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142, 14th Floor, Maker Chambers VI, Nariman Point, Mumbai - 400021

7, Avighna House, 82, Dr. Annie Besant Road, Worli Naka, Siddharth Nagar, Worli, Mumbai, Maharashtra 400018

SEBI Office: Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra(East), Mumbai - 400051

18B106, 18th Floor, Berger Delhi One, Sector 16B, Noida - 201301

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India's Dollar Billionaires - A Study by Fortune and Waterfield Advisors

article • Investment Management
Fortune India & Waterfield Advisors
05 September 2023 | 5 MINUTE READ

The second edition of the Fortune India-Waterfield Advisors' study of India's richest — a definitive listing of the country's dollar billionaires — shows that the elite club is now equivalent to 25.39% of India's FY23 GDP of ₹273 lakh crore ($3.4 trillion). The collective wealth of India's uber rich swelled from ₹66.35 lakh crore ($832 billion) in 2022 to ₹69.30 lakh crore ($843 billion) this year, even as the club of billionaires expanded from 142 to 157. India's prosperity engine is not just running — it's roaring.

What's pertinent to note is that India's legacy business houses, the Tatas, the Bajajs, the Birlas, and the Burmans, stand tall in a listing peppered with first- and second-gen entrepreneurs. Barring the Mistry family whose wealth is largely tied in the privately held Tata Sons, the Godrej clan (₹1.57 lakh crore), the Bajaj family (₹1.42 lakh crore), Kumar Mangalam Birla (₹1.42 lakh crore) and the Burmans (₹82,352 crore) continue to rank among the 20 top richest Indians.

Soumya Rajan, founder and CEO, Waterfield Advisors, whose firm is wealth advisor to over 200 business families, believes it is not without reason. "What has been unique about family businesses in India is that a lot many have managed to prove their resilience and adapt with the times. If the early era was about professionalising the management, today, the families are ensuring that the legacy is preserved down the generations by creating the right governance structures to prevent conflicts."

Rank Name Value (in Rs Crore) Value ($bn) Flagship Companies Sector Age
1 Mukesh Ambani 819,225 99.70 Reliance Industries Diversified 66
2 Gautam Adani 523,538 63.71 Adani Enterprises, Adani Ports & Special Economic Zone, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, Adani Wilmar, Ambuja Cements Diversified 61
3 Shapoor Mistry & Late Cyrus Mistry family 284,712 34.65 Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons, Sterling & Wilson Renewable Energy Diversified 58
4 Cyrus Soli Poonawalla 270,725 32.95 Serum Institute of India, Poonawalla Fincorp Pharmaceuticals 82
5 Radhakishan Damani 192,535 23.43 Avenue Supermarts Diversified 69
6 Shiv Nadar 189,996 23.12 HCL Technologies, HCL Infosystems IT 78
7 Azim Premji 163,082 19.85 Wipro IT 78
8 Adi Godrej & Godrej family 157,786 19.20 Godrej Consumer Products, Godrej & Boyce Manufacturing Company, Godrej Industries, Godrej Properties, Godrej Agrovet Diversified 81
9 Shekhar Bajaj, Niraj Bajaj, Rajiv Bajaj & Sanjiv Bajaj 142,634 17.36 Bajaj Finserv, Bajaj Holdings & Investment, Bajaj Auto, Bajaj Electricals, Mukand Diversified 74, 69, 56, 53
10 Kumar Mangalam Birla 142,493 17.34 Grasim Industries, Hindalco Industries, Essel Mining & Industries, Aditya Birla Fashion & Retail, UltraTech Cement Diversified 56
11 Dilip Shanghvi & family 142,282 17.32 Sun Pharmaceuticals Industries, Sun Pharma Advanced Research Company, Suzlon Energy Pharmaceuticals 67
12 Sunil B Mittal & Mittal family 136,387 16.60 Bharti Airtel, Indus Towers Telecom 65
13 Savitri Devi Jindal 136,256 16.58 JSW Steel, JSW Energy, Jindal Steel & Power, JSW Holdings, Jindal Saw Steel 73
14 Uday Kotak 96,257 11.71 Kotak Mahindra Bank BFSI 64
15 Madhukar Parekh & family 93,254 11.35 Pidilite Industries Chemicals 77
16 Kushal Pal Singh 91,461 11.13 DLF Realty 91
17 Ravi Kant Jaipuria 83,783 10.20 Varun Beverages, Devyani International FMCG 68
18 Mohit Burman & Burman family 82,352 10.02 Dabur India, Religare Enterprises, Eveready Industries India, Talbros Automotive Components, Eldeco Housing & Industries Diversified 55
19 M.M. Murugappan & family 69,723 8.49 Tube Investments of India, Cholamandalam Investment & Finance Company, Carborundum Universal, EID Parry (India), Parry Agro Industries Finance 67
20 Hasmukh Chudgar & family 68,491 8.34 Intas Pharmaceuticals Pharmaceuticals 90
21 Ashwin Suryakant Dani 68,080 8.29 Asian Paints, Sattva Holding & Trading Co FMCG 80
22 Girdharilal Bawri, Banwarilal Bawri & Rajendra Agarwal 62,813 7.64 Macleods Pharmaceuticals Pharmaceuticals 76, 70, 64
23 Sudhir Mehta & Samir Mehta 62,638 7.62 Torrent Pharmaceuticals, Torrent Power Pharmaceuticals 69, 59
24 Benu Gopal Bangur 54,914 6.68 Shree Cement Cement 91
25 Mahendra Chimanlal Choksi 52,606 6.40 Asian Paints FMCG 82
26 Mangal Prabhat Lodha 51,316 6.25 Macrotech Developers Realty 67
27 Murali K. Divi 50,696 6.17 Divis Laboratories Pharmaceuticals 72
28 Nehal, Bhairavi, Vivek - Abhay Vakil family 50,529 6.15 Asian Paints FMCG 45
29 Kuldip Singh Dhingra & Gurbachan Singh Dhingra 48,720 5.93 Berger Paints India FMCG 75, 73
30 Anil Rai Gupta 47,740 5.81 Havells India Consumer Durables 54
31 Rekha Rakesh Jhunjhunwala & family 46,128 5.61 Titan Company, Star Health & Allied Insurance Co, Tata Motors, Escorts Kubota, Fortis Healthcare, Metro Brands Investing 59
32 Pankaj Patel 45,797 5.57 Zydus Lifesciences, Zydus Wellness Pharmaceuticals 70
33 Vikram Lal 45,032 5.48 Eicher Motors Automobile 81
34 Nusli Wadia 44,847 5.46 Britannia Industries, Bombay Burmah Trading Corporation, Go Airlines India, Bombay Dyeing & Manufacturing Company, National Peroxide Diversified 79
35 Vijay Chauhan 43,556 5.30 Parle Biscuits FMCG 87
36 Harsh Mariwala & Kishore Mariwala 41,459 5.05 Marico FMCG 72, 88
37 Dilip Surana & Anand Surana 41,143 5.01 Micro Labs Pharmaceuticals 57, 52
38 Ramesh Juneja & Rajeev Juneja 40,121 4.88 Mankind Pharma Pharmaceuticals 68, 58
39 Rahul Bhatia 38,784 4.72 Interglobe Aviation Aviation 67
40 Inder T. Jaisinghani 38,707 4.71 Polycab India Consumer Durables 70
41 George Jacob Muthoot & family 38,497 4.69 Muthoot Finance BFSI 70, 72, 67
42 Vivek Chaand Sehgal 37,452 4.56 Samvardhana Motherson International, Motherson Sumi Wiring Auto Ancillaries 66
43 Manoj Menda & Raj Menda 36,992 4.50 RMZ Corp Holdings Realty 55, 61
44 Acharya Balkrishna 34,376 4.18 Patanjali Foods, Patanjali Ayurved FMCG 50
45 Sanjiv Goenka 33,188 4.04 CESC, Firstsource Solutions, Saregama India, PCBL, Spencers Retail Diversified 62
