Forbes India Rich List 2023: Nine out of 100 billionaires in India are women

Savitri Jindal retains the top spot as the richest Indian woman; Falguni Nayar drops 44 ranks; Landmark Group's Renuka Jagtiani makes a debut. Here are India's women billionaires

By Forbes India

Published: Oct 13, 2023 03:40:43 PM IST

Updated: Oct 13, 2023 05:27:07 PM IST

Clockwise from left - Savitri Jindal, Renuka Jagtiani, Rekha Jhunjhunwala, Falguni Nayar

Of the 100 billionaires featured in the 2023 edition of the Forbes India Rich List, nine are women. The number remains unchanged compared to last year. See the full list here.

Among the nine, chairperson emeritus Savitri Jindal of the power and steel conglomerate OP Jindal Group is the only woman billionaire in the top 10. The matriarch ranks fourth with a net worth of $24 billion (Rs 199,656 crore), up 46 percent due to the September IPO of ports unit JSW Infrastructure, by her son, Sajjan Jindal. She saw the second largest wealth gain—$7.6 billion—in absolute terms this year after software tycoon Shiv Nadar. In 2022, her net worth was $16.4 billion (Rs 132,452.97 crore), and she ranked sixth.

Up two ranks from 30 in 2022, this year, Rekha Jhunjhunwala is 28th, and the next richest woman. She replaced her husband and stock trader Rakesh Jhunjhunwala on the list in 2022 after his death. Her net worth is $7 billion (Rs 58,233 crore). Last year, her net worth was $5.9 billion (Rs 47,650.76 crore).

She is followed closely by Vinod Gupta at rank 30, who along with her son, Anil Rai Gupta, runs Havells India. Their joint net worth is $6.7 billion (Rs 55,737.30 crore). The electrical and electronic appliances company was founded by her late husband Qimat Rai Gupta in 1958 and now sells products in more than 60 countries. Qimat Rai Gupta made a debut on the Forbes India Rich List in 2013 and was ranked 68th. In 2022, the mother-son duo was ranked 27th with a net worth of $6.3 billion (Rs 50,881.32 crore).

Also read: India's 100 Richest: Why is it still a man's world?

On rank 44 is a new entrant this year, Renuka Jagtiani, chairwoman of Landmark Group, a Dubai-headquartered retailing giant. With a net worth of $4.8 billion (Rs 39,931.20 crore), she entered the list following the passing of her husband Micky Jagtiani, in May. The Landmark Group has a global presence with 2,200 stores across 24 countries and is classified as one of the largest retail and hospitality conglomerates in India.

Immediately next, on rank 45, is the chair of privately held USV India, Leena Tewari. In 2018, the healthcare firm acquired German generics firm Juta Pharma for an undisclosed sum, and in 2022, Tewari’s daughter, Aneesha joined the board. Ranked 51st in 2022, Tewari’s net worth was $3.74 billion (Rs 30,205.74 crore) that year.

Mallika Srinivasan is ranked 83rd with a net worth of $2.84 billion (Rs 23,625.96 crore). The chairman and managing director of TAFE-Tractors and Farm Equipment Limited, in 2022, was ranked 59th with a net worth of $3.4 billion (Rs 27,459.76 crore).

On the 87th rank is Anu Aga who helmed energy and environment solutions company Thermax. Her net worth of $2.7 billion (Rs 22,461.30 crore) is because of the majority stake in the listed firm. She stepped down in 2004, passing the baton to her daughter, Meher Pudumjee. In 2022, Aga was back on the list for the first time since 2014, with a net worth of $2.23 billion (Rs 18,010.37 crore).

Falguni Nayar, founder and CEO of the beauty and lifestyle retail company Nykaa, dropped 44 ranks this year, to find a place on the 88th rank. Her net worth dropped by 35.05 percent to $2.65 billion (Rs 22,045.35 crore). In November 2021, Nykaa was listed, making her India’s richest self-made female entrepreneur. In 2022 Nayar’s net worth was $4.08 billion (Rs 32,951.71 crore).

Also read: This is me: Indian women founders are taking up space by being unapologetic

The last woman to feature on the list is the founder of Biocon, Kiran Mazumdar Shaw. Ranked 92nd, the first-generation entrepreneur has a net worth of $2.52 billion (Rs 20,963.88 crore). In 2022 Shaw ranked 76th with a net worth of $2.7 billion (Rs 21,806.28 crore).

Co-founder of edtech company Byju’s, Divya Gokulnath, who was the youngest billionaire along with Zerodha’s Nikhil Kamath in 2022, dropped off the list this year, with the company facing a host of challenges including finding itself in the middle of a legal dispute with its term-loan providers, and more. The company’s valuation has been marked down drastically.