Zerodha founders Nithin and Nikhil Kamath make it to Forbes Billionaires List 2023

Two new entrants from India have made it to the coveted Forbes World’s Billionaires List for 2023.

Entrepreneurs Nithin Kamath and Nikhil Kamath, co-founders of India’s largest stockbroking company, Zerodha, have officially entered this list. As CEO of the company, Nithin Kamath is ranked 1104 with an estimated net worth of $2.7 billion.

While his brother, Nikhil Kamath, who is the chief financial officer of the company, is ranked 2405 on the list. His net worth is $1.1 billion. Nikhil Kamath also owns a financial management company called True Beacon.

In 2010, the brothers had founded the discount brokerage Zerodha, which provides low-cost brokerage services for dealing in stocks, currencies and commodities. Their inexpensive, user-friendly trading platforms made them popular and they currently have 12 million clients.

Zerodha’s share in the brokerage market is 19.2 per cent as of February 2023. A HDFC Securities report said that Zerodha is likely to report a 12 per cent jump in its net profit at ₹2,500 crore.

Also read: Gautam Adani jumps back to third spot on Forbes billionaires list

Elon Musk drops to second place; Bernard Arnault richest billionaire

Meanwhile, The Forbes Billionaire list 2023 also saw Tesla CEO Elon Musk being displaced from his position as the world’s richest person. His net worth stood at $180 billion, which is lower than that of Bernard Arnault, the chairman of the French luxury goods company Louis Vuitton (LVMH), who claimed the top position.

Elon Musk dropped to the second spot after a slide in Tesla stock when the billionaire acquired Twitter. According to the Forbes report, record sales and profits have driven up the shares of luxury goods giant LVMH by an 18 per cent jump over the past year.

Arnault, who is worth an estimated $211 billion, added $53 billion more to this fortune this year giving him a “bigger gain than any other billionaire on the planet’. His company owns brands such Louis Vuitton, Christian Dior and Tiffany.

Amazon founder Jeff Bezos with a networth of $114 billion moved to the third spot. The ecommerce company had lost $57 billion, after a nearly 40 per cent decline in the value of its stock.

Founder and chairman of Reliance Industries, Mukesh Ambani, who is ranked ninth on the Forbes list, happens to be the only Indian in the top 10.

The United States still holds the distinction of having the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth $2 trillion and India has claimed the third place with 169 billionaires worth $675 billion.