When India’s richest list was unveiled, Kerala business leaders stood out, proving the state’s growing influence in national wealth rankings. But while all eyes were on Ambani and Adani, the question lingered: which Malayalis made it to the top?

The 2025 M3M Hurun India Rich List answers that.

Malayalis in the spotlight

Several Kerala businessmen featured prominently:

  • Joy Alukkas – ranked 24th, Rs. 88,430 crore
  • Yusuff Ali MA – ranked 53rd, Rs. 46,300 crore
  • Sunny Varkey – ranked 75th, Rs. 37,070 crore
  • TS Kalyanaraman & family – ranked 90th, Rs. 32,670 crore

These rankings underline Kerala’s strong presence across sectors from retail to education. It may also be noted that Malayalis have made their mark globally, frequently appearing on the internationally renowned Forbes list.

Who tops India? Ambani or Adani?

The suspense continued at the very top. Mukesh Ambani, Chairman of Reliance Industries, reclaimed his position as India’s richest, overtaking Gautam Adani. Ambani’s net worth stands at Rs. 9.55 lakh crore (USD 105 billion), while Adani and his family follow with Rs. 8.15 lakh crore.

A historic breakthrough

For the first time, a woman entered the top three. Roshni Nadar Malhotra and her family secured third place with Rs. 2.84 lakh crore, becoming India’s richest woman and the youngest among the top 10.

India’s billionaire boom

India now has over 350 billionaires, six times the count from 13 years ago. 1,687 individuals have wealth exceeding Rs. 1,000 crore, including 284 new entrants. On average, one new billionaire has emerged each week over the past two years.

The Bajaj family recorded the largest gains, adding Rs. 69,875 crore to reach Rs. 2.33 lakh crore, moving to sixth place. Overall, India’s richest added wealth at a rate of Rs. 1,991 crore per day.

Young billionaires and entertainment milestones

Among the youngest entrants: Aravind Srinivas, founder of Perplexity (Rs. 21,190 crore), and Zepto co-founders Kaivalya Vohra and Aadit Palicha.

Entertainment also saw a milestone with Shah Rukh Khan joining the billionaire club for the first time (Rs. 12,490 crore). Vijay Shekhar Sharma, founder of Paytm, returned to the list after a rise in stock price increased his wealth to Rs. 15,930 crore.

Cities and gender representation

Mumbai led with 451 billionaires, followed by New Delhi (223) and Bengaluru (116). A total of 101 women featured, including 26 dollar billionaires, highlighting gender diversity in India’s wealth scene.

Concentration of wealth

The top 10 richest Indians held 28 per cent of total wealth, with Ambani and Adani together accounting for 12 per cent. The cumulative wealth of the 2025 list reached Rs. 167 lakh crore, surpassing Spain’s GDP and nearly half of India’s GDP.