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Mukesh Ambani and Gautam Adani
Mukesh Ambani, chairman and managing director of Reliance Industries, has once again secured top spot on Forbes’ 2024 list of India’s 100 richest tycoons, with his wealth increasing by $27.5 billion over the past year. The collective wealth of the 100 richest went past $1 trillion for the first time.
Ambani’s net worth now stands at $119.5 billion, making him not only India’s richest individual but also the second-largest gainer in dollar-terms globally in 2024. This places him as the 13th richest person in the world.
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Following closely behind is Gautam Adani, chairman of the Adani group, who emerged as the biggest gainer on the 2024 list. His wealth shot up by $48 billion, reaching $116 billion, marking a significant recovery from the Hindenburg Research controversy in 2023. Adani’s strategic move of placing family members in key positions has further strengthened his business empire.
India’s top tycoons cross $1 trillion wealth mark
This year is a milestone for India’s wealthiest. According to Forbes, the combined wealth of the 100 richest reached $1.1 trillion, a 40 per cent increase from $799 billion in 2023. This growth is largely due to the strong performance of the stock markets, with the BSE Sensex rising 30 per cent since last year.
“As a result, more than 80 per cent of those on the list are wealthier, with 58 individuals adding $1 billion or more to their fortunes,” Forbes highlighted in its report.
Savitri Jindal at third spot, Shiv Nadar at fourth
Savitri Jindal, the matriarch of the OP Jindal group, reached third place with a net worth of $43.7 billion, an increase of $19.7 billion from last year.
Her son Sajjan Jindal is also making headlines with ambitious moves into the electric vehicle market through a partnership with MG Motor.
In fourth place is technology magnate Shiv Nadar, with a net worth of $40.2 billion, highlighting his continued success in the tech industry. Both Jindal and Nadar are part of a select group of six tycoons who have added over $10 billion to their wealth this year.
Pharma sector shines as Dilip Shanghvi and Mehta brothers surge
The pharmaceutical industry has been a key driver of wealth in India, with Dilip Shanghvi, founder of Sun Pharmaceutical Industries, moving up to fifth place on the list. His net worth increased to $32.4 billion, up from $19 billion in 2023. Meanwhile, siblings Sudhir and Samir Mehta, who helm Torrent Pharmaceuticals, more than doubled their wealth, reaching $16.3 billion. Their success is linked to Torrent’s expansion as the company seeks acquisitions in the sector.
New entrants shake up the 2024 Forbes’ list
The 2024 list welcomed four new billionaires, including B Partha Saradhi Reddy, founder of Hetero Labs, who entered at 81st place with a net worth of $3.95 billion.
Mahima Datla, the force behind Biological E, ranked 100th with $3.3 billion. Other notable newcomers include Harish Ahuja of Shahi Exports and Surender Saluja of Premier Energies.
For the first time, the Godrej family’s wealth was split between two wings, resulting in separate appearances on the list.
Naazneen Karmali, Asia Wealth editor and India editor of Forbes Asia said: “India’s booming stock markets have delivered a bonanza to its wealthiest tycoons, and many of them have seen their fortunes scale to new heights. Investor enthusiasm for the India story has fueled that remarkable rise, resulting in the collective wealth of India’s 100 richest crossing the trillion-dollar milestone.”
Rising entry barrier and list drop-offs
The cutoff wealth mark for entering the Forbes list increased to $3.3 billion from $2.3 billion in 2023. This change led to 11 billionaires being excluded.
Here’s the list of India’s top 10 wealthiest in 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
First Published: Oct 10 2024 | 1:47 PM IST
