KOCHI: Lulu Group Chairman and Managing Director MA Yusuff Ali has emerged as the richest Malayali in the 2023 list of India's richest people released by Forbes. He has a net worth of $7.1 billion. Ali, who was ranked 35th among India's richest people last year with a net worth of $5.4 billion, has moved up to the 27th position this year.

Joy Alukkas, Chairman and Managing Director of Joy Alukkas Group, is second only to Yusuff Ali among the richest Malayalis. He is at 50th place in India with a net worth of $4.4 billion. Last year, he was ranked 69th with a net worth of $3.1 billion. Founder and Chairman of UAE-based Burjeel Holdings, Dr Shamsheer Vylil became the third and richest young Malayali on the list with a net worth of $3.7 billion. Dr Shamsheer is also the richest doctor in the country.

Among the individual rich are the Muthoot family with a net worth of $4.9 billion (rank 43), Infosys co-founder Kris Gopalakrishnan with $3.25 billion (rank 67), RP Group chairman Ravi Pillai with $3.2 billion (rank 69), Gems Group chief Sunny Varkey with $2.93 billion ( Rank 78) are the other Malayalees who have made it to Forbes India's richest list.

Ambani the richest

Reliance Industries Chairman Mukesh Ambani is on the first place among the billionaires in the 2023 India Rich List released by Forbes. Ambani has a net worth of $92 billion. Adani Group chairman Gautam Adani ($68 billion worth), who topped the previous year's list, slipped to second place. Shiv Nadar ($29.3 billion), Savitri Jindal ($24 billion) and Radhakrishnan Damani ($23 billion) featured in the top five.

Baiju Ravindran and Divya Gokul Nath of Baijus, who were in the list in previous years, are out of the list this time.

According to Forbes, there has not been a big jump in the total wealth of India's rich, which is 799 billion. According to Forbes, there was a 14 percent increase in the stock market, but this was not reflected in wealth due to the depreciation of the rupee. 8 billionaires dropped from the list while 7 returned to the list.