, tech billionaire and founder of HCL Technologies, slipped from fourth to fifth, with a net worth of $33.2 billion.

Notable newcomers

The Doshi siblings, founders of Waaree Energies, debuted at No. 37 with a combined fortune of $7.5 billion. Waaree Energies, India’s largest solar panel manufacturer by capacity, went public late last year at a 70% premium to its issue price, boosting their wealth.

Another newcomer is Sunil Vachani, founder and chairman of Dixon Technologies, which manufactures electronic products for global brands such as Samsung and Xiaomi. Vachani ranked No. 80 with a net worth of $3.85 billion.

Returning and exiting billionaires

Returning to the list are Leena Tewari (No. 82, $3.8 billion) of USV, P.N.C. Menon (No. 87, $3.6 billion) of Sobha, and K.P. Ramasamy (No. 97, $3.3 billion) of KPR Mill.

Seven individuals who featured last year dropped off the list. The cut-off net worth to qualify for this year’s ranking fell slightly to $3.2 billion from $3.3 billion last year.

Trends in India’s wealth landscape

The Forbes India list reflects several trends shaping the country’s wealth ecosystem:

  • Tech and digital growth: Billionaires from technology and digital services, such as Ambani, Mittal, and Nadar, dominate the top ranks.
  • Green energy emergence: The entry of the Doshi siblings highlights the growing prominence of renewable energy in India’s economic landscape.
  • Diversification and public listings: Several billionaires are seeking capital market avenues, as seen in Reliance Jio’s upcoming IPO and Waaree Energies’ market debut, to expand their businesses.

Conclusion

Mukesh Ambani’s dominance on the Forbes India rich list underscores his continued influence in multiple sectors, from energy to telecoms and now AI. With strategic expansions, upcoming IPOs, and investments in technology and digital services, Ambani and other leading Indian billionaires are expected to further consolidate their positions, reflecting the dynamic evolution of wealth in India.