Top 10 most powerful people in business: Elon Musk slips 4 spots; here’s where Mukesh Ambani stands

Nvidia is currently the most valuable publicly traded company in the United States of America, and Huang’s influence reaches across the tech industry. Executives like Satya Nadella (Microsoft), Mark Zuckerberg (Meta), and Sundar Pichai (Alphabet) are all relying on Nvidia’s hardware to support their AI strategies.

One key takeaway from this year’s list is how closely matched many of these business leaders are with their direct competitors. The rankings highlight industries where competition is driving innovation and strategic risk-taking.

Elon Musk, known for his work with Tesla, ranks closely with Wang Chuanfu, who leads China’s electric vehicle company BYD. Meanwhile, in the retail space, Amazon’s Jeff Bezos appears near Walmart CEO Doug McMillon. These leaders represent companies that are in direct competition across markets, products, and scale.

Rather than monopolies, the list showcases those operating in highly competitive environments. Success in this landscape is often about adapting quickly and anticipating shifts before rivals do.

The emergence of lesser-known names having an influence is another apparent trend. Liang Wenfeng, the creator of the AI business DeepSeek, is among the people on the list. Although his company is not well-known, he gained recognition for its increasing impact in the AI industry.

This reflects a pattern seen throughout business history. Amazon, once a small online bookstore, is now a major retail and cloud player. In contrast, companies that once dominated their sectors, like Sears, have all but disappeared.

The presence of startup founders and emerging players on the list shows that power can come from anywhere. Even well-established firms are now vulnerable to new technologies and unexpected competition.

Across industries, whether in tech, retail, energy, or finance, the list underlines that power is shifting. AI is accelerating change, and many companies are rethinking their strategies in response. In this environment, even established leaders are adjusting their approach, knowing that disruption can come quickly.

Where do Indians rank?

Among the powerhouses on this year’s list are several Indian and Indian-origin leaders making their mark across diverse sectors, from search engines to pharmaceuticals.

While names like Sundar Pichai (Alphabet CEO), ranks 6th, and Mukesh Ambani (Reliance Industries), who ranks 56, slipping from 12th rank from last year, are instantly recognisable, others like Reshma Kewalramani are writing equally significant stories. Kewalramani, CEO of Vertex Pharmaceuticals, holds the distinction of being the first woman to lead a major US biotech firm. She took charge in 2020 and now oversees a company worth $110 billion.

Kewalramani is in elite company. Neal Mohan, the India-born CEO of YouTube, and industrialist Gautam Adani are also part of this influential group. Pichai, notably, sits high in the rankings at No. 6, one of the few individuals whose influence spans both the consumer internet and the AI frontier.

In addition to representing India internationally, these individuals are defining what corporate leadership looks like in the post-AI era by managing trillion-dollar tech empires and revolutionising healthcare.

Top 10 most powerful people in business