The Forbes India Rich List 2025
The Forbes India Rich List has long been a benchmark of the country’s wealth landscape, highlighting the fortunes of business leaders shaping India’s economy. The 2025 edition, released this week, features not only India’s traditional business titans but also fresh entrants from renewable energy, electronics, and tech sectors, reflecting evolving market dynamics. Alongside familiar names such as Gautam Adani, Savitri Jindal, Sunil Mittal, and Shiv Nadar, newcomers like the Doshi siblings of Waaree Energies and Sunil Vachani of Dixon Technologies illustrate the shifting contours of wealth creation in India. This year’s list, available on Forbes.com/India, ForbesIndia.com, and in the October issue of Forbes Asia, provides a snapshot of both enduring legacies and emerging sectors.
Ambani Retains Top Spot Despite Decline
Mukesh Ambani, chairman and managing director of Reliance Industries, continues to reign as India’s wealthiest individual, with a net worth of $105 billion, despite a 12% fall from 2024, largely attributed to a weaker rupee and a 3% drop in the Sensex. Ambani remains India’s only centibillionaire, and his recent forays into artificial intelligence via Reliance Intelligence and plans to list telecom arm Jio in 2026 underscore his focus on future growth areas.
The broader picture, however, is sobering: the combined wealth of India’s 100 richest individuals declined 9%, or roughly $100 billion, revealing the impact of economic headwinds and market volatility. Nearly two-thirds of the list saw declines, illustrating the challenges even established billionaires face in a turbulent financial environment.
Other Notable Rankings and Trends
Infrastructure magnate Gautam Adani and family retained second place with $92 billion, benefiting from a resolution of regulatory scrutiny after allegations by Hindenburg Research were officially deemed unproven.
Savitri Jindal, of the OP Jindal Group, remains India’s wealthiest woman at $40.2 billion, despite a $3.5 billion decline, maintaining her stronghold in steel, power, and cement. Telecom pioneer Sunil Mittal saw the largest gain, adding $3.5 billion, reclaiming fourth place, while Shiv Nadar of HCL Technologies slipped to fifth as tech valuations moderated.
New entrants highlight India’s green energy and tech boom:
The Doshi siblings (Waaree Energies, No. 37) debuted with $7.5 billion, post a high-profile IPO.
Sunil Vachani (Dixon Technologies, No. 80, $3.85B) emerged as a leader in electronics manufacturing for major brands like Samsung and Xiaomi.
Returnees include Leena Tewari (USV), PNC Menon (Sobha), and KP Ramasamy (KPR Mill), while seven individuals dropped off the list. The cut-off to qualify slightly dipped to $3.2 billion from last year’s $3.3 billion.
Methodology and Insights
The Forbes rankings are compiled using shareholding data, financial disclosures, stock prices as of September 19, 2025, and valuations of private companies benchmarked against listed peers. Family fortunes include extended relatives, and the list covers non-resident or foreign citizens with substantial ties to India.
Resilience Amid Market Headwinds
While the 2025 list reflects a decline in aggregate wealth, it also underscores the resilience and adaptability of India’s business elite. Leaders like Ambani and Mittal are diversifying into emerging sectors such as AI, renewable energy, and electronics, signaling that wealth creation is increasingly aligned with technological innovation and sustainable growth.
The inclusion of new billionaires in green energy and electronics highlights a shift toward future-ready industries, offering hope that India’s wealth ecosystem will continue to evolve despite short-term setbacks. Ultimately, the Forbes list remains a barometer of ambition, innovation, and resilience, capturing the dynamism of India’s corporate landscape in 2025.
(With agency inputs)
