The 2024 Hurun India Rich List has set a new milestone, revealing an unprecedented surge in the wealth of India’s elite. For the first time in its history, the list has surpassed the 1,500 mark, featuring an astounding 1,539 individuals, each with a net worth exceeding Rs 1,000 crore. This remarkable growth in the number of ultra-rich individuals underscores the rapidly expanding wealth landscape in the country.
Gautam Adani; Tops the list
At the top of the list is Gautam Adani and his family, who have seen an extraordinary 95% increase in their wealth over the past year. Their total wealth now stands at a staggering Rs 1,161,800 crore, making them the wealthiest in India. The Adani family’s remarkable financial growth, despite facing significant challenges, is a testament to their resilience and strategic acumen. Over the past five years, Gautam Adani, a self-made entrepreneur, has recorded the highest wealth growth within the top 10, adding a colossal Rs 1,021,600 crore to his fortune.
Mukesh Ambani Pips to 2nd Position
Mukesh Ambani, another titan of Indian industry, holds the second spot on the 2024 Hurun India Rich List. With a net worth of Rs 1,014,700 crore, Ambani continues to be a formidable force in the global business landscape. His position as the second wealthiest individual in India is a reflection of the enduring strength of Reliance Industries, particularly in the energy and telecommunications sectors.
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Shiv Nadar secures 3rd position
Shiv Nadar & family, founders of HCL Technologies, secured the third position with a wealth of Rs 314,000 crore. Nadar’s continued influence in the technology sector highlights the pivotal role that IT and software services play in India’s economy.
Cyrus S. Poonawalla holds 4th position
Cyrus S. Poonawalla & family, known for their vaccine production through Serum Institute of India, hold the fourth position on the list. Their wealth is a testament to the global significance of vaccine manufacturing, especially in the wake of the COVID-19 pandemic.
Dilip Shanghvi completes the Top Five
Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, rounds out the top five, emphasizing the importance of the pharmaceutical industry in India’s economic fabric.
Over the past five years, six individuals have consistently held positions within the India Top 10. These stalwarts include Gautam Adani, Mukesh Ambani, Shiv Nadar, Cyrus S. Poonawalla, Gopichand Hinduja, and Radhakishan Damani. The resilience and consistent performance of these individuals in the face of global economic fluctuations highlight their strategic brilliance and business acumen.
The surge in Adani Group’s wealth is largely attributed to the significant increase in share prices across its companies. Adani Ports, for instance, experienced a 98% increase, driven by improved utilization levels and strategic acquisitions. The energy-focused companies within the group—Adani Energy, Adani Gas, Adani Transmission, and Adani Power—averaged a 76% growth in share price, showcasing the robust performance of the conglomerate’s energy sector.
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The 2024 Hurun report also noted MSCI’s decision to lift restrictions on Adani Group securities in its August 2024 review. This move is seen as a positive indication of a return to normal operations for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements, further stabilizing the group’s outlook.
