&w=1024&resize=1024,0&ssl=1 "Forbes 2024: Ambani leads, Adani gains strongly, India's richest reach new heights | India news")
Reliance Industries chairman and managing director Mukesh Ambani once again topped Forbes' list of the 100 richest Indian tycoons for 2024, with his fortune increasing by $27.5 billion last year. Ambani's net worth now stands at an impressive $119.5 billion, making him not only the richest man in India but also the second-highest earner in dollar terms in the world in 2024. This achievement also makes him the 13th richest person in the world.
In addition to his financial success, Ambani recently announced that the additional shares would be a Diwali gift to Reliance investors, further expanding his influence on the Indian corporate landscape. He also took the opportunity to celebrate his younger son Anant Ambani and his contribution to the family business.
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He was closely followed by Adani Group CEO Gautam Adani, who emerged as the top earner on the list in 2024. His net worth increased by $48 billion to $116 billion in 2023, marking a significant improvement following the Hindenburg research controversy. Adani's strategic move to place family members in key positions has further strengthened her business empire.
India's biggest tycoons exceed the USD 1 trillion wealth mark
This year marked a historic milestone for India's richest people as the combined wealth of the 100 richest people crossed $1 trillion for the first time. According to Forbes, their combined wealth will reach $1.1 trillion, a 40 percent increase from $799 billion in 2023. This growth was largely due to strong stock market performance, with the Bombay Stock Exchange (BSE) Sensex increasing by 30%. from last year
“As a result, more than 80 percent of the richest people on the list, or 58 people, increased their fortunes by at least one billion dollars,” Forbes said in its report.
Savitri Jindal is third, Shiv Nadar is fourth
Savitri Jindal, director of OP Jindal Group, achieved an all-time high, rising to third place with a net worth of $43.7 billion, up $19.7 billion from last year. His son Sajjan Jindal is also making headlines with his ambitious entry into the electric car market in partnership with MG Motor.
In fourth place is tech mogul Shiv Nadar with a net worth of $40.2 billion, highlighting his continued success in the tech industry. Both Jindal and Nadar are among a select group of six tycoons who have added $10 billion to their wealth this year.
The pharmaceutical sector revived with the rise of Dilip Sanghvi and the Mehta brothers
The pharmaceutical industry is a key factor in India's wealth and Dilip Sanghvi, founder of Sun Pharmaceutical Industries, ranks fifth on the list. His net worth increased from $19 billion to $32.4 billion in 2023. Meanwhile, siblings Sudhir and Sameer Mehta, who run Torrent Pharmaceuticals, have more than doubled their fortune to $16.3 billion. Their success is tied to Torrent's expansion efforts as the company plans to make new acquisitions in the industry.
New participants conquer the Forbes 2024 list
Four new billionaires appeared on the Forbes 2024 list, including Hetero Labs founder B. Partha Saradhi Reddy, who ranked 81st with a net worth of $3.95 billion. Mahima Datla, creator of Biological E, ranks 100th with $3.3 billion. Other notable newcomers include Harish Ahuja of Shahi Exports and Surender Saluja of Premier Energy.
For the first time, the Godrej family's wealth was divided between two factions, resulting in separate appearances in the list.
Nazneen Karmali, Asia Wealth Editor and Forbes Asia Editor, said: “The boom in Indian stock markets has been a boon for wealthy tycoons, with many of them seeing their fortunes reach new heights. Investor enthusiasm for India's story has fueled this extraordinary growth, with the combined wealth of India's 100 richest crossing the trillion-dollar milestone.”
Increasing entry barriers and inventory declines
The bar to make the prestigious Forbes list has skyrocketed in 2024, with the cutoff rising from $2.3 billion to $3.3 billion in 2023. The change removes 11 billionaires from the list.
Here is the list of top 10 richest people in India in 2024:
1. Mukesh Ambani: $119.5 billion
2. Gautam Adani: $116 billion
3. Savitri Jindal: $43.7 billion
4. Shiv Nadar: $40.2 billion
5. Dilip Sanghvi: $32.4 billion
6. Radhakishan Damani: $31.5 billion
7. Sunil Mittal: $30.7 billion
8. Kumar Birla: $24.8 billion
9. Cyrus Poonawala: $24.5 billion
10. Bajaj family: $23.4 billion
