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
July 18,2024

Mangaluru, July 18: A cab driver sustained head injuries during a scuffle that broke out between cab drivers working for a software company - DIA Systems --in Kavoor police station limits in Mangaluru on Wednesday night.

Sandeep who sustained injuries in the head and other areas after being attacked with a sharp weapon is being treated at a private hospital. Mangaluru Commissioner of Police Anupam Agrawal said Thejas Shetty had an old dispute with Sandeep.

On Wednesday night after completion of night shift, Thejas along with his brother Bhavith Shetty, Preetam and Puneet Devadiga attacked Sandeep with a sharp weapon.

Thejas Shetty also works as a driver in the same company and had an old dispute with Sandeep. An attempt to murder case was registered at Kavoor police station. The reasons behind the altercation is yet to be ascertained, Commissioner added.

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News Network
July 19,2024

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Bengaluru, Jul 19: The Karnataka government was taking all necessary measures towards rescue and relief of those affected by flooding and landslides caused by heavy downpour in parts of the state, where monsoon rains since June has been 22 per cent above normal, Revenue Minister Krishna Byre Gowda said on Friday.

The Minister was replying to a discussion in the Legislative Assembly on floods and landslides in parts of the state due to rains, amid BJP and JD(S) protest from the well of the House against alleged financial irregularities in a state-run corporation.

"The government will take all necessary measures. We had information since January about above normal rains this year and accordingly we have made necessary arrangements. Since June 1 so far normally 365 mm rains should have happened, but 447 mm rains have occurred which is 22 per cent above normal," Gowda said.

He said: "In the three coastal districts normally 1,537 mm rains should have happened but this time it was 1,858, which is 21 per cent above normal, and in the Malnad region normally it should have been 733 mm, but it is 802 mm, which is 9 per cent above normal."

"So far 29 care centres have been set up, where 2,332 people are taking shelter, and to carry out relief works all the districts have been provided a total of Rs 777.54 crore; if required, more funds will be given, there is no shortage of funds," he added.

From July 1 to 19 there has been 244 mm rains in the state and this is highest in 30-40 years, the Minister said, adding, in Malnad districts it is 544 mm and in coastal region 1,154 mm.

Noting that five platoons of National Disaster Response Force (NDRF) have been deployed in six districts of coastal and Malnad regions, the Minister said they will be stationed for the entire monsoon season.

The government has identified gram panchayats that are vulnerable to floods, he said. 2,225 villages are mapped as vulnerable ones, under 1,247 gram panchayats, with 2,38,000 people.

"In each of these 1,247 gram panchayats a task force has been set up, and a taluk level officer has been appointed as nodal officer for each panchayat," he said. Funds have been allocated to each of these task forces to take up immediate relief work.

Blaming "unscientific work" by the National Highways Authority of India (NHAI) for the massive landslide that hit National Highway 66 near Shirur village of Ankola taluk in Uttara Kannada district on July 16, the Minister said, the Chief Secretary has spoken to NHAI to correct the "unscientific designs."

A tanker containing LPG had fallen into the river during the tragedy, he said. With the help of technical experts, controlled release of gas was done to avoid any possible explosion.

According to preliminary reports, about 371 hectare of agriculture crops and 351 hectare of horticulture crops have been damaged, the Minister said. More crops have been damaged in the last couple of days and reports are awaited. About 2,450 houses have been damaged, including some partially.

"Houses will be provided for those who lost houses," he said, adding, immediate relief will be provided for crop losses.

"About 60 percent of our dams are filled," Gowda said. "Total capacity of our dams is 895 tmcft; last year this time it was 243 tmcft, but this year 536 tmcft water storage is there."

Leader of Opposition R Ashoka alleged that no relief is being given and there are no funds with the government.

"None of the Ministers have gone to affected regions so far. The government has become bankrupt. The government is dead," he added.

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News Network
July 17,2024

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Bengaluru: Search and rescue operations resumed on Wednesday morning in Shirur village in Uttara Kannada district, where a massive landslide claimed the lives of four people a day ago.

Vehicular traffic has been temporarily suspended on National Highway 66, where the incident occurred, officials said.

After an intensive rescue and search operation by the local police, a team of National Disaster Response Force, fire and emergency services and officials of other agencies amid rains, four bodies were recovered by Tuesday evening.

"So, far four bodies have been recovered and identified. Restoration and search operations have resumed early morning today," a senior police official said.

Among the four dead were members of the same family, who ran an eatery along the national highway.

Following the incident, the state government had said that three gas tankers had pulled up at the eatery for a tea break when mud and rocks plunged down the hill.

The landslip triggered by incessant rains also swept away two of the three tankers into the Gangavali river flowing on the other side of the road.

According to state government, the National Highways Authority of India while building National Highway 66 "cut the hill steep instead of a 45-degree slope resulting in the accident.

Meanwhile, vehicular movement has been banned till July 22 in Seethalayanagiri-Mullayanagiri area of Chikkamagaluru taluk due to collapse of hills and severe damage to the road surface owing to heavy rains.

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