&w=1024&resize=1024,0&ssl=1 "Forbes 2024: Ambani leads, Adani wins big, India's richest reach new heights | India News")
Reliance Industries Chairman and Managing Director Mukesh Ambani has once again topped Forbes' list of India's 100 richest tycoons in 2024, with his wealth increasing by $27.5 billion last year. Ambani's net worth is now a staggering $119.5 billion, making him not only the richest man in India, but also the second highest earner in global dollar terms in 2024. This achievement also ranks him as the 13th richest person in the world.
In addition to his financial success, Ambani recently announced bonus shares as a Diwali gift to Reliance investors, further increasing his influence in India's corporate landscape. He also took the opportunity to pay tribute to his youngest son, Anant Ambani, and his contribution to the family business.
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Closely followed by Adani Group Chairman Gautam Adani, who emerged as the highest earner in the 2024 list. His net worth increased by $48 billion to $116 billion in 2023, marking a significant recovery from the Survey controversy Hindenburg. Adani's strategic move of placing family members in key positions has further strengthened its business empire.
India's biggest tycoons surpass the $1 trillion wealth mark
This year marked a historic milestone for India's richest people, as the combined wealth of the 100 richest people surpassed $1 billion for the first time. According to Forbes, their combined wealth will reach $1.1 billion, a 40% increase from $799 billion in 2023. The rise was largely due to the strong performance of the stock market, with the Bombay Stock Exchange (BSE) Sensex to rise 30 percent. from last year
“As a result, more than 80% of the richest on the list, 58 individuals, added a billion dollars or more to their fortunes,” Forbes said in its report.
Savitri Jindal is third, Shiv Nadar is fourth
Savitri Jindal, matriarch of the OP Jindal Group, reached the highest point on the list, rising to third place with a net worth of $43.7 billion – an increase of $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 technology mogul Shiv Nadar with a net worth of $40.2 billion, highlighting his continued success in the technology industry. Both Jindal and Nadar are part of a select group of six tycoons who added $10 billion to their wealth this year.
The pharmaceutical sector shines with the rise of Dilip Sanghvi and the Mehta brothers
The pharmaceutical industry is one of the main drivers of wealth in India, with Dilip Sanghvi, founder of Sun Pharmaceutical Industries, coming fifth on the list. His net worth increased from $19 billion to $32.4 billion in 2023. Meanwhile, brothers Sudhir and Sameer Mehta, who run Torrent Pharmaceuticals, more than doubled their wealth to $16.3 billion . Its success is linked to Torrent's expansion efforts as the company seeks to make new acquisitions in the sector.
New participants take over the 2024 Forbes list
The 2024 Forbes list welcomed four new billionaires, including Hetero Labs founder B Partha Saradhi Reddy, who came in at number 81 with a net worth of $3.95 billion. Mahima Datla, the force behind Biological E, ranks 100th with $3.3 billion. Other notable newcomers include Harish Ahuja from Shahi Exports and Surender Saluja from 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 India Editor at Forbes Asia, said: “India's booming stock markets have been a boon for its wealthy tycoons and many of them have seen their fortunes reach new heights. Investors’ enthusiasm for India’s story has fueled this remarkable rise, with the combined wealth of India’s 100 richest people surpassing the billion-dollar mark.”
Rising barriers to entry and falling stock
The bar to join Forbes' prestigious list rose sharply in 2024, with the threshold increasing 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: US$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
