Contemporaneous reports disagreed on how many Indian-origin businessmen appeared on the 2020 Forbes 400: Scroll.in counted eight, including Brian Sheth, while India Today named seven and omitted him. In Scroll.in’s comparison, Jay Chaudhry made the biggest rise, climbing from No. 225 in 2019 to No. 85 in 2020; Rakesh Gangwal had the clearest fall, dropping from No. 207 to No. 359.
Why reports counted seven or eight
Scroll.in’s September 20, 2020 account identified eight Indian-origin businessmen on the Forbes 400. India Today’s September 9 account reported seven and named Jay Chaudhry, Romesh Wadhwani, Niraj Shah, Vinod Khosla, Kavitark Ram Sriram, Rakesh Gangwal and Aneel Bhusri. Scroll.in also included Brian Sheth; India Today did not. The two articles do not explain the difference, so the count should not be treated as uncontested. The reports also use different labels—“Indian-origin” and “Indian-American”—without setting out a shared definition of origin or citizenship. Scroll.in’s comparison; India Today’s roster.
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Rank changes from 2019 to 2020
The table follows Scroll.in’s eight-person roster. Forbes 400 rankings are positions on the full list, not a ranking limited to the Indian-origin group. Net worth figures are estimates reported for the 2020 edition, not current valuations.
| Person | 2019 rank | 2020 rank | 2020 estimated net worth | What changed |
|---|---|---|---|---|
| Jay Chaudhry | 225 | 85 | $6.9 billion | Rose 140 places and entered the top 100; highest-ranked in Scroll.in’s group. |
| Romesh Wadhwani | 261* | 238 | $3.4 billion | Scroll.in reported a 23-place rise; 261 is derived from that movement and destination, not separately quoted. |
| Niraj Shah | Not on the 2019 list | 299 | $2.8 billion | Returned after missing the prior year’s list. |
| Vinod Khosla | 388 | 353 | $2.4 billion | Rose 35 places. |
| Kavitark Ram Sriram | Not stated | 359 | $2.3 billion | Shared the 2020 rank with three others. |
| Rakesh Gangwal | 207 | 359 | $2.3 billion | Fell 152 places; Forbes reported his estimated fortune declined by $1.5 billion, or 39.5%. |
| Aneel Bhusri | 370* | 359 | $2.3 billion | Scroll.in reported an 11-place rise; 370 is derived from that movement and destination, not separately quoted. |
| Brian Sheth | Not stated | 359 | $2.3 billion | Included by Scroll.in, but not among the seven names reported by India Today. |
*Derived from Scroll.in’s reported movement and 2020 destination; the prior rank was not separately stated. The ranks and estimates above are from Scroll.in’s September 2020 account. Forbes separately reported Gangwal’s estimated decline and its explanation in its 2020 Forbes 400 analysis.
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The biggest rise and the clearest decline
Jay Chaudhry rose into the top 100
Chaudhry moved from No. 225 in 2019 to No. 85 in 2020, a rise of 140 places. Scroll.in put his estimated 2020 net worth at $6.9 billion, the highest among the eight people in its roster.
Gangwal had the sharpest reported setback
Gangwal dropped from No. 207 to No. 359. Forbes said his estimated fortune was down $1.5 billion, or 39.5%, and linked the decline to travel restrictions and falling shares in IndiGo, the airline he co-founded. The rank comparison and the estimated wealth change measure different things: one is list position, while the other is a change in Forbes’ valuation.
Rank #2
What the 2020 figures measure
Forbes used stock prices from July 24, 2020, to calculate estimates for the 2020 Forbes 400, according to its September 2020 methodology reporting. The figures are therefore a market snapshot from that date, not year-end 2020 net worths or present-day estimates.
The Forbes 400 as a whole had an estimated combined wealth of $3.2 trillion in 2020, $240 billion more than in 2019, as reported by Scroll.in and Forbes. That is the total for all 400 people on the list; neither account gives a combined total for the Indian-origin businessmen discussed here.
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