This story is part of Forbes’ coverage of India’s Richest 2025. See the full list here.

India’s hopes of being on friendly terms with Trump 2.0 were dashed when the U.S. slapped 50% tariffs on the country. To soften the blow, the Indian government announced sweeping reductions in the goods and services tax in September to boost consumption by making a range of items, including cars, cheaper. But a weaker rupee and a 3% decline in the benchmark Sensex since we last measured fortunes resulted in a 9% erosion in combined wealth to $1 trillion.

Nearly two-thirds of those on the list are less well-off this year, including India’s richest person, , chairman and managing director of oil-to-telecoms behemoth Reliance Industries. His net worth declined by 12% or $14.5 billion, though he remains a “centibillionaire” with $105 billion. Ambani, who jumped into AI by setting up Reliance Intelligence, said he plans to list telecoms unit Jio in 2026.

At No. 2 is infrastructure tycoon Gautam Adani with a fortune of $92 billion shared with family. The founder and chairman of Adani Group got a reprieve in September when India’s securities regulator said U.S. short seller Hindenburg Research’s allegations of fraudulent transactions could not be established. The claims........

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