Mukesh Ambani is world's 9th richest person; Gautam Adani slips to 23rd

News Network
March 22, 2023

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New Delhi, Mar 22: Despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries' Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion, states the 2023 M3M Hurun Global Rich List.

For the third consecutive year, Ambani retained the wealthiest Asian title.

With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani and family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank.

Adani also lost the second richest Asian title in 2023.

A report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60 per cent from his peak.

Last year, it was said that Adani topped the list by adding Rs 1,600 crore per day over 2022.

The other Indian billionaires who figure in the world's top 50 richest are: Cyrus Poonawalla (global rank 46, wealth $27 billion), and Shiv Nadar and family (rank 50, $26 billion).

Interestingly, barring Poonawalla whose wealth went up by 4 per cent, the wealth of all other Indian billionaires in the global top 100 wealthiest had seen an erosion.

In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion.

When countries such as China and the US had 178 and 123 billionaires, respectively, who lost more than $1 billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.

In terms of number of billionaires who have added $1 billion or more over the last year, India occupies sixth rank in the list.

India added 16 billionaires and occupies the third spot, comfortably ahead of Italy which added 9 billionaires in this year's list.

The richest new entrant from India, Rekha Rakesh Jhunjhunwala and family, tops the list of top 16 new Indian entrants in 2023 M3M Hurun Global Rich List.

Over the last 5 years, Indian billionaires in 2023 M3M Hurun Global Rich List added circa $360 billion to their cumulative wealth - equivalent to Hong Kong's GDP.

"M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs," said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

"At a critical point in history, when India's GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world," said Pankaj Bansal, Director, M3M India. 

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News Network
June 12,2024

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Nara Chandrababu Naidu, Telugu Desam Party supremo, was sworn in as the chief minister of Andhra Pradesh for the fourth term on Wednesday, June 12. Andhra governor S Abdul Nazeer, former Telangana governor Tamilisai Soundarajan were present at the swearing-in.

Prime Minister Narendra Modi, Union home minister Amit Shah, Union ministers JP Nadda and Bandi Sanjay Kumar, and several other leaders attended the oath-taking ceremony.

Chandrababu Naidu took oath around 11.27am near Gannavaram Airport in Kesarapalli on the outskirts of Vijayawada. Along with Chandrababu Naidu, Janasena chief Pawan Kalyan, the TDP supremo's son Nara Lokesh and 22 others also took the oath.

Pawan Kalyan reportedly has been offered the deputy chief minister's post. Janasena is being offered three cabinet berths and the Bharatiya Janata Paty one.

After taking oath as chief minister Naidu shared a hug with PM Narendra Modi on stage. This is the fourth time that Naidu is assuming charge as Andhra chief minister and the second time after the bi-furcation in 2014.

Chandrababu Naidu's son and TDP general secretary Nara Lokesh, Union minister Rammohan Naidu, actors Chiranjeevi, Rajnikanth, Nandamuri Balakrishna were also present on occasion.

Naidu had led the TDP- BJP-Janasena National Democratic Alliance to a landslide victory in the assembly as well as Parliamentary elections.

The TDP holds the majority in Andhra Pradesh's 175-member assembly with 135 MLAs, while its allies, the Janasena Party, have 21 and the BJP has eight. The opposition YSR Congress Party has 11 legislators.

The TDP MLAs who took oaths included Nara Lokesh, Kinjarapu Atchannaidu, Nimmala Ramanaidu, NMD Farooq, Anam Ramanarayana Reddy, Payyavula Kesav, Kollu Ravindra, Ponguru Narayana, Vangalapudi Anita, Anagani Satya Prasad, Kolusu Parthasaradhi, Kola Balaveeranjaneya Swamy, Gottipati Ravi, Gummadi Sandhyarani, BC Janardhan Reddy, TG Bharath, S Savitha, Vasamsetty Subhash, Kondapalli Srinivas and Mandipalli Ramprasad Reddy.

In the 175-member Andhra Pradesh assembly, the cabinet can have 26 ministers, including the chief minister.

The Telugu Desam Legislature Party and NDA partners elected Naidu as their leader in separate meetings on Tuesday, June 11.

Addressing the legislators, Naidu asserted that he is committed to developing Amaravati as the state's sole capital.

"With all your cooperation, I am swearing in tomorrow (as the CM) and I would like to thank you all for that. Prime Minister Narendra Modi is coming for the swearing-in ceremony,” Naidu said, adding he had sought cooperation from the Union government for Andhra Pradesh's development and it was "assured".

