Mumbai (Maharashtra): India now has a record 334 billionaires -- up 75 compared to last year -- led by industrialist Gautam Adani and his family at the very top, the ‘2024 Hurun India Rich List’ said on Thursday. With a wealth of Rs 11.6 lakh crore, Gautam Adani and Family, who saw their wealth grow by a massive 95 per cent, clinched the number one spot in the coveted Huron list.
Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani took the second spot, with a wealth of Rs 10,14,700 crore, followed by Shiv Nadar and the family of HCL Technologies at the third place with a wealth of Rs 3,14,000 crore. Vaccine maker Cyrus S Poonawalla & family of Serum Institute of India holds the fourth position in the list followed by Dilip Shanghvi of Sun Pharmaceutical Industries.
Who Tops the 2024 Hurun India Rich List?
— HURUN INDIA (@HurunReportInd) August 29, 2024
Gautam Adani leads the charge, followed by Mukesh Ambani and Shiv Nadar. But who else makes the top 10? Uncover the full lineup of India's wealthiest individuals and see how fortunes have shifted.
For the complete list and exclusive… pic.twitter.com/PDQKlXEtDH
A record 1,539 Indians (up by 220) across 134 cities now have Rs 1,000 crore wealth on average -- a 150 per cent increase from seven years ago -- from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, film stars and more.
According to the list, the country saw one new billionaire every five days last year. While China saw a 25 per cent decline in its number of billionaires, India experienced a 29 per cent increase, reaching a record 334 billionaires.
The cumulative wealth has increased by 46 per cent, while average wealth has increased by 25 per cent, it noted. About 1,334 individuals saw their wealth increase or stay the same, of which 272 were new faces, whilst 205 saw their wealth drop and there were 45 dropouts. While real estate and industrial products added the most significant number of new entrants to the list, industrial products are still at number one and have contributed 142 entrants to the list.
The youngest on the list is aged 21. Anas Rahman Junaid, Founder and Chief Researcher, Hurun India said, "India continues to score Gold in the ‘Wealth Creation Olympics’. The number of billionaires in 2024 Hurun India Rich List hits a triple century, with all the top 20 sectors adding new faces to the list. The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board."
The pivot in the Indian economy from a services-led to a manufacturing-led model is reflected in the '2024 Hurun India Rich List'.
"Industrial products sector entrepreneurs on the list have seen a remarkable 47 per cent CAGR in their cumulative wealth over the past five years -- the highest among all sectors. This shift is fueled by several key factors, including the Centre's significant increase in capital expenditure on infrastructure development, which has risen to 133.3 billion dollars for FY 2024-25, marking an 11.1 per cent jump from the previous year," said Junaid.
The country's favourable business environment is further strengthened by over 42 trade agreements and a reduction in corporate tax rates to 15 per cent for new manufacturing units. These factors have significantly impacted the manufacturing sector, as entrepreneurs in this category on the list have added Rs 28 lakh crore in wealth, accounting for nearly 56 per cent of the total wealth added to the list.
Nearly 70 per cent of the list represents a combined wealth of close to 1.5 trillion dollars -- more than one-third of India’s GDP is on the cusp of intergenerational transition, according to Junaid.
Additionally, 64 per cent of the new entrants this year are self-made individuals. Over the last decade, the number of Indian cities represented in the rich list has surged to 97 from 95 last year, up from 10 cities since the inception of the list.
For the first time, Bollywood star Shah Rukh Khan made it to the list, largely due to the rising value of his holdings in the Indian Premier League (IPL) team Kolkata Knight Riders (KKR).
Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores in just one year, with seven new entrants. With 29 entrants, Hurun Rich Listers in the media and entertainment industry have grown their wealth by 26% CAGR over the last five years, highlighting their increasing significance in the broader economic landscape.
Nearly 70% of the list, representing a combined wealth of close to US$1.5 trillion — more than one-third of India’s GDP is on the cusp of intergenerational transition. This shift is set to usher in a new era of wealth creators, driven by emerging entrepreneurs and skilled professional managers. Over the past five years, six individuals have consistently remained in the India Top 10.
Gautam Adani (62) and family have secured the top spot in this year’s rankings, with a 95% increase in wealth compared to last year, bringing their total to Rs 1,161,800 crore.
All Adani Group companies saw a significant surge in share prices over the past year. Adani Ports experienced a 98% increase, driven by improved utilisation levels and the proposed acquisition of new ports and container terminals.