46 Leena Tewari 32,464 3.95 USV Pharmaceuticals 66
47 Nithin Kamath & Nikhil Kamath 31,360 3.82 Zerodha Broking New Age Tech 43, 36
48 P.P. Reddy, P.V. Krishna Reddy 31,131 3.79 Megha Engineering & Infrastructures Construction 65, 54
49 Murlidhar Gyan Chandani & family 29,978 3.65 RSPL FMCG 76
50 Pawan Munjal 28,008 3.41 Hero MotoCorp, Hero Fincorp, Munjal Kiriu Industries, Munjal Auto Industries, Munjal Showa Automobile 68
51 Yusuf Hamied & family 27,979 3.41 Cipla Pharmaceuticals 87
52 Sandeep P. Engineer 27,757 3.38 Astral Consumer goods 62
53 Arvind Poddar 27,397 3.33 Balkrishna Industries Auto Ancillaries 65
54 Vivek Jain 26,408 3.21 Gujarat Fluorochemicals, Inox Wind, Inox Wind Energy Chemicals, Energy 67
55 Vikas Oberoi 26,093 3.18 Oberoi Realty Realty 53
56 Arun Bharat Ram 26,000 3.16 SRF Chemicals 82
56 S. Kris Gopalakrishnan 26,000 3.16 Infosys, Pratithi Investment Trust IT 68
58 Karsanbhai Patel 25,764 3.14 Nirma, Nuvoco Vistas Corporation FMCG 79
59 Ravi Modi 25,363 3.09 Vedant Fashions Apparels & Textiles 46
60 Salil Singhal 25,353 3.09 P I Industries Chemicals (Agro) 77
61 Lachhman Das Mittal 25,123 3.06 International Tractors Automobile 92
62 Rajan Raheja 24,688 3.00 Exide Industries, Prism Johnson, Supreme Petrochem, Sonata Software, Asianet Satellite Communication Diversified 69
63 Chandru Raheja 24,560 2.99 Mindspace Business Parks, Shoppers Stop, Chalet Hotels Realty 82
64 N. R. Narayana Murthy 24,549 2.99 Infosys IT 76
65 Satyanarayan Nuwal 24,375 2.97 Solar Industries India Chemicals 71
66 Basudeo Narain Singh & family 24,054 2.93 Alkem Laboratories Pharmaceuticals 82
67 Venu Srinivasan 23,988 2.92 TVS Motor Company Automobile 70
68 Nirmal K. Minda 23,518 2.86 UNO Minda (formerly Minda Industries) Auto Ancillaries 65
69 A. Krishnamoorthy 22,659 2.76 Simpson & Company, Amalgamations Valeo Clutch, United Nilgiri Tea Estates Company, IP Rings, Bimetal Bearings Diversified 85
70 G.V. Prasad & Satish Reddy families 22,626 2.75 Dr Reddys Laboratories Pharmaceuticals 62, 56
71 Yadu Hari Dalmia 22,624 2.75 Dalmia Bharat, Dalmia Bharat Sugar & Industries Cement 76
72 Bhavish Aggarwal 22,315 2.72 ANI Technologies, ola cabs, Ola Electric Mobility New Age Tech 37
73 Rafique A. Malik 21,718 2.64 Metro Brands Retail 72
74 Falguni Nayar & family 21,695 2.64 FSN E-Commerce Ventures (Nykaa) New Age Tech 60
75 Abhay Firodia 21,289 2.59 Force Motors, Bajaj Finserv, Bajaj Auto, Bajaj Holdings & Investment Automobile 78
76 S. Viji 21,203 2.58 Brakes India, Sundaram Finance Diversified 77
77 Bajranglal Taparia 20,878 2.54 Supreme Industries, Supreme Petrochem Chemicals 89
78 Baba Kalyani 20,162 2.45 Bharat Forge, Hikal, Automotive Axles, BF Utilities, Kalyani Steels Auto Ancillaries 74
79 Manju Deshbandhu Gupta family 19,949 2.43 Lupin Pharmaceuticals 79
80 Joy Alukkas 19,914 2.42 Joyalukkas India Gems & Jewellery 66
81 Kiran Mazumdar-Shaw 19,575 2.38 Biocon Pharmaceuticals 70
82 Sanjeev Bikhchandani 19,512 2.37 Info Edge (India) New Age Tech 60
83 Shyam Bhartia & Hari Bhartia 18,859 2.30 Jubilant Foodworks, Jubilant Ingrevia, Jubilant Pharmova, Jubilant Chemsys, Jubilant Industries Diversified 70, 66
84 Sunder Genomal 18,858 2.30 Page Industries Retail 69
85 P.V. Ramprasad Reddy 18,802 2.29 Aurobindo Pharma Pharmaceuticals 65
86 Bhadresh K. Shah 18,555 2.26 AIA Engineering Capital Goods 71
87 Prathap Reddy 18,228 2.22 Apollo Hospitals Enterprise, Apollo Health & Lifestyle Pharma & Healthcare 90
88 Anurang Jain 18,086 2.20 Endurance Technologies Auto Ancillaries 61
89 Harsh Goenka 18,013 2.19 K E C International, Zensar Technologies, CEAT, RPG Life Sciences, Raychem-RPG Diversified 65
90 Satish Mehta & Sunil Mehta 17,303 2.11 Emcure Pharmaceuticals Pharmaceuticals 72, 60
91 Anu Aga & family 17,236 2.10 Thermax Capital Goods 80
92 Samir Jain & Vineet Jain 17,169 2.09 Bennett, Coleman & Company, Times Internet Media & Entertainment 69, 58
93 Kalanithi Maran 16,721 2.03 Sun TV Network, Sun Direct TV, Kal Airways, Kal Publications Media & Entertainment 58
94 Ajay Piramal 16,589 2.02 Piramal Enterprises, Shriram City Union Finance Diversified 67
95 K. P. Ramasamy 16,532 2.01 K P R Mill Textiles 74
96 Pavan Jain & Siddharth Jain 16,428 2.00 Inox Air Products, Inox India, GFL, Inox Leisure Chemicals, Entertainment 72, 44
97 Nandan Nilekani 16,327 1.99 Infosys IT 68
98 Ramesh Kumar Dua & Mukand Lal Dua 15,901 1.94 Relaxo Footwears Retail 69, 74
99 Manohar Lal & Madhusudan Lal 15,752 1.92 Haldiram Snacks FMCG 68, 65
100 R.G. Chandramogan 15,668 1.91 Hatsun Agro Product FMCG 74
