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Adani’s net worth surged to ₹11.6 lakh crore, marking a significant comeback from last year’s decline.
NEW DELHI: The 2024 Hurun India Rich List reveals a remarkable shift in the landscape of wealth in India. Gautam Adani, Chairman of the Adani Group, has reclaimed the top spot as the richest Indian, surpassing Mukesh Ambani, Chairman of Reliance Industries. Adani’s net worth surged to ₹11.6 lakh crore, marking a significant comeback from last year’s decline.
In 2023, Adani’s wealth plummeted by 57% to ₹4.74 lakh crore amid allegations by US-based short-seller Hindenburg Research. However, Adani’s fortunes have rebounded sharply, propelling him ahead of Ambani, who now holds the second position with a net worth of ₹10.15 lakh crore.
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Shiv Nadar and family, founders of HCL Technologies, have moved up to third place with a wealth of ₹3.14 lakh crore. Serum Institute of India’s Cyrus Poonawalla, who was third last year, has slipped to fourth with a net worth of ₹2.89 lakh crore. Sun Pharmaceuticals’ Dilip Shanghvi, meanwhile, ascended to fifth place with a net worth of ₹2.50 lakh crore.
India’s billionaire count has reached a record 334 individuals, with cumulative wealth soaring to ₹159 lakh crore. The list reflects a 29% increase in billionaires over the past year, contrasting sharply with a 25% decline in China’s billionaire population.
This year’s list includes notable new entrants such as Bollywood superstar Shah Rukh Khan and angel investor Anand Chandrasekaran. Shah Rukh Khan’s inclusion marks his debut, highlighting the growing prominence of celebrities in the financial realm.
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The youngest billionaires are Kaivalya Vohra and Aadit Palicha, co-founders of Zepto, with net worths of ₹3,600 crore and ₹4,300 crore, respectively. Radha Vembu of Zoho remains the richest self-made woman with a fortune of ₹47,500 crore.
The Hurun India Rich List for 2024 also highlights the growing number of self-made billionaires, which now account for 65% of the list, up from 60% last year. The list includes a total of 1,539 ultra-wealthy individuals, an increase of 220 from the previous year, and features 272 new entrants.
Adani’s significant wealth growth is attributed to the resurgence of his companies’ stock prices. For instance, Adani Ports saw a 98% increase, and other energy-focused companies in the Adani Group averaged a 76% growth. MSCI’s decision to lift restrictions on Adani Group securities reflects a stabilizing outlook for key stocks like Adani Enterprises and Ambuja Cements.
