Mukesh Ambani, chairman and managing director of Reliance Industries, has once again secured the top position on Forbes’ 2024 list of India's 100 richest individuals. His wealth surged by $27.5 billion in the past year, bringing his total net worth to $119.5 billion. This achievement positions him as the second-largest gainer in dollar terms this year and ranks him as the 13th richest person globally.
Ambani also captured attention by gifting bonus shares to Reliance investors as a Diwali gesture and celebrating the achievements of his younger son, Anant. Following closely behind, Gautam Adani, chairman of the Adani Group, emerged as the biggest gainer, adding $48 billion to his fortune and reaching a net worth of $116 billion. Adani’s remarkable recovery comes after last year’s short-selling controversy, and his strategic moves include placing family members in prominent roles within his business.
This year marked a historic milestone for India’s wealthiest individuals, as the combined wealth of the top 100 exceeded $1 trillion for the first time. Their collective net worth reached $1.1 trillion, a 40% rise from $799 billion in 2023, driven by a booming stock market. The BSE Sensex has gained 30% over the past year, boosting the fortunes of over 80% of those on the list. Notably, 58 individuals added $1 billion or more to their net worth.
Savitri Jindal, the matriarch of the O.P. Jindal Group, climbed to third place with a net worth of $43.7 billion, a significant increase of $19.7 billion from the previous year. Her son, Sajjan Jindal, has also made strides in the electric vehicle market. Tech mogul Shiv Nadar ranked fourth with a net worth of $40.2 billion, while both Jindal and Nadar were among six tycoons who added over $10 billion to their wealth.
In the pharmaceutical sector, Dilip Shanghvi, founder of Sun Pharmaceutical Industries, saw his net worth increase to $32.4 billion, moving him to fifth place. Sudhir and Samir Mehta of Torrent Pharmaceuticals doubled their wealth, reaching $16.3 billion as the company pursues acquisitions.
Four newcomers made the list this year, including B. Partha Saradhi Reddy, founder of Hetero Labs, ranked 81st with $3.95 billion, and Mahima Datla, who controls vaccine producer Biological E, ranked 100th with $3.3 billion. Harish Ahuja of Shahi Exports and Surender Saluja, founder of Premier Energies, also joined the ranks of India’s wealthiest. The Godrej family appeared separately for the first time due to the division of their holdings.
The cutoff to make the 2024 list rose to $3.3 billion, up from $2.3 billion in 2023, leading to 11 billionaires falling off the list.
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