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India’s wealthiest have hit a major milestone this year, with their combined wealth surpassing the $1 trillion mark for the first time, according to a recent report by Forbes. The report highlights the positive investor sentiment around India’s economy, driven by Prime Minister Narendra Modi’s successful bid for a third term in office earlier this year. This optimism has led to a strong performance in the stock market, with the BSE Sensex rising by 30% over the past 12 months.
Forbes’ analysis shows that India’s 100 richest individuals now have a total net worth of $1.1 trillion, more than doubling their wealth since 2019. In the last year alone, they added $316 billion to their collective fortunes, reflecting a growth of nearly 40%.
A majority of the individuals on the list—over 80%—saw an increase in their wealth, with 58 of them gaining at least $1 billion. Several business magnates experienced particularly large increases, with half a dozen seeing their net worth rise by over $10 billion. Together, the top five richest people in the country contributed nearly $120 billion to this surge in wealth.
At the top of the list is Mukesh Ambani, chairman of Reliance Industries, whose wealth rose by $27.5 billion this year, bringing his total to $119.5 billion. Ambani remains the richest person in India.
Close behind is Gautam Adani, head of the Adani Group, whose net worth climbed by $48 billion to reach $116 billion, making him the largest gainer of the year. This marked a significant recovery for Adani, whose businesses faced scrutiny following the short-selling allegations by Hindenburg Research last year. Adani’s rise has been bolstered by his strategy of placing family members in key roles within his business.
Other prominent figures on the list include Savitri Jindal, the head of the O.P. Jindal Group, who became the third-richest person in India with a net worth of $43.7 billion. Jindal’s wealth increased by $19.7 billion over the past year, driven by the group’s expansion into sectors like electric vehicles through collaborations with companies like MG Motor.
Shiv Nadar, founder of tech giant HCL, follows in fourth place with a net worth of $40.2 billion, with both Jindal and Nadar among the six individuals whose fortunes grew by more than $10 billion this year.
The pharmaceutical sector has also seen significant gains. Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, climbed to fifth place with a net worth of $32.4 billion, up from $19 billion last year.
The Mehta brothers, Sudhir and Samir, of Torrent Pharmaceuticals also witnessed a sharp rise in their wealth, which more than doubled to $16.3 billion, as the company eyed potential acquisitions in the healthcare sector.
The year 2024 marks a pivotal moment for India’s richest individuals, with their collective wealth growing by 40% from $799 billion in 2023 to $1.1 trillion this year. The BSE Sensex’s 30% gain played a key role in this growth, as did investor confidence in the country’s economic future. According to Forbes, more than 80% of those on the list saw their fortunes rise, with 58 individuals adding at least $1 billion to their net worth.
Among the notable new entries on the Forbes list are four newcomers, including B. Partha Saradhi Reddy, founder of Hetero Labs, who debuted in 81st place with $3.95 billion. Mahima Datla, who controls vaccine producer Biological E, also made the list, securing the 100th spot with $3.3 billion. Other new entrants include Harish Ahuja of Shahi Exports and Surender Saluja, founder of Premier Energies.
For the first time, the Godrej family’s holdings were split between two factions, leading to separate appearances on the list. The wealth cutoff to make it into the Forbes rankings increased to $3.3 billion this year, up from $2.3 billion in 2023. As a result, 11 billionaires from the previous year dropped off the list.
In conclusion, here are the top 10 richest individuals in India for 2024: