Nithin Kamath along with his brother Nikhil created the discount brokerage Zerodha in 2010.
Nithin Kamath and Nikhil Kamath, co-founders of Zerodha, have officially joined the Forbes World's Billionaires List for 2023. The CEO of India's largest stockbroking company, Nithin Kamath, is ranked 1104 and has an estimated net worth of $2.7 billion. Meanwhile, Nikhil Kamath, Chief Financial Officer of the company, who also owns the financial management company True Beacon, is ranked 2405 on the list with a net worth of $1.1 billion.
In 2010, Nithin Kamath along with his brother Nikhil created the discount brokerage Zerodha. The business provides low-cost brokerage services for dealing in stocks, currencies and commodities. By providing its customers with inexpensive, user-friendly trading platforms, the business has disrupted the traditional brokerage sector in India. Now, it is one of the biggest brokerages in the country in terms of "active retail clients".
Meanwhile, the list also witnessed the dethroning of Twitter and Tesla CEO Elon Musk from the world's richest person, with a net worth of $180 billion. He was overtaken by the Chairman of the French luxury goods company Louis Vuitton (LVMH) Bernard Arnault with a net worth of $211 billion. It is to be noted that both billionaires frequently switch positions on Forbes' list of 'Real-Time Billionaires'. The Founder of Amazon, Jeff Bezos, moved to the third spot with a net worth of $114 billion after losing $57 billion and seeing a nearly 40 per cent decline in the value of his e-commerce giant's stock.
It is to be noted that the Founder And Chairman of Reliance Industries, Mukesh Ambani is the only Indian in the top 10. He is ranked ninth on the Forbes list.
Forbes added, "The United States still boasts 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, followed by India, with 169 billionaires worth $675 billion."