Forbes' 2024 'India’s 100 Richest' list reveals a monumental achievement as the combined wealth of top Indian magnates exceeded $1 trillion. Noteworthy is the $316 billion surge from 2019, with 80% witnessing wealth growth, including 58 billionaires adding over $1 billion each. Mukesh Ambani leads with $119.5 billion, followed closely by Gautam Adani at $116 billion. The list showcases diverse sectors and new entrants, emphasizing India's entrepreneurial diversity and economic vigor.
Forbes has unveiled its 2024 edition of 'India’s 100 Richest' list, showcasing a remarkable milestone as the collective wealth of the country's top magnates surged past the trillion-dollar mark. The report reveals that India's wealthiest individuals have amassed a staggering $1.1 trillion, marking a significant leap from their previous valuation in 2019, with an astounding increase of approximately $316 billion in the past year alone.
A notable trend highlighted in the report is that over 80% of India's richest individuals have seen an increase in their wealth, with 58 of them witnessing a growth of $1 billion or more in their net worth. Furthermore, the top 12 individuals on the list collectively account for nearly half of the total wealth of the top 100, underscoring the concentration of riches among a select few.
Leading the pack is Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, whose diversified assets amount to an estimated net worth of $119.5 billion. Despite securing the top position, Ambani comes in as the second-largest gainer in terms of dollar value, having added $27.5 billion to his wealth this year. Following closely is Gautam Adani and his family, with a combined net worth of $116 billion from their diversified assets, making them the biggest gainers this year after adding $48 billion.
Savitri Jindal and her family, prominent in the metals and mining sector, clinch the third spot with an estimated net worth of $43.7 billion. Shiv Nadar, the Chairperson of HLC Enterprise, secures the fourth position with an estimated wealth of $40.2 billion, while Dilip Shanghvi and his family round up the top five with a net worth of $32.4 billion derived from Sun Pharmaceuticals.
The list further includes distinguished figures such as Radhakishan Damani, Sunil Mittal, Kumar Birla, Cyrus Poonawalla, and the Bajaj Family, all contributing significantly to India's economic landscape.
Several noteworthy additions to the 2024 'India’s 100 Richest' list include Mahima Datla of Biological E, B Partha Saradhi Reddy of Hetero Labs, Harish Ahuja of Shahi Exports, and Surender Saluja of Premier Energies, reflecting the diverse sectors represented within the elite group. Notable boosts were observed among pharmaceutical and real estate tycoons, further diversifying the list.
Additionally, the list recognizes Nikhil Kamath of Zerodha as the youngest entrant at 38 years old, while paying tribute to the late Ratan Tata, former Chairman Emeritus of Tata Sons, who was not included in this year's rankings.
It is important to note that Forbes' 'India’s 100 Richest' list differs from the 'World’s Billionaires' list by consolidating family fortunes to rank individuals. The meticulous compilation process involved sourcing shareholding and financial data from families, individuals, stock exchanges, analysts, and regulatory bodies in India, encompassing foreign citizens with substantial ties to the country.
This year's 'India’s 100 Richest' list not only celebrates the remarkable wealth growth among India's elite but also underscores the diverse sectors and entrepreneurial spirit that continue to drive the nation's economic prosperity.
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