Adani Group Soars to New Heights
Gautam Adani, chairman of the Adani Group, has emerged as the biggest dollar gainer in Forbes India’s 2024 list of the 100 richest individuals, with his family’s net worth skyrocketing to $116 billion. Alongside his brother Vinod Adani, Gautam saw his wealth increase by a staggering $48 billion, catapulting him to the second position on the list. This 71% rise in his fortune is attributed to a strong recovery from last year’s setbacks, including a short-selling attack that had initially cast a shadow over his empire.
Mukesh Ambani Remains India’s Wealthiest Tycoon
While Adani posted the largest dollar gains, Mukesh Ambani, chairman and managing director of Reliance Industries, retained his position as India’s wealthiest individual with a net worth of $119.5 billion. His fortune grew by $27.5 billion this year, reflecting a 30% increase. Ambani, who announced a bonus issue of shares as a Diwali gift to Reliance investors, saw his wealth soar, securing his place at the top of the list. However, his dollar gains still placed him second to Adani in terms of annual growth.
A Record-Breaking Year for India’s Richest
For the first time ever, the collective wealth of India’s 100 richest tycoons surpassed the trillion-dollar mark, according to Forbes. Over 80% of the country’s richest individuals are wealthier than they were a year ago, with their fortunes now twice as large as in 2019. Remarkably, 58 of the 100 richest Indians added at least $1 billion to their net worth this year, while six individuals saw their fortunes increase by more than $10 billion each. The top five tycoons alone added nearly $120 billion to their combined wealth, underscoring the vast wealth accumulation in India.
Women Billionaires Shine
Among the most notable figures on the 2024 list is Savitri Jindal, the matriarch of the steel-to-power conglomerate OP Jindal Group. Jindal, whose son Sajjan Jindal recently expanded into the electric vehicle market, climbed to the third position on the list with her substantial wealth. She remains India’s richest woman, and is one of nine women on the list—up from eight last year.
Joining Jindal this year is Mahima Datla, who controls privately-held vaccine producer Biological E. Datla is one of four newcomers to the Forbes list, cementing her place as a powerful new force in India’s healthcare industry.
New Faces in India’s Billionaire Club
This year’s Forbes list welcomed several new faces. B Partha Saradhi Reddy, founder of Hetero Labs, a producer of generic medicines and pharmaceutical ingredients, debuted on the list, as did Harish Ahuja, whose apparel company Shahi Exports supplies to international labels like H&M and Calvin Klein.
Surender Saluja, founder and chairman of Premier Energies, also made headlines by becoming a billionaire following his company’s successful listing in India’s booming IPO market. His solar panel and module manufacturing business gained significant attention, marking him as one of the rising stars in India’s renewable energy sector.
Real Estate Moguls and Other Movers
India’s real estate sector saw significant gains, with four property tycoons adding more than $16 billion collectively. One of the most notable real estate beneficiaries was Irfan Razack and his siblings, who helm Bangalore-based developer Prestige Estates Projects. Benefiting from the tech boom in India’s IT capital, the Razacks are now also making a mark in Mumbai, the country’s financial hub.
Other notable comebacks include five families who had previously dropped off the list, including those involved in airport operations and industrial explosives manufacturing. Among them is the Godrej family, which finally settled a long-standing division of its holdings in April 2024. For the first time, brothers Adi and Nadir Godrej, who control the publicly listed Godrej Industries, and cousins Jamshyd and Smita Crishna Godrej, who manage the privately held Godrej & Boyce, appear separately on the Forbes list.
Rising Stars: The Kamath Brothers
The youngest member on the Forbes India 2024 rich list is Nikhil Kamath, co-founder of discount brokerage Zerodha, who at age 38, along with his brother Nithin Kamath, has built one of India’s most successful financial technology companies. Nikhil’s innovative approach to online trading has disrupted traditional brokerage models and brought in substantial wealth. The Kamath brothers’ rise is emblematic of India’s burgeoning tech and financial services sectors, which have created immense wealth for young entrepreneurs.
India’s Billionaire Boom Continues
India’s wealth landscape is evolving rapidly, with tycoons from diverse industries such as technology, pharmaceuticals, real estate, and renewable energy making waves on the Forbes list. The trillion-dollar milestone achieved by the country’s top 100 richest individuals is a testament to the resilience and growth of Indian businesses, despite economic uncertainties and global challenges.
With Gautam Adani leading the charge as the biggest dollar gainer of 2024 and new billionaires like Mahima Datla and Surender Saluja making their debut, India’s elite continue to shape the nation’s future economic narrative. The next few years will be critical in determining how these tycoons navigate challenges and seize new opportunities in a rapidly changing global economy.
(With inputs from agencies)
