 "Wealth of richest 185 Indians surges past $1 trillion, one woman in top 10")
The collective wealth of the wealthiest people in India has surged past the $1 trillion mark, reaching a staggering $1.19 trillion (Rs 99.86 trillion), a report by Fortune India revealed on Monday.
The list features as many as 185 people with ‘dollar billionaire’ status, meaning they have wealth of at least $1 billion.
According to the Fortune India-Waterfield Advisors 2024 ranking, the total wealth of India’s billionaires has surged by 50 per cent, up from $832 billion in 2022. At that time, there were 142 dollar billionaires in India.
“This showcases a remarkable growth in wealth despite global economic challenges and a 5 per cent depreciation of the rupee against the dollar,” the report said. The combined wealth of India’s dollar billionaires is now equivalent to 33.81 per cent of India’s nominal gross domestic product (GDP).
This year features 29 new entrants from various sectors, including fast-moving consumer goods (FMCG), pharmaceuticals, and technology, collectively amassing a total wealth of Rs 4.09 trillion.
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Ambani ahead of Adani. Tops ranking with Rs 10.5 trillion
Fortune India said that Reliance Group Chairman Mukesh Ambani topped the chart with a wealth of Rs 10.5 trillion, closely followed by Adani Group's Gautam Adani.
Despite headwinds due to allegations made by US short-seller Hindenburg Research, Adani’s wealth nearly doubled in this period to Rs 10.4 trillion, the report noted.
The equity market has played a significant role in this wealth accumulation, with benchmark indices hitting record highs and achieving a compound annual growth rate (CAGR) of 15.94 per cent from the financial year 2022-23 (FY23) to FY24.
The mean wealth of billionaires has risen from Rs 46,729 crore in 2022 to Rs 53,978 crore in 2024.
Besides Ambani and Adani, others in the top 10 list include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal & family, and Azim Premji, among others. The matriarch of the Jindal family and chairperson of the Jindal Group was the lone woman to feature in the top 10 list, with a wealth of $33.06 billion, grabbing the fourth spot.