Meanwhile, the energy-focused companies — Adani Energy, Adani Gas, Adani Transmission, and Adani Power — averaged a 76% growth in share price. Additionally, MSCI’s decision to lift restrictions on Adani Group securities in its August 2024 review indicates a return to normal operations, reflecting a stabilizing outlook for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements.
At number 2 spot, Mukesh Ambani (67) & family saw his wealth grow by 25% over last year, consolidating at INR 10,14,700 crore. Ambani saw his wealth increase by 150% over 5 years and is now the second richest Asian.
Reliance Industries’ share price has risen over the past year due to strategic investments in energy and retail, projected earnings growth, and positive developments in its telecom arm, Jio, driven by recent price hikes. Recently, Ambani outlined a bold vision for Reliance Industries, emphasising the company’s plans to generate 100GW of renewable energy by 2030 and expanding into the insurance sector. This comes as part of Reliance’s broader strategy to diversify its business and strengthen its position in key markets.
With a wealth of Rs 3,14,000 crore, an increase of 37 per cent, HCL Shiv Nadar (79) secures the third spot in 2024. HCLTech achieved $1.96 billion in new deals in Q1 FY25, with a 5.6% YoY revenue growth and a 20.4% increase in net income to ₹4,257 crores. The company maintained a steady EBIT margin of 17.1% and low attrition at 12.8%, while leveraging GenAI to secure major contracts across industries – resulting in a 40% increase in share price over the last year. His wealth grew 220% in the past five years.
Cyrus S. Poonawalla (83) ranks 4th on the list with a wealth of Rs 2,89,800 crore. Since 2020, his wealth has grown by 3.1 times, largely due to the success of Serum Institute, the world’s largest vaccine manufacturer, known for producing COVID-19, Polio, and r-Hepatitis B vaccines, among others. Serum Institute’s strong presence in around 170 countries highlights the significant global impact of its operations.
Another leading wealth creator from the pharmaceutical sector is Dilip Sanghvi (68), who has registered a wealth of Rs 2,49,900 crore. As the architect behind the world’s fourth-largest speciality generic pharmaceutical company, Sun Pharmaceutical, which operates in over 100 countries, Sanghvi has demonstrated a strategic vision capable of competing with major global players. Under his leadership, Sun Pharmaceutical achieved a significant turnaround, overcoming various challenges and recording its highest revenue in FY 2023. His wealth has grown by 52% since 2023, elevating his ranking from 6th to 5th.
Kumar Mangalam Birla (57) & family, of the Aditya Birla Group, have climbed three places to secure the sixth rank, with their wealth increasing by 87% to Rs 2,35,200 crore. Over the past five years, Birla’s wealth has grown 6.9 times, marking the second-highest increase among the top 10.
As Chairman of the Aditya Birla Group, Birla has expanded the conglomerate’s global presence to 40 countries across six continents during his 29-year tenure, driving the company’s turnover to $65 billion — more than 30 times its initial value. Recently, Birla has also made a strategic move into the paints business, further diversifying the group’s portfolio and reinforcing its market position.
Gopichand Hinduja (84) & family registered a 9 per cent increase in wealth, maintaining their seventh position in the rankings with a total wealth of Rs 1,92,700 crore. The Hinduja Group, which began its journey during the era of British India, has grown into a global powerhouse headquartered in London, with a strong presence across diverse industries, including automobiles and financial services, contributing to their billionaire status.
Radhakishan Damani (69) & family retained his position as the eighth richest Indian, with his wealth increasing by 2.2 times over the past five years, reaching Rs 1,90,900 crore. His fortune is largely driven by his substantial shareholding in Avenue Supermarts, the parent company of DMart, which now boasts over 330 stores across India.
In the past year alone, DMart has opened 22 new stores, contributing to a 20% increase in the company’s revenue, which now stands at approximately Rs 43,000 crore for FY 2024. Ignatius Navil Noronha, the CEO of DMart, also features in the list with a valuation of Rs 6,900 crore.
Azim Premji (79) & family secured the ninth position with a wealth of Rs 1,90,700 crore. Despite a 25 per cent decline in Wipro’s share price over the past three years, it rose by 27% during the review period, driven by signs of recovery in North American markets.
Niraj Bajaj (69) & family secured the 10th position in the list, with his wealth increasing by 35% to Rs 1,62,800 crore. The Bajaj Group, with its substantial holdings in Bajaj Auto, Bajaj Finserv, and other entities, is the primary source of his wealth. Under the leadership of his nephew, Rajiv Bajaj, Bajaj Auto achieved a remarkable 100% growth, driven by double-digit expansion in export markets like LATAM and nine consecutive quarters of double-digit growth in the domestic market.
