Mukesh Ambani overtakes Gautam Adani as India's richest, despite losing 20% wealth

Stung hard by allegations of stock manipulation and accounting fraud, Gauram Adani lost 60 per cent of his wealth, from the time when he was at his peak. Once moving between the second and third position on the Forbes rich list, Adani is now at number 24, despite bouncing back with a Rs 15,000 crore stake sale.

Now Mukesh Ambani, who had once been dethroned by Adani, is back on top as India's wealthiest on Hurun's Global Rich List.

Adani's loss Ambani's only gain

Ambani's rise comes at the expense of Adani becoming the sixth biggest loser globally, with $28 billion trimmed from his wealth.

India's overall position has also been shaken up with 28 billionaires falling off Hurun's radar, as China and the US have 53 per cent of the world's billionaires.

At the same time, the world has also lost 8 per cent of its billionaires, who lost $13.7 trillion collectively, with a recession threatening the global economy.

Billionaires bleeding wealth

Tesla CEO and Twitter's new boss Elon Musk lost $48 billion from his wealth but held on to the second wealthiest tag after Bernard Arnault.

Jeff Bezos also managed to be the world's third richest, despite losing the most with a massive $70 billion depletion of wealth in 2022.

Although Adani dropped below Ambani, leaving him as the only Indian among the world's 10 richest, the Reliance Industries boss lost 20 per cent of his wealth.