India’s Billionaires Cross $1 Trillion Milestone as Wealth Soars

India’s wealthiest individuals reached a significant achievement this year, with their combined net worth exceeding $1 trillion for the first time, according to a recent Forbes report. This milestone reflects the optimistic investor sentiment around India’s economy, driven by Prime Minister Narendra Modi’s successful bid for a third consecutive term earlier in the year. This confidence has also spurred the stock market, with the BSE Sensex seeing a 30% rise over the last 12 months.

According to Forbes, India’s 100 wealthiest individuals now collectively hold a net worth of $1.1 trillion, which has more than doubled since 2019. Over the past year alone, these billionaires added $316 billion to their collective fortune, representing a staggering 40% increase.

A significant majority—more than 80%—of the individuals on this list saw a rise in their wealth, with 58 of them gaining at least $1 billion. Several of the country’s most prominent business tycoons witnessed substantial increases in their fortunes, with half a dozen adding more than $10 billion to their net worth. Together, the top five richest people in the nation contributed nearly $120 billion to the overall wealth surge.

Mukesh Ambani and Gautam Adani Lead the Way

Mukesh Ambani, chairman of Reliance Industries, retains his position as the richest person in India. His wealth grew by $27.5 billion this year, bringing his total net worth to $119.5 billion. Ambani continues to dominate the wealth rankings in the country.

Not far behind Ambani is Gautam Adani, the head of the Adani Group, whose fortune saw an even more dramatic rise. Adani’s net worth increased by $48 billion, reaching $116 billion, making him the year’s largest gainer. This marked a notable recovery for Adani, who had faced significant scrutiny following short-selling allegations by Hindenburg Research last year. His rise has been supported by strategic business moves, including placing family members in key positions within his conglomerate.

Notable Wealth Gainers

The Forbes report also highlights several other prominent business figures who have seen substantial wealth increases over the past year. Among them is Savitri Jindal, the head of the O.P. Jindal Group, who now ranks as the third-richest person in India with a net worth of $43.7 billion. Jindal’s wealth grew by $19.7 billion in just 12 months, largely driven by the company’s ventures into new sectors, including electric vehicles, through partnerships with companies like MG Motor.

Shiv Nadar, the founder of technology giant HCL, comes in fourth place with a net worth of $40.2 billion. Both Nadar and Jindal are among the six individuals who added more than $10 billion to their fortunes this year.

The pharmaceutical industry has also seen significant gains. Dilip Shanghvi, founder of Sun Pharmaceutical Industries, climbed to fifth place with a net worth of $32.4 billion, up from $19 billion last year.

Additionally, the Mehta brothers, Sudhir and Samir, of Torrent Pharmaceuticals, saw their wealth more than double to $16.3 billion, as their company pursued potential acquisitions in the healthcare sector.

A Historic Year for India’s Billionaires

The year 2024 has been a turning point for India’s richest individuals. Their collective wealth grew by 40%, from $799 billion in 2023 to $1.1 trillion this year. The 30% rise in the BSE Sensex and growing confidence in the Indian economy have played crucial roles in this dramatic increase. As per Forbes, over 80% of those on the list saw their wealth rise, with 58 individuals adding at least $1 billion to their net worth.

This year also saw the entry of several new billionaires to Forbes’ ranking. Among the four newcomers is B. Partha Saradhi Reddy, the founder of Hetero Labs, who debuted in 81st place with a net worth of $3.95 billion. Mahima Datla, who controls vaccine maker Biological E, also made her debut, taking the 100th spot with a net worth of $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, resulting in separate entries on the list. The wealth threshold to enter the Forbes rankings rose to $3.3 billion this year, compared to $2.3 billion in 2023. Consequently, 11 billionaires from the previous year were pushed off the list.

India’s Top 10 Richest for 2024

As of 2024, the top 10 richest individuals in India are as follows:

1. Mukesh Ambani: With a total net worth of $119.5 billion, Ambani continues to hold the title of India’s richest person. His wealth increased by $27.5 billion in the past year, cementing his position at the top of the list.

2. Gautam Adani: Adani’s net worth surged by an impressive $48 billion, bringing his total to $116 billion. This remarkable recovery follows challenges posed by the Hindenburg Research allegations, and Adani is now the largest gainer of the year.

3. Savitri Jindal: As the head of the O.P. Jindal Group, Jindal now has a net worth of $43.7 billion, a $19.7 billion increase from the previous year, making her the third-richest person in India.

4. Shiv Nadar: The founder of HCL, Nadar’s fortune grew by $10 billion, bringing his total net worth to $40.2 billion.

5. Dilip Shanghvi: Shanghvi, who founded Sun Pharmaceutical Industries, saw his wealth rise to $32.4 billion, marking a significant increase from $19 billion in 2023.

6. Radhakishan Damani: The retail magnate saw his fortune grow to $31.5 billion, securing his spot among the top billionaires in India.

7. Sunil Mittal: Mittal’s wealth increased to $30.7 billion this year, thanks to the strong performance of his telecommunications company, Bharti Enterprises.

8. Kumar Birla: The industrialist Kumar Birla’s wealth grew to $24.8 billion, ensuring his place among India’s top 10 wealthiest individuals.

9. Cyrus Poonawalla: Poonawalla, who controls the Serum Institute of India, one of the world’s largest vaccine makers, saw his fortune rise to $24.5 billion.

10. The Bajaj Family: Rounding out the top 10 are the Bajaj family, whose combined wealth totals $23.4 billion, driven by their holdings in finance and automobiles.

India’s billionaires have had an exceptional year, with wealth growth reaching unprecedented levels. The outlook remains optimistic, with investor confidence in the country’s economic future continuing to drive stock market gains and fuel the fortunes of the nation’s richest individuals.