101 Prem Kumar Arora 15,610 1.90 Mankind Pharma Pharmaceuticals 84
102 Savji Dholakia & family 15,307 1.86 Hari Krishna Exports Gems & Jewellery 61
103 Rajendran Govindarajulu & family 15,160 1.84 GRT Jewellers Gems & Jewellery 80
104 Deepak Chimanlal Mehta & Sailesh Chimanlal Mehta 15,050 1.83 Deepak Nitrite, Deepak Fertilizers & Petrochemicals Corp Chemicals 66, 62
105 M. Satyanarayana Reddy 15,026 1.83 MSN Laboratories Pharmaceuticals 66
106 Irfan Razack 14,814 1.80 Prestige Estates Projects Realty 69
107 Noel Naval Tata 14,528 1.77 Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons Diversified 66
108 Atul Ruia 14,414 1.75 Phoenix Mills Realty 52
109 Late Sudha-Keshub Mahindra family 14,234 1.73 Mahindra & Mahindra, Tech Mahindra, Swaraj Engines Diversified -
110 Vinod Saraf 14,100 1.72 Vinati Organics Chemicals 73
111 Rajnikant Devidas Shroff 14,093 1.72 UPL, Uniphos Enterprises Chemicals (Agro) 89
112 K. Dinesh 14,020 1.71 Infosys IT 69
113 Abhay Soi 13,869 1.69 Max Healthcare Institute Pharma & Healthcare 49
114 Devi Prasad Shetty 13,580 1.65 Narayana Hrudayalaya Pharma & Healthcare 70
115 Anand Mahindra 13,471 1.64 Mahindra & Mahindra, Tech Mahindra, Swaraj Engines Diversified 68
116 Sanjay Agarwal 13,311 1.62 AU Small Finance Bank BFSI 52
117 Balkrishan Gopiram Goenka 12,974 1.58 Welspun India, Welspun Corp, Welspun Enterprises, Welspun Specialty Solutions, Welspun Investments & Commercials Diversified 56
118 Balasubramanian Prabhakaran 12,869 1.57 Thriveni Earthmovers Capital Goods-Non Electrical Equipment 50
119 Ratan Tata 12,664 1.54 Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons Diversified 85
120 Suresh Krishna 12,648 1.54 Sundram Fasteners Auto Ancillaries 86
121 Rajinder Gupta 12,249 1.49 Trident Textiles 64
122 K.M. Mammen 12,053 1.47 MRF Auto Ancillaries 74
123 Rajesh Sharma 11,990 1.46 Capri Global Capital BFSI 53
124 Surendra Kumar Arya 11,908 1.45 JBM Auto, Jay Bharat Maruti Auto Ancillaries 65
125 Jimmy Naval Tata 11,768 1.43 Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons Diversified 82
126 Ashwin Desai 11,654 1.42 Aether Industries Chemicals 71
127 S. D. Shibulal 11,653 1.42 Infosys IT 68
128 Sushila Devi Singhania 11,647 1.42 J K Cements Cement 87
129 Piloo-Minocher Tata & family 11,622 1.41 Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons Diversified -
130 T.S. Kalyanaraman 11,541 1.40 Kalyan Jewellers Gems & Jewellery 76
131 Anand Deshpande 11,510 1.40 Persistent Systems IT 61
132 Sanjay Gupta & family 11,500 1.40 Apl Apollo Tubes Metal Tube 52
133 Umesh Sharma 11,070 1.35 Aristo Pharmaceuticals Pharmaceuticals 70
134 Byju Raveendran 10,980 1.34 Think & Learn (Byju's) New Age Tech 45
135 Ashok Ramnarayan Boob 10,922 1.33 Clean Science & Technology Chemicals 71
136 Arvind Lal 10,812 1.32 Dr Lal Pathlabs Pharma & Healthcare 73
137 Rajesh Mehra & family 10,780 1.31 Jaquar & Company Consumer Goods 64
138 Raghu Kumar & Ravi Kumar 10,643 1.30 Upstox New Age Tech 41, 37
139 Sunil Vachani 10,590 1.29 Dixon Technologies Consumer Durables (B2B) 54
140 Sunjay Kapur 10,581 1.29 Sona BLW Precision Forgings Auto Ancillaries 51
141 Anil Kumar Singh & family 10,430 1.27 Apco Infratech Construction 57
142 Prakash M. Sanghvi & family 10,300 1.25 Ratnamani Metals & Tubes Metal Tube 67
143 Vinod Kumar Agarwal & family 10,223 1.24 G R Infraprojects Construction 63
144 Ashok Kajaria 9,986 1.22 Kajaria Ceramics Consumer Goods 75
145 Prakash Chauhan 9,873 1.20 Parle Agro FMCG 76
146 Mannalal B Agrawal 9,805 1.19 Ajanta Pharma Pharmaceuticals 76
147 Onkar Kanwar 9,760 1.19 Apollo Tyres Auto Ancillaries 81
148 G.M. Rao 9,489 1.15 GMR Infrastructure, GMR Kamalanga Energy, GMR Energy, Delhi Duty Free Services Infrastructure 73
149 Ajay S. Shriram 9,307 1.13 DCM Shriram Diversified 69
150 Glenn Saldanha & family 9,238 1.12 Glenmark Pharma Pharmaceuticals 53
151 Yogesh M. Kothari 9,039 1.10 Alkyl Amines Chemicals Chemicals 74
152 T.T. Jagannathan 8,942 1.09 TTK Prestige, TTK Healthcare, Vidal Health Insurance TPA Consumer Durables 75
153 Ashok Patni 8,843 1.08 Wonder Cement Cement 69
154 Jayen Ramesh Shah, Mukesh Maganlal Shah 8,608 1.05 Fine Organic Industries Chemicals 59, 67
155 Dinesh Chandra Agarwal & Brijesh Kumar Agrawal 8,586 1.04 Indiamart Intermesh Ltd New Age Tech 54, 46
156 Rajesh Mehta 8,374 1.02 Rajesh Exports Consumer goods 59
157 Anil Gupta 8,240 1.00 KEI Industries Consumer Durables 64
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Offices

