India’s richest individuals have reached a historic financial milestone, with their combined wealth surpassing the $1 trillion mark for the first time ever, according to Forbes. This growth highlights the remarkable progress of the country’s wealthiest, whose fortunes have more than doubled since 2019.
Market Rally Fuels Wealth Surge
Investor optimism, buoyed by Prime Minister Narendra Modi’s third-term victory, has played a significant role in this financial upsurge. Over the past 12 months, the BSE Sensex surged by 30%, reflecting confidence in India’s economic growth. The wealth of the top 100 richest Indians now totals $1.1 trillion, with a collective increase of $316 billion in just one year—a nearly 40% rise.
Leading the Pack: Mukesh Ambani and Gautam Adani
Mukesh Ambani, the chairman of Reliance Industries, remains India’s wealthiest person, with his fortune swelling by $27.5 billion to a total of $119.5 billion. Close behind is Gautam Adani, whose net worth skyrocketed by $48 billion to $116 billion, making him the largest gainer of the year. Adani’s rapid recovery, following last year’s controversy, showcases his business acumen and reliance on family members in key leadership roles.
Notable Gainers in 2024
Among the significant movers are Savitri Jindal, whose net worth surged to $43.7 billion, and Shiv Nadar, founder of HCL, who ranks fourth with $40.2 billion. The pharmaceutical sector also saw major gains, with Dilip Shanghvi of Sun Pharmaceuticals climbing to fifth place with $32.4 billion. Additionally, the Mehta brothers of Torrent Pharmaceuticals more than doubled their wealth to $16.3 billion, reflecting the healthcare sector’s robust performance.
Newcomers and Rising Wealth Thresholds
This year also saw four newcomers enter the billionaire rankings, including B. Partha Saradhi Reddy of Hetero Labs and Mahima Datla of Biological E. The threshold to make it to the Forbes list also rose dramatically, from $2.3 billion in 2023 to $3.3 billion in 2024, leading to the exit of 11 billionaires from last year.
India’s Top 10 Richest in 2024
Here’s a glance at the top 10 wealthiest individuals in India for 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
2024 marks a historic year for India’s wealthiest, with fortunes soaring thanks to a buoyant economy and thriving stock market. The country’s billionaires are not just growing in number but also setting new standards for wealth creation globally.
