Mukesh Ambani tops Forbes India rich list with $105 billion fortune

India's 100 richest see combined wealth fall by 9 per cent to $1 trillion, reflecting market volatility and currency headwinds

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Mukesh Ambani, chairman and managing director of oil-to-telecom conglomerate Reliance Industries Limited (RIL), has retained the top position on Forbes’ list of India’s hundred richest people. With a net worth of $105 billion, Ambani remains a centibillionaire. 

JP Morgan values Reliance Retail and Jio at over $275 billion 

A month after Ambani announced plans to list RIL’s telecom arm, global financial major JP Morgan valued Reliance Retail at $143 billion and Reliance Jio Infocomm at $135 billion in its latest assessment. JP Morgan noted that RIL’s consumer businesses are expected to drive nearly all of the group’s earnings growth in the coming years.

 

Adani holds second place

 

Gautam Adani and his family retained the second spot with a fortune of $92 billion. Group founder and chairman Gautam Adani received a reprieve in September when India’s markets regulator stated that allegations by US short seller Hindenburg Research of fraudulent transactions could not be substantiated. Hindenburg allegations had led to a sharp sell-off in Adani Group shares in 2023.

 

Savitri Jindal, Sunil Mittal follow 

Savitri Jindal of the OP Jindal Group retained the third position, though her net worth declined by $3.5 billion to $40.2 billion. Telecom tycoon Sunil Mittal was the biggest dollar gainer on the list, with his family wealth rising by $3.5 billion to $34.2 billion. He advanced three spots to fourth place — a position he last held in 2008.

 

Technology billionaire Shiv Nadar, who was fourth in the previous ranking, slipped to fifth with a net worth of $33.2 billion.

 

Combined wealth 100 richest declines 

The total wealth of India’s 100 richest individuals fell by 9 per cent, or $100 billion, to $1 trillion in 2025. The decline was largely attributed to a weaker rupee and a 3 per cent dip in the benchmark Sensex since fortunes were last assessed. Overall, nearly two-thirds of those featured in the list are poorer this year, including Ambani.

 

Reliance posts record revenue  

At the company’s 48th annual general meeting (AGM), Mukesh Ambani said RIL was transforming itself into a deeptech enterprise through advances in clean energy, genomics, and artificial intelligence (AI).

 

He noted that RIL achieved record consolidated revenue of ₹10,71,174 crore ($125.3 billion), becoming the first Indian company to surpass $125 billion in annual revenues despite multiple challenges. During the same period, the company’s Ebitda stood at ₹1,83,422 crore ($21.5 billion), while net profit rose to ₹81,309 crore ($9.5 billion).

 

Ambani regains top spot in Hurun India Rich List 

According to the M3M Hurun India Rich List 2025, Ambani reclaimed his position as India’s richest individual, with family wealth estimated at $105 billion. Ambani and his family regained the top spot from Gautam Adani and family despite a 6 per cent fall in their overall wealth to ₹9.55 trillion. The latest Hurun report features 358 billionaires in India.