While Gautam Adani added nearly $3 billion to the budget each month, Mukesh Ambani’s wealth increased by $12.30 billion in the past year.
India’s top ten billionaires have so far added a whopping $76.02 billion to their net worth in FY22, which stands at $341.29 billion as of Wednesday.
Interestingly, the combined wealth of the country’s wealthy is now valued at 10.4% of the country’s market capitalization. All publicly traded companies together have a market capitalization of $3.27 trillion, according to Bloomberg data. Gautam Adani’s fortune grew the most in FY22 and Mukesh Ambani was close behind. While Gautam Adani added nearly $3 billion to the budget each month, Mukesh Ambani’s wealth increased by $12.30 billion in the past year. With valuations of the Adani group’s stock going through the roof, its net worth has risen more than 13 times in the past two years.
In absolute terms, Azim Premji and Radhakishan Damani also saw their fortunes rise by $8.13 billion and $6.17 billion, respectively, as shares of Wipro and Avenue Supermarts rose about 45% in the past year.
With a $34.07 billion addition in FY22, Adani’s net worth increased ahead of Jeff Bezos and Bernard Arnault’s. While Jeff Bezos has lost $4.05 billion so far in FY22, Bernard Arnault’s net worth has increased by $20.29 billion. According to the Bloomberg Billionaires Index, the world’s richest person – Elon Musk – has seen his fortune grow by $43.57 billion. According to the index, there are 12 individuals in India who boast a net worth of more than $11.5 billion, including Kumar Birla of Aditya Birla Group and Sunil Mittal of Bharti Airtel.
Moreover! The wealth of the richest people has grown faster than the total return on the stock market. While the Nifty50 delivered a compound annual growth rate (CAGR) of 13.5% between FY19-FY22, the top 10’s combined assets grew 30.2% over the same period.
With his green energy investments delivering good returns, Adani has risen from eight in FY20 to become the second richest person in India. In February, he had even caught up with Mukesh Ambani to briefly claim Asia’s richest person.
This post Billionaire Index: India’s Top 10 Richer at $76 Billion in FY22 was original published at “https://www.financialexpress.com/economy/billionaire-index-indias-top-10-richer-by-76-billion-in-fy22/2464457/”