India has set a new record in wealth creation, with the 2024 Hurun India Rich List revealing a total of 334 billionaires—marking the first time the list has surpassed 300 names. This impressive milestone reflects a significant six-fold increase since the list's inception 13 years ago.
The latest list showcases a total of 1,539 ultra-wealthy individuals, a dramatic rise of 220 from the previous year, and includes 272 new entries. This is the first time the list has exceeded 1,500 names, representing an 86% increase over the past five years.
Topping the 2024 list is Gautam Adani and his family, with a staggering net worth of Rs.11.6 lakh crore. Adani's wealth has surged by an impressive 95% compared to last year, driven by the substantial increase in the share prices of Adani Group companies. Notably, Adani Ports saw a 98% rise in share value, attributed to enhanced operational efficiency and the acquisition of new ports and container terminals.
The report highlights that MSCI's recent decision to lift restrictions on Adani Group stocks has contributed to a stabilized outlook for key shares like Adani Enterprises, Adani Ports, and Ambuja Cements. This stabilization has bolstered Adani’s position at the top of the wealth list.
Following Adani, the Ambani family, led by Mukesh Ambani, holds the second spot with a net worth of Rs.10.14 lakh crore, reflecting a 25% increase in their wealth over the past year. Shiv Nadar, founder of HCL, is in third place with a net worth of Rs.3.14 lakh crore. Cyrus Poonawalla, the vaccine tycoon, ranks fourth with Rs.2.89 lakh crore.
The list's growth is noteworthy, with 1,539 ultra-wealthy individuals now recorded, a jump of 220 from last year, and 272 new names added. This growth signifies a robust 29% increase in the number of billionaires in India, while China experienced a 25% decrease in its billionaire population.
Anas Rahman Junaid, Founder and Chief Researcher at Hurun India, remarked, “India is excelling in the ‘Wealth Creation Olympics,’ with new faces appearing across the top 20 sectors. The country is becoming Asia’s leading wealth creator. For the first time, the Hurun India Rich List features over 1,500 individuals, including entrepreneurs, investors, and celebrities.”
The 2024 list also includes Bollywood superstar Shah Rukh Khan, who joins with a net worth of Rs.7,300 crore, largely from his investments in the Kolkata Knight Riders cricket team and Red Chillies Entertainment. Other film industry figures such as Juhi Chawla, Hrithik Roshan, Karan Johar, and Amitabh Bachchan also make the list.
The youngest billionaires include Harshil Mathur and Shashank Kumar, both 33 and founders of Razorpay, a payment solutions company. The youngest billionaire overall is 21-year-old Kaivalya Vohra of Zepto, a $5 billion quick commerce startup, with co-founder Aadit Palicha, 22, also on the list.
In terms of regional wealth, Hyderabad has surpassed Bengaluru, securing the third spot for the first time and adding 17 new names to the list, highlighting its growing prominence as a city of wealth.
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