South superstars Rajinikanth, Chiranjeevi, and actor-politician Nandamuri Balakrishna also attended the event at Gannavaram Mandal, Kesarapalli IT Park.

Naidu first became the chief minister in 1995 and went on to have another two terms.

His first two terms as chief minister were at the helm of united Andhra Pradesh, beginning in 1995 and ending in 2004, while the third term came post-bifurcation of the state.

In 2014, Naidu emerged as the first chief minister of bifurcated Andhra Pradesh and served it until 2019. He lost the 2019 polls and was the opposition leader until 2024.

Following a landslide victory in the 2024 elections, he is returning as the CM for a fourth term, ousting the YSRCP.

The NDA won a landslide victory in the recently concluded simultaneous Lok Sabha and assembly elections in the state, winning 164 of the 175 assembly seats and 21 of the 25 Lok Sabha seats. 

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News Network
June 7,2024

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Moscow: Four Indian medical students drowned in a river near St Petersburg in Russia and the Indian missions in the country were coordinating with Russian authorities to send their bodies to their relatives as soon as possible.

The four students—two boys and two girls aged 18-20—were studying at the nearby Novgorod State University in Veliky Novgorod city.

Local media reports said that a female Indian student, who waded out from the beach on the river Volkhov, got into trouble and four of her companions tried to save her.

In their attempt to save her, three others also drowned in the river.

A third boy was pulled to safety by local people.

"We are working to send the bodies to the relatives as soon as possible. Proper treatment is also being provided to the student whose life has been saved," the Embassy of India in Moscow said on X.

The Consulate General of India in St Petersburg said these students were pursuing medical education at Veliky Novgorod State University.

"Sincere condolences to the bereaved families," it posted on X.

The Consulate General said it was working together with the local authorities of Veliky Novgorod to send the mortal remains to the relatives as soon as possible.

"The bereaved families have been contacted and assured of all the possible help," it said.

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News Network
June 13,2024

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New Delhi: As he embarks on a visit to Italy to attend an Outreach session at the G7 summit, Prime Minister Narendra Modi on Thursday said its focus would be on artificial intelligence, energy, Africa, and the Mediterranean.

Modi said this in a departure statement before leaving for the European nation in his first foreign trip after becoming prime minister for a third term.

The prime minister said issues crucial for the Global South will also be deliberated upon at the Outreach session.

The G7 summit, to be held in the luxury resort of Borgo Egnazia in Italy's Apulia region from June 13 to 15, is expected to be dominated by the raging war in Ukraine and the conflict in Gaza.

"At the invitation of Prime Minister Giorgia Meloni, I am travelling to Apulia region in Italy to participate in the G7 Outreach summit on June 14," Modi said.

The prime minister said he was glad that his first visit in the third consecutive term is to Italy for the G-7 Summit.

"During the discussions at the Outreach session, the focus will be on artificial intelligence, energy, Africa, and the Mediterranean," Modi said.

"It will be an opportunity to bring greater synergy between the outcomes of the G20 Summit held under India's Presidency and the forthcoming G7 Summit, and deliberate on issues which are crucial for the Global South," he said.

Modi will have a bilateral meeting with Italian Prime Minister Meloni.

"Prime Minister Meloni's two visits to India last year were instrumental in infusing momentum and depth in our bilateral agenda," he said.

"We remain committed to consolidating the India-Italy strategic partnership, and bolstering cooperation in the Indo-Pacific and the Mediterranean regions," he said.

The prime minister is likely to hold a number of bilateral meetings on the sidelines of the summit. "I am also looking forward to meeting other leaders participating in the Summit," he said.

The G7 comprises the US, the UK, France, Italy, Germany, Canada and Japan.

Italy is holding the current presidency of the G7 (Group of Seven) and is hosting the summit in that capacity.

A key focus of the Italian presidency has been to defend the rules-based international system.

According to Italy, Russia's war of aggression on Ukraine has undermined its principles and triggered growing instability, with multiple crises unfolding worldwide. The G7 will give equal importance to the conflict in the Middle East, with its consequences for the global agenda, it says.

The bloc expanded into the G8 between 1997 and 2013, with the inclusion of Russia. However, Russia's participation was suspended in 2014 following its annexation of Crimea.

In line with the grouping's tradition, representatives of a number of countries and international organisations are invited to the summit by the host nation that holds the chair.

Besides India, Italy has invited leaders from 11 developing countries in Africa, South America and the Indo-Pacific region to attend the summit. Though the European Union is not a member of the G7, it attends the annual summit.

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