Written By

Avnish Singh

Rupee may be weak, but the rich are richer

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India's economy overtook the UK to become the fifth-largest in the world as a result of the post-pandemic demand recovery.

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The rupee's decline of 10% at that time was the biggest drag on the stock market, which was down slightly from a year earlier.

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The combined wealth of India's top 100 earners increased by $25 billion despite this to reach $800 billion.

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The feat by infrastructure tycoon Gautam Adani, which altered the hierarchy at the top for the first time since 2008, was a major factor in the gain.

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Following a nearly tripling of his wealth in 2021, Adani doubled it to $150 billion this year to take the top spot and briefly hold the second-place position.

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Adani, who led this year's gains in both percentage and dollar terms, declared he would invest $100 billion over the following ten years, with 70% going toward green energy.

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The oil and gas to telecom giant Reliance Industries, controlled by Mukesh Ambani, is ranked No. 2 with $88 billion, down 5% from the previous year.

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Adani and Ambani now jointly control 30% of the wealth of India's 100 richest people.

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Radhakishan Damani, the nation's retailing king and owner of the DMart chain of supermarkets, entered the top three for the first time despite a 6% fall in net worth to $27.6 billion.