India’s Richest Get Even Richer: Top 100 Wealth Surges to $1.1 Trillion (10 New Billionaires Join the Ranks)

India’s top 100 richest individuals saw their combined wealth surge to $1.1 trillion in 2024, a 40% increase from the previous year. Mukesh Ambani retained his position as the richest person in India, while Gautam Adani became the largest wealth gainer. The pharmaceutical sector experienced notable growth, with Dilip Shanghvi rising to fifth place.

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India’s Richest Get Even Richer

Ambani wealth surges, richest in India

Mukesh Ambani, the chairman and managing director of Reliance Industries, has retained his position as the richest person in India on Forbes’ 2024 list of the country’s top 100 wealthiest individuals. Over the past year, his wealth surged by $27.5 billion, elevating his total net worth to $119.5 billion. This significant increase also makes him the second-largest dollar gainer this year, and he now ranks as the 13th richest person globally.

India’s Richest Get Even Richer Ambani also garnered attention by declaring bonus shares as a Diwali gift for Reliance investors and honoring the accomplishments of his younger son, Anant. Following Ambani, Gautam Adani, chairman of the Adani Group, became the largest gainer, increasing his wealth by $48 billion, which raised his net worth to $116 billion. Adani’s rebound comes after a notable recovery from last year’s short-selling scandal involving Hindenburg Research. His approach included appointing family members to crucial roles within his company.

India’s Richest Get Even Richer  The year 2024 was a groundbreaking moment for India’s wealthiest individuals, as the combined wealth of the top 100 surpassed $1 trillion for the first time. According to Forbes, the total wealth of these tycoons reached $1.1 trillion, marking a significant 40% increase from $799 billion in 2023. This growth is attributed to the strong performance of the stock market, with the BSE Sensex rising by 30% since last year. Forbes noted that as a result, over 80 percent of those on the list saw an increase in their wealth, with 58 individuals adding $1 billion or more to their net worths.

India’s Richest Get Even Richer  Savitri Jindal, matriarch of the O.P. Jindal Group, climbed to third place for the first time, boasting a net worth of $43.7 billion—an increase of $19.7 billion from the previous year. Her son, Sajjan Jindal, is also making significant strides in the electric vehicle sector with MG Motor. In fourth place is tech leader Shiv Nadar, who has a net worth of $40.2 billion. Both Jindal and Nadar are among six tycoons who have each added over $10 billion to their wealth.

India’s Richest Get Even Richer  The pharmaceutical sector has experienced notable growth, with Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, rising to fifth place with a net worth of $32.4 billion, an increase from $19 billion last year. Siblings Sudhir and Samir Mehta of Torrent Pharmaceuticals also saw their wealth more than double, reaching $16.3 billion, as the company pursues acquisitions in the industry.

Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, remarked, “India’s thriving stock markets have provided a significant boost to its wealthiest tycoons, many of whom have witnessed their fortunes reach new heights. The enthusiasm from investors regarding the India story has driven this remarkable growth, leading to the collective wealth of India’s 100 Richest surpassing the trillion-dollar mark.”

India’s Richest Get Even Richer  The 2024 list introduced four newcomers, including B. Partha Saradhi Reddy, founder of Hetero Labs, who ranked 81st with a net worth of $3.95 billion, and Mahima Datla, head of vaccine producer Biological E, who placed 100th with $3.3 billion. Harish Ahuja, whose company Shahi Exports supplies major brands, and Surender Saluja, founder of Premier Energies, also joined the list. Additionally, the Godrej family’s holdings were split into two factions, resulting in their first separate appearances on the list.

This year, the threshold to qualify for the list increased to $3.3 billion, up from $2.3 billion in 2023, which led to the removal of 11 billionaires from the rankings.

10 richest individuals in India for 2024:

1. Mukesh Ambani: $119.5 billion
2. Gautam Adani: $116 billion
3. Savitri Jindal: $43.7 billion
4. Shiv Nadar: $40.2 billion
5. Dilip Shanghvi: $32.4 billion
6. Radhakishan Damani: $31.5 billion
7. Sunil Mittal: $30.7 billion
8. Kumar Birla: $24.8 billion
9. Cyrus Poonawalla: $24.5 billion
10. Bajaj Family: $23.4 billion