New Delhi: Showcasing a concerning shift, India’s promoters’ club has shrunk by 13.7% marking a downward spiral from 204 at the end of December 2024 to 176 in 2025, Business Standard reported.
The downward spiral reflected a ‘steepest decline’ in both the number of ‘billionaire promoters and their aggregate wealth since 2012’.
Despite the pervading worse situation, Mukesh Ambani and Gautam Adani reportedly gained an increase in their networth, while retaining their first and second spots.
The aggregate wealth of the billionaire club marked a 5% year-on-year decline to USD 984.2 billion by December 2025 from USD 1,036.2 billion in December 2024.
During its last shrinkage in 2022, the billionaire club’s numbers plummeted to 126 against 142 in 2021.
The fall takes place amid a selloff in mid- and small-cap stocks, which reportedly ‘eroded market capitailsation’, while depreciation of rupee reduced ‘the dollar-dominated wealth’.
It is reported that benchmark BSE Midcap index was barely in the green even as the benchmark BSE Sensex was up 9% with gains remaining uneven, and ‘the BSE Smallcap index was down 7% since the end of December 2024’.
However, the period showcased a depreciation of rupee falling from an average of 84.93 against the dollar in December 2024 to 90.03 in December 2025.
The shrinkage comes in the midst of a boom in initial public offerings (IPOs).