Combined wealth of India's 100 richest individuals, for first time in 2024, surpasses Rs...

For the first time ever, the combined wealth of India’s 100 richest individuals has surpassed the trillion-dollar mark, according to the 2024 Forbes list. Their total wealth has jumped 40% this year to $1.1 trillion, up from USD 799 billion in 2023. This remarkable increase is largely due to a strong stock market performance, with investors heavily investing in IPOs (Initial Public Offerings) and mutual funds. India’s BSE Sensex, the benchmark stock market index, has seen a 30% rise since the fortunes were last measured, significantly boosting the net worth of those on the list. More than 80% of the individuals on the list have grown wealthier, with 58 of them adding USD 1 billion or more to their fortunes.

At the top of the list remains Mukesh Ambani, chairman of Reliance Industries, with a net worth of $119.5 billion, up by USD 27.5 billion from last year. He continues to hold the number one spot while also being the second-biggest gainer in dollar terms this year. Following closely is infrastructure tycoon Gautam Adani, who posted the largest gain in dollar terms, adding $48 billion to bring his family’s wealth to $116 billion. Adani has successfully recovered from last year’s short-selling attack by U.S.-based Hindenburg Research, and he has brought in a younger generation to help manage his businesses by appointing his sons and nephews to key roles.

Savitri Jindal, head of the steel and power conglomerate O.P. Jindal Group, moved up to third place on the list with a net worth of USD 43.7 billion, an increase of USD 19.7 billion from last year. Her son, Sajjan Jindal, has been leading the company’s expansion into the electric vehicle market through a partnership with MG Motor. In fourth place is Shiv Nadar, a leading figure in India’s tech industry, with a net worth of $40.2 billion. Both Jindal and Nadar are among a group of six business leaders who added over $10 billion to their wealth this year.

India's thriving pharmaceutical industry has also made significant strides. Dilip Shanghvi, founder of Sun Pharmaceutical Industries, moved up three spots to fifth place with a net worth of $32.4 billion, up from $19 billion last year. Other notable names in the pharmaceutical sector include Sudhir and Samir Mehta, whose Torrent Pharmaceuticals is looking to make acquisitions. Their wealth more than doubled to $16.3 billion, earning them the 16th spot on the list.

Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, highlighted that India's booming stock markets have helped its wealthiest individuals reach new levels of prosperity. According to her, the enthusiasm of investors for the "India story" has fueled the rapid rise in fortunes, resulting in the collective wealth of the top 100 reaching this historic milestone.

Four new names have joined the list this year. Among them are two pharmaceutical leaders: B. Partha Saradhi Reddy, founder of Hetero Labs, who ranks 81st with USD 3.95 billion, and Mahima Datla, who controls vaccine producer Biological E, ranking 100th with $3.3 billion. The other newcomers are Harish Ahuja, whose apparel company Shahi Exports supplies to major brands like H&M and Calvin Klein, and Surender Saluja, founder of Premier Energies, which manufactures solar panels and modules.

An interesting development this year is the Godrej family’s appearance as two separate entries. The family’s assets were divided between two branches earlier in the year. Brothers Adi and Nadir Godrej, who control the listed companies under Godrej Industries Group, rank 21st with $11.2 billion, while their cousins Jamshyd and Smita Crishna Godrej, who manage Godrej & Boyce under the Godrej Enterprises Group, come in at 22nd with USD 11.1 billion.

The cutoff to make it onto the 2024 Forbes list has risen to $3.3 billion, up from USD 2.3 billion last year, with 11 individuals dropping off the list. Among those who have returned to the rankings after a break is Irfan Razack and his siblings, whose Prestige Estates Projects is making waves in Mumbai, India’s financial hub.

The top 10 richest Indians for 2024 include Mukesh Ambani, Gautam Adani, Savitri Jindal, Shiv Nadar, Dilip Shanghvi, Radhakishan Damani, Sunil Mittal, Kumar Birla, Cyrus Poonawalla, and the Bajaj family. Their wealth was calculated using shareholding data, stock prices, and other financial information as of September 27, 2024.

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