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India has achieved a historic milestone with 334 billionaires, marking a significant rise of 75 from the previous year, according to the ‘2024 Hurun India Rich List.’ Leading this prestigious list is industrialist Gautam Adani and his family, whose wealth has surged to Rs 11.6 lakh crore, reflecting an impressive 95% increase and securing their position at the top.
India has achieved a historic milestone with 334 billionaires, marking a significant rise of 75 from the previous year, according to the ‘2024 Hurun India Rich List.’ Leading this prestigious list is industrialist Gautam Adani and his family, whose wealth has surged to Rs 11.6 lakh crore, reflecting an impressive 95% increase and securing their position at the top.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), holds the second spot with a wealth of Rs 10.14 lakh crore, up 25% from last year. Following Ambani is Shiv Nadar and his family from HCL Technologies, ranking third with Rs 3.14 lakh crore. Cyrus S. Poonawalla and family of Serum Institute of India come in fourth, with Dilip Shanghvi of Sun Pharmaceutical Industries rounding out the top five.
The list also reveals a record 1,539 Indians, up by 220, now have an average wealth of Rs 1,000 crore, a 150% increase over seven years. This reflects a broader trend of substantial growth among Indian billionaires, with one new billionaire emerging every five days last year. In contrast, China experienced a 25% decline in billionaires, highlighting India’s 29% increase as a standout achievement.
The cumulative wealth of these billionaires has risen by 46%, and their average wealth has increased by 25%. Notably, 1,334 individuals saw their wealth remain stable or grow, with 272 being new entrants. The list underscores the continued prominence of real estate and industrial sectors, which have added the most new faces, with industrial products leading in wealth accumulation.
The shift towards a manufacturing-led economy is evident, with industrial sector entrepreneurs on the list seeing a 47% compound annual growth rate (CAGR) over the past five years. This growth is driven by increased capital expenditure on infrastructure and favorable business conditions, including reduced corporate tax rates and trade agreements.
Noteworthy additions to this year’s list include Bollywood star Shah Rukh Khan, whose rising IPL holdings have elevated his wealth. The entertainment sector has seen significant growth, with seven new entrants and a 26% CAGR over five years.
The list highlights that nearly 70% of the billionaires’ combined wealth, close to $1.5 trillion, represents a major portion of India’s GDP and is on the brink of intergenerational transition. This dynamic shift is set to introduce a new era of wealth creation, driven by emerging entrepreneurs and skilled managers.
