The combined net worth of India’s 100 richest individuals has fallen by 9% to $1 trillion, marking one of the sharpest yearly declines, according to Forbes India’s Rich List 2025 released Thursday.
The collective loss of around $100 billion reflects the twin pressures of a weakening rupee and a 3% fall in the Sensex since last year’s assessment. The dip also signals how global market volatility, tighter capital flows, and subdued investor sentiment have affected the fortunes of Indian billionaires across sectors: From energy and technology to manufacturing and infrastructure.
Nearly two-thirds of those featured are 'less well-off' than last year, suggesting that the year’s financial headwinds have not spared even the country’s largest business houses.
Mukesh Ambani retains top spot despite $14.5 billion dip
Chairman and managing director of Reliance Industries, Mukesh Ambani, continues to top the list with a net worth of $105 billion, down 12% from last year. The decline of $14.5 billion has not, however, dented his status as India’s only “centibillionaire.”
Also Read: Top 100 Richest Indians 2025- Check full list of India’s wealthiest tycoons and families
Ambani has been steering Reliance deeper into artificial intelligence through the newly launched Reliance Intelligence, and has also confirmed plans to list Jio, the group’s telecom arm, in 2026.
Adani holds steady after SEBI clean chit
In second place, Gautam Adani and family have a combined fortune of $92 billion. Adani’s wealth has remained relatively stable after the Securities and Exchange Board of India (SEBI) announced in September that the allegations made by U.S. short-seller Hindenburg Research could not be established. The ruling brought a measure of relief to the Adani Group, which had faced a massive stock rout in early 2023.
Jindal, Mittal, and Nadar round off the top five
Savitri Jindal, chairperson of the O.P. Jindal Group, holds the third spot with $40.2 billion, down by $3.5 billion.
Sunil Mittal of Bharti Airtel saw the largest jump in dollar terms this year, adding $3.5 billion to reach $34.2 billion, moving up three places to No. 4, a ranking he last held in 2008.
Also Read: Mukesh Ambani draws ₹0 salary again- India's richest man forgoes paycheck for 5th straight year
Shiv Nadar, founder of HCL Technologies, slipped to fifth position as his wealth declined to $33.2 billion, reflecting corrections in the tech sector.
Who are the new entrants and returnees
This year’s list welcomes new names from the renewable energy and electronics manufacturing sectors. The Doshi siblings, who helm Waaree Energies, debut at No. 37 with a combined wealth of $7.5 billion following the company’s blockbuster IPO that listed at a 70% premium. Sunil Vachani, founder of Dixon Technologies, joins at No. 80 with $3.85 billion, underscoring India’s rise as an electronics hub.
Among returnees are Leena Tewari of USV (No. 82, $3.8 billion), P.N.C. Menon of Sobha (No. 87, $3.6 billion), and K.P. Ramasamy of KPR Mill (No. 97, $3.3 billion). Seven individuals from last year dropped off, as the cutoff for entry fell slightly to $3.2 billion from $3.3 billion.
India’s top 10 richest
Mukesh Ambani – $105 billion Gautam Adani & family – $92 billion Savitri Jindal – $40.2 billion Sunil Mittal & family – $34.2 billion Shiv Nadar – $33.2 billion Radhakishan Damani & family – $28.2 billion Dilip Shanghvi – $26.3 billion Bajaj Family – $21.8 billion Cyrus Poonawalla – $21.4 billion Kumar Birla – $20.7 billion Note: Forbes says public fortunes were calculated based on stock prices and exchange rates as of September 19.
The collective loss of around $100 billion reflects the twin pressures of a weakening rupee and a 3% fall in the Sensex since last year’s assessment. The dip also signals how global market volatility, tighter capital flows, and subdued investor sentiment have affected the fortunes of Indian billionaires across sectors: From energy and technology to manufacturing and infrastructure.
Nearly two-thirds of those featured are 'less well-off' than last year, suggesting that the year’s financial headwinds have not spared even the country’s largest business houses.
Mukesh Ambani retains top spot despite $14.5 billion dip
Chairman and managing director of Reliance Industries, Mukesh Ambani, continues to top the list with a net worth of $105 billion, down 12% from last year. The decline of $14.5 billion has not, however, dented his status as India’s only “centibillionaire.”
Also Read: Top 100 Richest Indians 2025- Check full list of India’s wealthiest tycoons and families
Ambani has been steering Reliance deeper into artificial intelligence through the newly launched Reliance Intelligence, and has also confirmed plans to list Jio, the group’s telecom arm, in 2026.
Adani holds steady after SEBI clean chit
In second place, Gautam Adani and family have a combined fortune of $92 billion. Adani’s wealth has remained relatively stable after the Securities and Exchange Board of India (SEBI) announced in September that the allegations made by U.S. short-seller Hindenburg Research could not be established. The ruling brought a measure of relief to the Adani Group, which had faced a massive stock rout in early 2023.
Jindal, Mittal, and Nadar round off the top five
Savitri Jindal, chairperson of the O.P. Jindal Group, holds the third spot with $40.2 billion, down by $3.5 billion.
Sunil Mittal of Bharti Airtel saw the largest jump in dollar terms this year, adding $3.5 billion to reach $34.2 billion, moving up three places to No. 4, a ranking he last held in 2008.
Also Read: Mukesh Ambani draws ₹0 salary again- India's richest man forgoes paycheck for 5th straight year
Shiv Nadar, founder of HCL Technologies, slipped to fifth position as his wealth declined to $33.2 billion, reflecting corrections in the tech sector.
Who are the new entrants and returnees
This year’s list welcomes new names from the renewable energy and electronics manufacturing sectors. The Doshi siblings, who helm Waaree Energies, debut at No. 37 with a combined wealth of $7.5 billion following the company’s blockbuster IPO that listed at a 70% premium. Sunil Vachani, founder of Dixon Technologies, joins at No. 80 with $3.85 billion, underscoring India’s rise as an electronics hub.
Among returnees are Leena Tewari of USV (No. 82, $3.8 billion), P.N.C. Menon of Sobha (No. 87, $3.6 billion), and K.P. Ramasamy of KPR Mill (No. 97, $3.3 billion). Seven individuals from last year dropped off, as the cutoff for entry fell slightly to $3.2 billion from $3.3 billion.
India’s top 10 richest
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