142, 14th Floor, Maker Chambers VI, Nariman Point, Mumbai - 400021

7, Avighna House, 82, Dr. Annie Besant Road, Worli Naka, Siddharth Nagar, Worli, Mumbai, Maharashtra 400018

SEBI Office: Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra(East), Mumbai - 400051

18B106, 18th Floor, Berger Delhi One, Sector 16B, Noida - 201301

SEBI Office: NBCC Complex, Office Tower-1, 8th Floor, Plate B, East Kidwai Nagar, New Delhi – 110023

Bengaluru

Level 5, No. 501, Prestige Garnet, 36, Ulsoor Road, Bengaluru – 560042

SEBI Office: 2nd Floor, Jeevan Mangal Building, No.4, Residency Road, Bengaluru - 560025

Chennai

Workafella No.10, Uthamar Gandhi Salai, Nungambakkam High Road, Nungambakam, Chennai - 600034

SEBI Office: 7th Floor, 756-L, Anna Salai, Chennai - 600002

Unit No. 701, A Wing, 7th floor, Sunteck Kanaka Corporate Park, Patto, Panjim, Goa - 403001

SEBI Office: 6th Floor, EDC House, Atmaram Borkar Road, Panaji - 403001, Goa

1-111, Raheja Woods 8, Central Avenue, Kalyani Nagar, Pune, MH 411006

Kolkata

916, PS Arcadia, Level 9, 4A, Camac Street, Kolkata 700016