Indian Billionaires Reach Unprecedented Heights
Forbes’ 2024 list
The Indian stock market is witnessing a staggering surge as the country gears up for its upcoming federal elections. This rally has catapulted India into the global spotlight, producing a record-breaking cohort of billionaires.
According to Forbes’ 2024 list of the World’s Billionaires, India boasts a remarkable 200 individuals in this elite club, marking a significant increase from the previous year's 169. The combined wealth of these billionaires is now approaching a trillion dollars, a substantial leap from $675 billion the previous year and far surpassing the 2022 total of $750 billion.
At the forefront of this wealth explosion is Mukesh Ambani, the Chairman and largest shareholder of Reliance Industries. Ambani's net worth soared to an astonishing $116 billion, elevating him as the first Asian to breach the exclusive $100 billion club on the World’s Billionaires list. Retaining his position as India’s and Asia’s richest individual, Ambani's conglomerate, Reliance Industries, has seen remarkable success in various sectors, particularly with recent deals such as the $8.5 billion merger between Viacom18 Media and Walt Disney Company’s India operations. Moreover, Ambani's personal life has been in the spotlight as well, notably with the extravagant celebrations for his son Anant’s wedding, which attracted global luminaries including Mark Zuckerberg, Bill Gates, and Ivanka Trump.
Another prominent figure in India's billionaire landscape is Gautam Adani, the infrastructure and commodities tycoon. Adani witnessed a staggering increase in his wealth, adding $36.8 billion to solidify his position as India’s second wealthiest individual. Despite facing challenges such as allegations of fraud, Adani Group rebounded strongly, with investments from entities like Indian-American billionaire Rajiv Jain’s GQG Partners. Consequently, Adani reclaimed his spot among the top 20 wealthiest individuals globally.
Savitri Jindal, the matriarch of a steel and power fortune, stands out as the richest woman in India, with a net worth of $33.5 billion. Her ascent to the fourth position in India's wealth hierarchy underscores the growing prominence of women in the country's economic landscape.
The Indian billionaire spectrum also witnessed notable fluctuations. While many billionaires experienced a surge in their fortunes, some faced setbacks. Cyrus Poonawalla, renowned for his vaccine empire, saw his fortune decline due to dwindling sales of COVID-19 vaccines. Similarly, Lakshmi Mittal, the steel magnate, experienced a decrease in his wealth amidst market turbulence.
The year 2024 also welcomed a fresh wave of Indian billionaires. Among the newcomers are individuals like Naresh Trehan, Ramesh Kunhikannan, and Renuka Jagtiani, each making significant strides in their respective fields. Despite the overall prosperity, some figures dropped off the billionaire list, indicative of the volatile nature of wealth accumulation. Notable exits include former edtech star Byju Raveendran and Rohiqa Mistry, whose fortunes witnessed a downturn due to various reasons.
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 remarkable ascent of Indian billionaires underscores the country's growing economic prowess on the global stage, promising a vibrant future amidst evolving market dynamics. India’s top 10 richest individuals exemplify the diversity and resilience of the nation's wealth landscape, positioning India as a key player in the global economic arena.
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