For the first time in history, India’s 100 wealthiest individuals have crossed the staggering $1.1 trillion milestone, marking a 40% increase from the previous year. A combination of strong market performance and investor confidence in India’s growth story has driven the fortunes of these billionaires to unprecedented levels.
Mukesh Ambani Retains the Throne
Topping the list yet again, Mukesh Ambani, chairman of Reliance Industries, holds a net worth of $119.5 billion, securing his position as India’s richest person. His business empire, which spans energy, telecom, and retail, has benefited greatly from the bullish stock market. Ambani’s wealth saw a substantial boost this year, making him the second-largest dollar gainer globally. Additionally, his move to reward Reliance investors with bonus shares ahead of Diwali added to the excitement in the corporate landscape.
Adani’s Recovery and Rise
Close on Ambani’s heels, Gautam Adani has also made a significant comeback following the Hindenburg Research controversy in 2023. With a net worth of $116 billion, Adani has experienced a dramatic $48 billion increase in his fortune, the largest gain among India’s elite. His infrastructure and energy ventures, coupled with placing family members in pivotal positions, have helped restore investor confidence.
Notable Movers: Jindal, Nadar, and Pharma Giants
Savitri Jindal, the matriarch of the OP Jindal Group, ranks third with a fortune of $43.7 billion, benefitting from her family’s aggressive entry into electric vehicles. Meanwhile, Shiv Nadar, founder of HCL Technologies, takes fourth place with $40.2 billion, continuing his dominance in the tech sector.
The pharmaceutical industry, led by figures such as Dilip Shanghvi of Sun Pharmaceutical Industries and the Mehta brothers of Torrent Pharmaceuticals, played a crucial role in driving wealth creation. Shanghvi saw his net worth jump to $32.4 billion, while the Mehta brothers more than doubled theirs to $16.3 billion.
New Faces and Rising Wealth Barriers
This year, four new billionaires joined the list, including Mahima Datla of Biological E and B. Partha Saradhi Reddy of Hetero Labs. The threshold to enter the prestigious list has risen to $3.3 billion, excluding several billionaires from last year.
As India’s richest individuals continue to expand their empires, it’s clear that this year marks a new era for wealth creation in the country. With robust stock market performance and thriving sectors like infrastructure, tech, and pharma, the fortunes of these tycoons are expected to grow even further.
Source: This article has been taken from Forbes and Business Standard
Key Highlights:
- India’s 100 richest have a combined net worth of $1.1 trillion, a 40% increase from 2023.
- Mukesh Ambani remains the richest Indian with a fortune of $119.5 billion, followed closely by Gautam Ad
