Forbes: Adani holds strong at No. 2
In a landmark achievement, the collective wealth of India’s 100 richest tycoons has surpassed the $1 trillion mark for the first time, according to a Forbes report released on Thursday. This impressive milestone comes as more than 80 percent of the nation’s wealthiest individuals have seen their fortunes grow over the past year.
Mukesh Ambani has topped Forbes’ 2024 list of the 100 richest Indians for the fourth time in a row. The net worth of Mukesh Ambani hit USD 119.5 billion, which was an increase of USD 27.5 billion over the last financial year, and ranked 13th richest man in the world.
As of this year, India’s top billionaires are collectively valued at $1.1 trillion, more than double their combined wealth from 2019.
The report highlights that investor confidence in India’s growth story remains strong, especially under Prime Minister Narendra Modi‘s third term.
Gautam Adani, the infrastructure magnate, is noted as the biggest dollar gainer, recovering remarkably from last year’s short-selling controversy. Adani, along with his brother Vinod, added $48 billion to their family’s net worth, bringing it to an impressive $116 billion and securing Adani’s position as the second-richest person in India.
Savitri Jindal, the matriarch of the OP Jindal Group, has climbed to the third spot for the first time. Her family’s ventures in the steel and power sectors continue to thrive, and her son, Sajjan Jindal, has recently ventured into the electric vehicle market with MG Motor. Notably, Jindal is among nine women on the list, an increase from eight last year.
The report also introduces four newcomers to the Forbes list, including Mahima Datla, who leads the privately-held vaccine producer Biological E. The other newcomers are B. Partha Saradhi Reddy, founder of Hetero Labs; Harish Ahuja, of apparel giant Shahi Exports; and Surender Saluja, chairman of Premier Energies, a solar panel manufacturer.
Dilip Shanghvi, founder of Sun Pharmaceutical Industries, has jumped three spots to secure fifth place with a net worth of $32.4 billion. Meanwhile, siblings Sudhir and Samir Mehta of Torrent Group more than doubled their wealth to reach $16.3 billion.
From the renowned Godrej family, brothers Adi and Nadir Godrej, along with their cousins Jamshyd and Smita Crishna Godrej, are featured on the list, representing their diverse business interests under the Godrej Industries and Godrej Enterprises groups.
Among the youngest tycoons is 38-year-old Nikhil Kamath, co-founder of the online brokerage Zerodha, who joins six nonagenarians on the prestigious list.
This record-breaking year not only reflects individual successes but also underscores India’s resilience and potential as a burgeoning economic powerhouse.
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