Business & Economics

Pandemic Made India’s Richest 14% Richer: Forbes

BP World Bureau | Oct 09 2020 02:35:38 PM
Image credits: Twitter

India's richest people have been able to make a fortune during the COVID-19 pandemic where the lockdown and economic repercussions have affected the middle class and the poor severely.

According to Forbes' List of Indias 100 Richest, Mukesh Ambani remains at No. 1 for the 13th year with $37.3 billion worth of investment, bringing his fortune to $88.7 billion, which is a rise of 73%.

Ambani raised more than $20 billion from a string of marquee investors for Jio Platforms, Reliance's fast-growing digital arm during the pandemic. 

Half of the nation's 100 richest on the 2020 Forbes India Rich List despite the economic contraction and the benchmark BSE Sensex stock index remained flat from 2019 itself. 

Read: World Bank Says Indian Economy Will Contract 9.6% In This Fiscal 

Forbes also revealed that Infrastructure magnate Gautam Adani retains the second spot on the list by boosting his net worth 61% to $25.2 billion, Tech tycoon Shiv Nadar is No. 3 with $20.4 billion as shares of India's third-largest tech firm surged, Radhakishan Damani of Avenue Supermarts is No. 4 with a net worth of $15.4 billion, and Hinduja brothers with $12.8 billion are in top five. 

Vaccine billionaire Cyrus Poonawalla is number 6 as his privately held Serum Institute of India, led by his son Adar, has joined the race to produce COVID-19 vaccines due to the pandemic. 

Read: Bill To Protect Americans’ Jobs, 6.5% Of Indians Below Poverty Line In US 

Kiran Mazumdar-Shaw reached 27th position, as the founder of Biocon, which is set to start phase 4 trials of a potential COVID-19.