India’s top billionaires, led by Mukesh Ambani and Gautam Adani, mark historic wealth growth driven by booming stock markets and investor enthusiasm.
December 24, 2024: In a landmark year for India’s wealthiest, the collective net worth of India’s Top 100 richest individuals crossed $1 trillion for the first time, according to Forbes’ 2024 India Rich List. This milestone reflects a 40% surge from $799 billion in 2023, driven by robust stock market performance and a surge in investor confidence.
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Mukesh Ambani Retains Top Spot
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, maintains his dominance at the top of the list with a net worth of $119.5 billion. His wealth increased by $27.5 billion over the year, fuelled by Reliance’s strong market performance and strategic expansions across sectors. Ambani remains the 13th richest individual globally.
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Gautam Adani Sees a Strong Comeback
Following market turbulence in previous years, Gautam Adani, the Chairman of the Adani Group, secured the second spot with a net worth of $116 billion. His wealth rebounded significantly, showcasing resilience and the group’s growing influence across key sectors like infrastructure, energy, and ports.
Savitri Jindal and Shiv Nadar Hold Top Positions
India’s richest woman, Savitri Jindal, stands third with a net worth of $43.7 billion, reflecting an impressive $19.7 billion gain this year. Her leadership in the Jindal Group continues to drive significant industrial and infrastructure contributions.
At fourth place is Shiv Nadar, founder of HCL Technologies, with a net worth of $40.2 billion, reaffirming the IT sector’s robust contribution to India’s wealth landscape.
Pharma Sector Sees Major Gains
Dilip Shanghvi, founder of Sun Pharmaceutical Industries, climbed to the fifth spot with a net worth of $32.4 billion, up from $19 billion in 2023. Similarly, Sudhir and Samir Mehta of Torrent Pharmaceuticals saw their wealth double to $16.3 billion as their company expanded aggressively in the pharmaceutical market.
Radhakishan Damani: $31.5 billion. Radhakishan Damani is the founder of Avenue Supermarts and DMart.
Sunil Mittal: $30.7 billion. Sunil Mittal, Bharti Airtel chairman, is one of the richest men in India. His company, Airtel, is among India’s largest mobile phone operators.
Kumar Birla: $24.8 billion. He is the chairman of Aditya Birla Group that owns 47 brands, 27 firms. Birla is also the owner of Hindalco, which engages in bauxite mining, alumina processing, and other activities involving aluminium. The business employs more than 40,000 people and operates in 10 different nations.
Since being purchased by Grasim in 2004, Ultratech Cement has grown to become the largest cement producer in India and the third largest in the world. Its revenue is over Rs 50,000 crore. He is also the co-ower of VI (Vodafone Idia).
Cyrus Poonawalla: $24.5 billion. is an Indian billionaire businessman, and the chairman and managing director of the Cyrus Poonawalla Group, which includes the Serum Institute of India, an Indian biotech company which is the largest vaccine manufacturer in the world and Poonawalla Fincorp a leading NBFC in India.
Bajaj Family: $23.4 billion
New Billionaire Entrants in 2024
Four new names joined the prestigious Forbes list this year:
- B Partha Saradhi Reddy (Hetero Labs)
- Mahima Datla (Biological E)
- Harish Ahuja (Shahi Exports)
- Surender Saluja (Premier Energies)
Key Highlights from Forbes India Rich List 2024:
- The entry barrier for the Forbes list rose to $3.3 billion from $2.3 billion last year.
- Over 58 billionaires added $1 billion or more to their net worth in 2024.
- Investor confidence and stock market gains played a pivotal role in wealth creation.
India’s Top 10 Richest Billionaires (2024):
- Mukesh Ambani: $119.5 billion
- Gautam Adani: $116 billion
- Savitri Jindal: $43.7 billion
- Shiv Nadar: $40.2 billion
- Dilip Shanghvi: $32.4 billion
- Radhakishan Damani: $31.5 billion
- Sunil Mittal: $30.7 billion
- Kumar Birla: $24.8 billion
- Cyrus Poonawalla: $24.5 billion
- Bajaj Family: $23.4 billion
Future Outlook
According to Naazneen Karmali, Asia Wealth Editor at Forbes Asia, “India’s booming stock markets and investor enthusiasm have driven the country’s wealth to new heights, crossing the trillion-dollar mark for the first time.”
This growth signals a promising future for India’s economic landscape, with continued opportunities for wealth creation and industry innovation.
Tags: Forbes 2024, Richest Indians, Mukesh Ambani, Gautam Adani, Savitri Jindal, Indian Billionaires, Wealth Rankings, Stock Market Growth, Economic Trends, India Economy.
