In 2024, Forbes released its annual ‘India’s 100 Richest’ list, and it marked a significant milestone for India’s wealthiest individuals. The collective wealth of the country’s top business magnates surged past the trillion-dollar mark, reaching a staggering $1.1 trillion.
This remarkable growth reflects the continued success and expansion of various industries in India, with many tycoons seeing massive increases in their fortunes over the past year. Among them, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, reclaimed the top spot as the richest man in India, surpassing Gautam Adani.
Mukesh Ambani Reclaims Top Spot
Mukesh Ambani, with a net worth of $119.5 billion, solidified his position as the wealthiest individual in India. His diversified business empire, Reliance Industries, has expanded across sectors such as telecommunications, retail, petrochemicals, and renewable energy.
Ambani’s success story is one of consistent growth, with his net worth increasing by $27.5 billion in just the past year, making him the second-biggest gainer in terms of dollar increase. His vision for the future of Reliance includes further advancements in clean energy and digital technology, which have contributed to his growing wealth and influence.
Read : Lee Jae-yong: From Legal Battles to the Richest Person of South Korea Today
Ambani’s rise to the top of the list comes after a brief period where Gautam Adani had held the position of India’s richest man. However, Ambani’s diversified investments and strategic business expansions allowed him to reclaim his title in 2024.
The success of Reliance Jio, his telecommunications company, continues to be a key driver of his wealth, alongside the retail arm of his conglomerate, Reliance Retail, which has seen exponential growth in recent years.
Gautam Adani’s Rapid Wealth Accumulation
Gautam Adani, who had held the top spot in previous years, now sits in second place with a net worth of $116 billion. The Adani Group, a major player in sectors like infrastructure, energy, and logistics, has seen tremendous growth over the past decade. In 2024, Adani added a record-breaking $48 billion to his wealth, the largest increase among India’s top billionaires.
Despite falling to second place, Adani remains a dominant figure in India’s business landscape. His group has diversified its operations into green energy, airports, and ports, and the company is heavily invested in supporting India’s infrastructure growth.
Adani’s rapid rise in wealth reflects the group’s massive expansion and successful ventures in renewable energy, a sector that has been gaining momentum as India pushes for a more sustainable future.
The List of the Top Ten
While Mukesh Ambani and Gautam Adani dominate the top two positions, several other prominent figures make up India’s top ten richest individuals in 2024. Savitri Jindal, India’s richest woman, takes the third spot with a net worth of $43.7 billion.
Her wealth comes from the Jindal Group, a major player in the metals and mining industry. Meanwhile, technology tycoon Shiv Nadar, the founder of HCL Technologies, ranks fourth with $40.2 billion.
Dilip Shanghvi, the founder of Sun Pharmaceuticals, rounds out the top five with $32.4 billion. The pharmaceutical industry, in particular, saw a significant boost in wealth this year due to the global demand for medical supplies and drugs during the ongoing COVID-19 pandemic recovery.
The wealth of these individuals highlights the diversity of industries contributing to India’s economic growth, from pharmaceuticals to technology, metals, and mining.
The table below provides an overview of the top ten richest individuals in India for 2024:
| Rank | Name | Net Worth (in Billion USD) | Industry |
|---|---|---|---|
| 1 | Mukesh Ambani | 119.5 | Diversified (Telecom, Retail, etc) |
| 2 | Gautam Adani & Family | 116 | Infrastructure, Energy |
| 3 | Savitri Jindal & Family | 43.7 | Metals, Mining |
| 4 | Shiv Nadar | 40.2 | Technology |
| 5 | Dilip Shanghvi | 32.4 | Pharmaceuticals |
| 6 | Radhakishan Damani | 31.5 | Retail |
| 7 | Sunil Mittal | 30.7 | Telecom |
| 8 | Kumar Birla | 24.8 | Diversified |
| 9 | Cyrus Poonawalla | 24.5 | Pharmaceuticals |
| 10 | Bajaj Family | 23.4 | Diversified |
The Wealth Surge and New Entrants
India’s top billionaires collectively added $316 billion to their wealth in 2024, doubling their fortunes compared to 2019. The wealth surge was fueled by a combination of economic recovery post-pandemic, new investments, and technological advancements across various sectors. More than 80% of the individuals on the list saw an increase in their net worth, with 58 of them adding over $1 billion in wealth.
Among the notable new entrants to the list are Mahima Datla, the head of Biological E, a prominent vaccine producer, and B Partha Saradhi Reddy, the founder of Hetero Labs.
Their inclusion highlights the growing influence of the pharmaceutical and biotechnology industries in India. As the demand for vaccines and medical supplies soared globally, these companies played a crucial role in meeting that demand.
Harish Ahuja, whose Shahi Exports counts major global brands like H&M and Calvin Klein as clients, also joined the list. Additionally, Surender Saluja, the founder of Premier Energies, a solar panel and module manufacturer, became a new member of the top 100, underscoring the growing importance of renewable energy in India’s future.
Industry Dynamics and Future Outlook
The wealth surge among India’s richest reflects the country’s growing economic power and the rapid development of key industries. While technology and pharmaceuticals continue to be significant contributors to this growth, there is an increasing focus on infrastructure and renewable energy.
Figures like Gautam Adani have capitalized on this trend by investing heavily in green energy projects, which are set to play a pivotal role in India’s efforts to combat climate change and transition to a more sustainable economy.
Real estate moguls also saw significant gains, with the Godrej family and Prestige Estates Projects’ Irfan Razack benefiting from the construction boom in urban areas.
Meanwhile, the pharmaceutical sector continues to thrive, as evidenced by the rising fortunes of Dilip Shanghvi and Cyrus Poonawalla, who head companies that are central to India’s healthcare industry.
Looking ahead, India’s richest individuals are likely to continue expanding their wealth as they invest in new technologies, renewable energy, and infrastructure projects.
The country’s ongoing efforts to boost its digital economy, combined with ambitious plans for green energy adoption, will present new opportunities for growth.
The Forbes ‘India’s 100 Richest’ list also reflects the evolving nature of wealth in India, with younger entrepreneurs like Nikhil Kamath, co-founder of the brokerage platform Zerodha, representing the next generation of billionaires. At just 38, Kamath is the youngest person on the list and a testament to the rise of fintech and digital innovation in India.
The 2024 Forbes ‘India’s 100 Richest’ list showcases the extraordinary growth in wealth among India’s business elite, with Mukesh Ambani reclaiming the title of the richest man in India.
The combined fortunes of these top tycoons now exceed $1.1 trillion, demonstrating the immense potential of India’s economy and the diverse range of industries driving that growth.
As these individuals continue to invest in the future of their businesses, their influence on both the Indian and global stage will only increase in the years to come.
let’s enjoy few years on earth with peace and happiness….✍🏼🙏