Gautam Adani pips Ambani as India's richest, SRK enters billionaire list

The 2024 Hurun India Rich List has shattered records, showcasing a staggering surge in wealth among India's elite. For the first time, the list surpasses the 1,500 mark, featuring a remarkable 1,539 individuals with a net worth of over Rs 1,000 crore each.

Moreover, Gautam Adani and family have topped the 2024 Hurun India Rich List, as they saw a 95% increase in wealth, bringing their total to Rs 1,161,800 Cr. Mukesh Ambani has taken the second top spot in the 2024 Hurun India Rich List, with a wealth of Rs 1,014,700 crore.

 Shiv Nadar & family of HCL Technologies is in third place this year with a wealth of Rs 314,000 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.

Over the past five years, six individuals have consistently remained in the India Top 10. Leading the list is Gautam Adani ; family, followed by Mukesh Ambani & family, Shiv Nadar, Cyrus S. Poonawalla & family, Gopichand Hinduja & family, and Radhakishan Damani & family.

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As a self-made entrepreneur, Adani has recorded the highest wealth growth within the top 10 over the past five years, adding Rs 1,021,600 Cr, despite the challenges following the report. All Adani Group companies saw a significant surge in share prices over the past year. For example, Adani Ports experienced a 98% increase, driven by improved utilization 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.

"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. This year, Hurun has attributed the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family," noted the report.

India's top ten wealthiest Indians in 2024

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change yoy * New to Top 10 Source: 2024 Hurun India Rich List

India's billionaire count has reached 334, a six-fold increase since the list's inception 13 years ago.

Cumulative wealth has increased by 46%, while average wealth has increased by 25%. 1,334 individuals saw their wealth increase or stay the same, of which 272 are new faces, whilst 205 saw their wealth drop and there were 45 dropouts, revealed the report. 

India has 334 billionaires, up 75 compared to last year. While Real Estate, Industrial Products added the most significant number of new entrants to the list, Industrial Products is still at number one and has contributed 142 entrants to the list. The youngest on the list is aged 21.

Real estate and Industrial products have experienced significant growth over the past year, with increases of 75% and 48%, respectively. The chart below illustrates the distribution of key industries over the past year.

Here are the highlights:

Gautam Adani Reigns Supreme: Gautam Adani and family have retained the top spot, amassing a staggering wealth of Rs 11.6 lakh crore.

New Entrants: The list welcomed 272 new entrants, including Bollywood celebrities like Shah Rukh Khan, Juhi Chawla, Hrithik Roshan, Karan Johar, and Amitabh Bachchan.

Silver Screen Titans in the 2024 Hurun India Rich List

Shah Rukh Khan tops the list with Rs 7,300 crore, followed by Juhi Chawla and family with Rs 4,600 crore, thanks to their ventures in entertainment and sports.

 

 Hyderabad has overtaken Bengaluru to secure the third position in terms of the number of residents on the list.

Manufacturing Boom: India's manufacturing sector has witnessed significant growth, with 1,016 manufacturing tycoons adding Rs 28 lakh crore to their wealth this year.

Wealth Surge: The cumulative wealth of Hurun India Rich listers has grown to Rs 159 lakh crore, surpassing the combined GDP of Saudi Arabia and Switzerland.

Mumbai's Dominance: Mumbai continues to lead with 386 individuals on the list, followed by New Delhi and Hyderabad.

Shiv Nadar's Ascent: Shiv Nadar, backed by a 50% increase in HCL's share price, has climbed to the third spot with a wealth of Rs 3.1 lakh crore.

Decliners: While many witnessed wealth growth, 205 individuals saw their wealth decline, and 45 dropped out of the list.

"The number of billionaires in 2024 Hurun India Rich List hits 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," said  Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires.

For the first time, Indian movie star Shah Rukh Khan made it to Hurun India Rich List, largely due to the rising value of his holdings in the IPL team Kolkata Knight Riders. 

Hurun India Rich Listers from the entertainment industry added Rs 40,500 crore 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. 

"The Indian wealth creation narrative is genuinely inspiring, with 65% of the list being self- made, a significant increase from 54% five years ago. Additionally, 64% of the new entrants this year are self-made individuals. The powerful wealth creation engine, propelled by first- generation entrepreneurs, contributes to 57% of the cumulative wealth on the list," said Junaid. 

The cut-off for the India Top 100 has skyrocketed 16-fold since inception, now standing at Rs 28,400 crore. Making it into the India Top 10 is nearly impossible, requiring a staggering Rs 1,62,800 crore— a feat that, ten years ago, was achieved only by Mukesh Ambani and Dilip Sanghvi, the sole ndividuals with wealth exceeding Rs 1 lakh crore at that time.