With India preparing for its imminent federal elections, the stock market is experiencing an extraordinary surge. This propels the nation onto the global stage and fosters an unparalleled cohort of billionaires.
Forbes' latest tally of the World's Billionaires for 2024 reveals a staggering figure of 200 Indian individuals among this prestigious group, showcasing a remarkable surge from the preceding year's count of 169. Their collective wealth has soared to nearly a trillion dollars, marking a significant escalation from the previous year's $675 billion and eclipsing the 2022 total of $750 billion.
At the forefront of this surge in wealth stands Mukesh Ambani, the Chairman and principal shareholder of Reliance Industries. Ambani's net worth has skyrocketed to an astounding $116 billion, making him the first Asian to breach the exclusive $100 billion mark on the World’s Billionaires list. Holding firm as the wealthiest individual in both India and Asia, Ambani's conglomerate, Reliance Industries, continues to flourish across various sectors. Notably, recent deals such as the $8.5 billion merger between Viacom18 Media and the India operations of the Walt Disney Company underscore his company's remarkable success. Moreover, Ambani's personal life has also been under the spotlight, highlighted by the extravagant celebrations for his son Anant’s wedding, which attracted global luminaries such as Mark Zuckerberg, Bill Gates, and Ivanka Trump.
Gautam Adani, a titan in infrastructure and commodities, stands out in India's billionaire panorama. Adani's wealth soared by an impressive $36.8 billion, firmly securing his status as India’s second wealthiest person. Despite encountering hurdles, including accusations of fraud, the Adani Group displayed remarkable resilience, attracting investments from notable entities like Indian-American billionaire Rajiv Jain’s GQG Partners. As a result, Adani regained his position among the top 20 wealthiest individuals worldwide.
Savitri Jindal, the influential figure behind a steel and power fortune, holds the esteemed title of the wealthiest woman in India, boasting a net worth of $33.5 billion. Her rise to the fourth position in India's wealth ranking highlights the increasing significance of women in the nation's economic realm.
Within the Indian billionaire arena, there were significant fluctuations observed. While several billionaires enjoyed a surge in their fortunes, others encountered setbacks. Cyrus Poonawalla, famed for his vaccine empire, witnessed a decline in his wealth owing to reduced sales of COVID-19 vaccines. Similarly, Lakshmi Mittal, the prominent steel magnate, faced a decrease in his wealth amid market turbulence.
The year 2024 marked the arrival of a new cohort of Indian billionaires, including figures like Naresh Trehan, Ramesh Kunhikannan, and Renuka Jagtiani, who made substantial advancements in their respective domains. However, amidst the overall prosperity, some individuals exited the billionaire list, highlighting the unpredictable nature of wealth accumulation. Notable departures include former edtech luminary Byju Raveendran and Rohiqa Mistry, whose fortunes experienced a decline due to various factors.
Mukesh Ambani: $116 Billion (Source: Diversified)
Gautam Adani: $84 Billion (Source: Infrastructure)
Shiv Nadar: $36.9 Billion (Source: Software Services)
Savitri Jindal: $33.5 Billion (Source: Steel)
Dilip Shanghvi: $26.7 Billion (Source: Pharmaceuticals)
Cyrus Poonawalla: $21.3 Billion (Source: Vaccines)
Kushal Pal Singh: $20.9 Billion (Source: Real Estate)
Kumar Birla: $19.7 Billion (Source: Commodities)
Radhakishan Damani: $17.6 Billion (Source: Retail, Investments)
Lakshmi Mittal: $16.4 Billion (Source: Steel)
The extraordinary rise of Indian billionaires serves as a testament to the nation's burgeoning economic influence worldwide, heralding a dynamic future amidst shifting market landscapes. The diverse and resilient profiles of India’s top 10 wealthiest individuals mirror the vibrancy of the country's wealth terrain, solidifying India's role as a significant player in the global economic stage.
