Ambani Tops Forbes 2024 Rich List as India's Wealth Hits $1 Trillion
Mukesh Ambani returns to the top on Forbes' 2024 list of India's 100 richest individuals as the chairman and managing director of Reliance Industries. His net worth surged to $119.5 billion from $92 billion a year ago and catapulted him to emerge as the second-largest dollar gainer this year, while he marked his place as the 13th richest person in the world.
Reliance investors recently got bonus shares, and Ambani also had a Diwali gift announcement, along with welcoming the achievements of his younger son, Anant. Coming in second is Gautam Adani, Chairman of the Adani Group, who increased by the most at $48 billion, totaling $116 billion. Adani's recovery from last year's Hindenburg Research short-selling scandal was underpinned by a strategy that saw family members take on all-important business positions.
The richest Indians reached an all-time high in 2024 when for the first time ever, aggregate wealth of the top 100 exceeded $1 trillion. The collective wealth of these billionaires has risen to $1.1 trillion and is up 40% from the previous year's worth of $799 billion at the beginning of 2023. This growth has been led particularly by strength in equity markets, with the BSE Sensex rising a phenomenal 30% from last year. For this reason, more than 80% of those on the list are now richer, with 58 people adding $1 billion or more to their fortunes, according to Forbes.
This year also saw the head of the O.P. Jindal Group in the third position, for the first time with net worth $43.7 billion, an increase of $19.7 billion in just a year. His son Sajjan Jindal has really made some tremendous moves with MG Motor in the electric vehicle sector. Fourth on the list is Shiv Nadar, leader in the technology arena, holding a net worth of $40.2 billion. There are six billionaires and among them are Jindal and Nadar, who saw their worth more than triple in surplus of $10 billion.
The pharmaceuticals sector also performed well. Dilip Shanghvi, founder of Sun Pharmaceutical Industries, advanced into the fifth position with a net worth of $32.4 billion, while the Mehta brothers Sudhir and Samir, owners of Torrent Pharmaceuticals, had more than doubled their wealth to $16.3 billion, as Torrent Pharmaceuticals looks forward to some inhouse acquisitions.
Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia said, "India's booming stock markets have reaped a bonanza for the country's richest individuals, many of whom have witnessed their riches never before; strong investor interest in the India story has catalysed this phenomenal growth, making collective wealth of India's 100 richest cross over the trillion-dollar mark".
Four new entrants figure in the 2024 list, including B. The first-timer on the list is magnate Partha Saradhi Reddy of Hetero Labs, worth $3.95 billion. Number 100 on the list is Mahima Datla, who heads vaccine maker Biological E, with $3.3 billion. Harish Ahuja of Shahi Exports, which supplies big brands, and Surender Saluja, Founder of Premier Energies, also made it to the list for the first time. This is the first time that the Godrej family became divided into two factions and owned assets worth differing amounts.
The minimum to make the list increased to $3.3 billion from $2.3 billion in 2023, sending 11 billionaires packing from the rankings.