India has once again made its mark on Forbes’ World’s Billionaires list, achieving a remarkable milestone with 200 individuals securing spots on the prestigious roster. The cumulative wealth amassed by these billionaires is nearing a staggering trillion dollars, reflecting the immense economic prowess within the country.
Notably, this year’s list also heralds a historic moment for Asia, as India proudly boasts its very first centibillionaire—a remarkable testament to the unprecedented wealth generation and entrepreneurial success witnessed in the nation.
The inclusion of 200 Indian billionaires underscores the country’s vibrant business landscape and the entrepreneurial spirit that thrives amidst diverse sectors. These individuals not only represent significant wealth but also serve as beacons of innovation and leadership within the global business community.
India’s continued prominence on the Forbes list reaffirms its status as a powerhouse in the global economy, with its billionaires contributing significantly to the country’s economic growth and prosperity.
The Indian stock market is experiencing a significant surge in the lead-up to the forthcoming federal election, widely anticipated to secure a third term for Prime Minister Narendra Modi. This rally has resulted in a record-breaking presence of 200 Indian individuals on Forbes’ 2024 list of the World’s Billionaires, marking a notable increase from 169 individuals listed last year. Together, these billionaires boast a combined wealth approaching a trillion dollars, with a staggering total of $954 billion—an impressive 41% surge from $675 billion recorded the previous year and surpassing the total wealth of $750 billion in 2022.
Among the standout figures is Mukesh Ambani, whose net worth has soared to $116 billion from $83 billion, driven by the robust performance of his conglomerate, Reliance Industries. Ambani’s remarkable wealth elevation has catapulted him into the exclusive $100 billion club on the World’s Billionaires list, making him the first Asian to achieve this milestone. Holding onto his position as the ninth richest individual globally, Ambani retains his status as both India’s and Asia’s wealthiest person.
Ambani’s recent activities include sealing high-profile deals, such as the $8.5 billion merger between Viacom18 Media—Reliance’s entertainment arm—and the India operations of the Walt Disney Company, announced in February. Additionally, he made headlines for hosting an extravagant gala in Jamnagar, the location of Reliance’s oil refining complex, to celebrate the upcoming wedding of his youngest son, Anant, scheduled for July. The three-day event in March saw a star-studded guest list of 1,600 attendees, including luminaries like Mark Zuckerberg, Bill Gates, Ivanka Trump, and performances by global icons like Rihanna alongside Bollywood superstars.
Notably, Ambani’s Reliance Industries owns Network18, which holds a license from Forbes Media and publishes Forbes India. This latest development underscores Ambani’s enduring influence and prominence in both the business and social spheres, further solidifying his position as a key figure in India’s economic landscape and beyond.
The Indian billionaire landscape witnessed significant shifts this year, with notable gains and losses among the country’s wealthiest individuals. Gautam Adani, an infrastructure and commodities magnate, emerged as the biggest dollar gainer, adding a staggering $36.8 billion to solidify his position as India’s second wealthiest citizen. Despite facing challenges last year, including allegations of fraud by U.S.-based short-seller Hindenburg Research, Adani Group rebounded strongly after reducing debt and securing investments from entities like Indian-American billionaire Rajiv Jain’s GQG Partners. Adani’s fortune soared, propelling him back into the top 20 wealthiest individuals globally, now ranked at No. 17 with a fortune of $84 billion.
Savitri Jindal, the matriarch of a steel and power fortune, retained her status as the richest woman in India. Her O.P. Jindal group’s infrastructure unit listing contributed to her ascent, with Jindal now ranked as the fourth richest individual in India, boasting a net worth of $33.5 billion.
Overall, the majority of Indian billionaires experienced an increase in their wealth this year, with more than two-thirds witnessing a surge compared to the previous year. Notably, a dozen individuals saw their fortunes at least double since 2023, including property magnate Kushal Pal Singh, whose DLF company benefited from a thriving real estate market. Singh’s net worth climbed to $20.9 billion, securing him the 92nd position globally.
However, not all billionaires saw gains. Cyrus Poonawalla, India’s vaccine billionaire, witnessed a decline in his fortune to $21.3 billion, attributed to dwindling sales of Covid-19 vaccines produced by his Serum Institute of India. Poonawalla, once ranked fourth richest in the country, now occupies the sixth position. Similarly, steel baron Lakshmi Mittal’s wealth contracted as ArcelorMittal shares faced challenges in a weak market. Mittal now holds the tenth position among India’s richest individuals, a decline from his previous ranking of fifth.
These fluctuations highlight the dynamic nature of wealth accumulation in India’s billionaire ecosystem, shaped by various economic, market, and industry factors.
The Indian billionaire landscape saw the addition of twenty-five new entrants, each bringing their unique contributions to the country’s economic landscape. Notable among them are Naresh Trehan, a renowned cardiac surgeon-turned-healthcare entrepreneur, Ramesh Kunhikannan, founder of Kaynes Technology, which played a pivotal role in India’s moon mission, and Renuka Jagtiani, overseeing the Landmark Group inherited from her late husband Micky Jagtiani.
Tragically, the past year saw the passing of three esteemed Indian billionaires: Keshub Mahindra, chairman emeritus of Mahindra & Mahindra, paints billionaire Ashwin Dani of Asian Paints, and former edtech star Byju Raveendran. However, a dozen individuals returned to the list after previous absences, including financial services veterans Raamdeo Agrawal and Motilal Oswal, founders of Motilal Oswal Financial Services, as well as expressway builder Virendra Mhaiskar.
Among the country’s top ten richest individuals, there were noteworthy shifts. Mukesh Ambani retained his position as the wealthiest person in India, with a staggering net worth of $116 billion, followed closely by Gautam Adani, whose wealth surged to $84 billion. Other prominent figures include Savitri Jindal, Shiv Nadar, and Dilip Shanghvi, each contributing significantly to India’s economic landscape through their respective industries.
Despite the challenges faced by some individuals, India’s billionaire roster reflects the country’s diverse economic sectors and entrepreneurial spirit, with each billionaire playing a crucial role in shaping India’s growth trajectory on the global stage.
