The co-founders of Zerodha, Nithin Kamath and Nikhil Kamath, have secured spots on the Forbes World’s Billionaires List for 2023. Nithin Kamath, the CEO of India’s largest stockbroking company, is ranked 1104, boasting an estimated net worth of $2.7 billion.
Zerodha’s Disruption of Brokerage Sector
Zerodha, established in 2010 by the Kamath brothers, disrupted the traditional brokerage sector in India by offering low-cost brokerage services for stocks, currencies, and commodities. The platform, known for its inexpensive and user-friendly trading services, has become one of the largest brokerages in India in terms of active retail clients.
Changes in Top Positions on Forbes Billionaires List
The Forbes Billionaires List for 2023 witnessed changes in the top positions, with Bernard Arnault, Chairman of LVMH, overtaking Elon Musk as the world’s richest person, with a net worth of $211 billion. Elon Musk dropped to the second position with a net worth of $180 billion. Jeff Bezos, the Founder of Amazon, secured the third spot with a net worth of $114 billion. Mukesh Ambani, Founder and Chairman of Reliance Industries, is the only Indian in the top 10, ranked ninth with a net worth of $XXX billion.
Global Distribution of Billionaires
Forbes noted that the United States has the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong