Who is the richest person in the world according to Forbes? Many people would say Mukesh Ambani, Gautam Adani, Elon Musk, and Jeff Bezos. But have you ever thought about if Forbes's list is accurate? It's possible that reading about Ratan Tata will change your perspective. Ratan Tata the highly regarded Indian businessman is noticeably missing from Forbes' list of the richest people in the world.
Ratan Tata is ranked 421st on the IIFL Wealth Hurun India Rich List 2022 with a net worth of Rs 3,800 crore. Notably, this represents a rise from his 433rd-place ranking in 2021 with a net worth of Rs 3,500 crore. His primary source of income is Tata Sons and a major contributing factor to his lower ranking is the commendable practice of using 66% of the profits from Tata Companies—which are managed by Tata Sons—for charitable endeavors via Tata Trusts.
The reason Tata isn't included in the list of the world's richest individuals is due to his unwavering commitment to philanthropy. Tata Trusts are utilised for a variety of charitable purposes, and Tata Sons, the principal investment holding company of the Tata Group, invests the majority of its profits in them. The majority of these projects focus on vital areas including healthcare, education, job creation, and cultural enrichment. Because of this, a sizable portion of Tata's wealth is dedicated to these philanthropic initiatives rather than being used for personal benefit, which has an impact on his position in traditional wealth rankings.
Furthermore, the Tata legacy has always been characterised by a strong social effect and notable contributions. The Tata Group is a leader in corporate philanthropy because of its impactful giving culture, which demonstrates the enduring benefits of kindness and socially responsible leadership.
