In a significant shift in India’s wealth landscape, Gautam Adani and his family have overtaken Mukesh Ambani to become the wealthiest individuals in the country, according to the 2024 Hurun India Rich List. With a staggering net worth of ₹11.6 lakh crore, Adani’s rise to the top marks a dramatic recovery following the challenges faced after the Hindenburg report. This report, which had previously cast a shadow over his business empire, appears to have been a hurdle that Adani has successfully overcome, as his wealth surged by an impressive 95% over the past year.
Adani’s Meteoric Rise
Gautam Adani’s ascent to the top spot is a testament to his resilience and strategic business maneuvers. Just four years ago, in 2020, Adani was ranked fourth on the Hurun India Rich List. His substantial wealth increase, totaling INR 1,161,800 crore, underscores his status as a self-made entrepreneur who has achieved the highest growth in wealth among the top 10 richest individuals over the past five years. Remarkably, Adani has added INR 1,021,600 crore to his fortune during this period, even amidst the significant scrutiny following the Hindenburg allegations.
All companies under the Adani Group have experienced a notable surge in their share prices over the past year. For instance, Adani Ports saw a 98% increase in share value, attributed to enhanced utilization levels and strategic acquisitions of new ports and container terminals. Additionally, the energy-focused companies—Adani Energy, Adani Gas, Adani Transmission, and Adani Power—saw an average growth of 76% in their share prices. The positive sentiment was further bolstered by MSCI’s decision to lift restrictions on Adani Group securities in its August 2024 review, signaling a return to normalcy for key stocks such as Adani Enterprises, Adani Ports, and Ambuja Cements.
Mukesh Ambani Slips to Second Position
Mukesh Ambani, the chairman of Reliance Industries, has now moved to the second spot on the Hurun India Rich List with a wealth of ₹10.14 lakh crore. This shift comes as Ambani’s wealth, while still formidable, could not keep pace with the explosive growth witnessed by Adani’s portfolio. The wealth estimates for this list were based on a snapshot taken on July 31, 2024.
India’s Wealth Landscape: Rapid Growth Amidst Global Shifts
India’s billionaire population continues to expand at a remarkable pace. The country now boasts a record 334 billionaires, representing a 29% increase, even as China saw a 25% decline in its number of billionaires. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, emphasized that India is “emerging as Asia’s wealth creation engine,” reflecting a robust economic environment conducive to wealth generation.
Following Adani and Ambani, Shiv Nadar and his family from HCL Technologies secured the third spot on the list with a wealth of ₹3.14 lakh crore. The fourth and fifth positions were held by Cyrus S. Poonawalla of the Serum Institute of India (₹2.89 lakh crore) and Dilip Shanghvi of Sun Pharmaceutical Industries (₹2.49 lakh crore), respectively.
The report also highlights that India produced a billionaire every five days last year. The Hurun India Rich List now includes 1,539 individuals with a net worth exceeding ₹1,000 crore, a significant increase from the previous year. This marks an 86% jump over the past five years and represents a 150% growth compared to seven years ago.
Diverse Range of Wealth Creators
The Hurun India Rich List 2024 also underscores the diversity among India’s wealth creators, featuring individuals from family-run businesses, startup founders, private equity investors, angel investors, next-generation leaders, and even film stars. This year, the youngest billionaire on the list is 21-year-old Kaivalya Vohra, co-founder of Zepto, a $5 billion startup. Another Zepto co-founder, Aadit Palicha, is the second youngest at 22 years of age.
In an exciting debut, Bollywood superstar Shah Rukh Khan made his first appearance on the list with a fortune estimated at ₹7,300 crore, surpassing his business partner Juhi Chawla, who has a net worth of ₹4,600 crore.
Top 10 Richest Indians of 2024
1. Gautam Adani & family – ₹11,61,800 crore (Adani Group, Ahmedabad)
2. Mukesh Ambani & family – ₹10,14,700 crore (Reliance Industries, Mumbai)
3. Shiv Nadar & family – ₹3,14,000 crore (HCL Technologies, New Delhi)
4. Cyrus S. Poonawalla & family – ₹2,89,800 crore (Serum Institute of India, Pune)
5. Dilip Shanghvi – ₹2,49,900 crore (Sun Pharmaceutical Industries, Mumbai)
6. Kumar Mangalam Birla & f – ₹2,35,200 crore (Aditya Birla Group, Mumbai)
7. Gopichand Hinduja & family – ₹1,92,700 crore (Hinduja Group, London)
8. Radhakishan Damani & family – ₹1,90,900 crore (Avenue Supermarts, Mumbai)
9. Azim Premji & family – ₹1,90,700 crore (Wipro, Bengaluru)
10. Niraj Bajaj & family – ₹1,62,800 crore (Bajaj Auto, Mumbai)
As India’s wealth landscape continues to evolve, the Hurun India Rich List serves as a powerful indicator of the country’s dynamic economic growth and the diverse range of opportunities available to wealth creators across various sectors.
