Billionaire Gautam Adani and his family lead the 2024 Hurun India Rich List, despite difficulties following US-based short seller Hindenburg Research’s report against his firms in January of last year. Their wealth climbed by 95% to Rs 11.61 trillion.
He took over for Mukesh Ambani, the chairman of Reliance Industries, and his family, whose combined net worth rose to Rs 10.14 trillion, a 25% gain. Ambani rose to become the second-richest Indian, per the article.
Among the 10 richest Indians on the list, Adani has had the biggest wealth gain over the last five years. With an additional Rs 10.21 trillion in five years, he is now the richest Asian.
The group’s shares have increased this year despite its denial of Hindenburg’s accusations.
According to the Hurun research, Adani Ports’ shares rose 98% as a result of greater utilisation and the planned acquisition of new ports and container terminals.
The share prices of the energy businesses Adani Energy, Adani Gas, Adani Transmission, and Adani Power increased by an average of 76%.
In its August 2024 review, Morgan Stanley Capital International removed restrictions on Adani Group securities, citing a stable outlook for important stocks such as Adani Enterprises, Adani Ports, and Ambuja Cements.
With a wealth of Rs 3.14 trillion, HCL Technologies founder Shiv Nadar and his family come in third place on the list. With a worth of Rs 2.89 trillion, Cyrus S. Poonawalla and family, who own the vaccine manufacturer Serum Institute of India, are ranked fourth.
According to the survey, “this year’s list highlights the resilience of India’s wealthiest], with six people regularly ranking in the top ten over the previous five years, reflecting robust economic growth and investment opportunities in the nation.”
According to Anas Rahman Junaid, founder and chief researcher of Hurun India, India is emerging as Asia’s “wealth creation engine” with a 29 percent increase and a record 334 billionaires, while China is witnessing a 25 percent fall in billionaires.
The 2024 rich list demonstrates how the Indian economy has shifted from being centred on services to manufacturing. According to the survey, the entrepreneurs in the industrial products industry have experienced the largest compound annual growth rate of any sector, at 47%, in their cumulative wealth over the last five years.
The Hurun India Rich List’s members have increased their wealth by a total of Rs 28 trillion, or over 56% of the list’s total wealth gain. Last year, India produced a new billionaire every five days, increasing the country’s total to 334—a six-fold rise since the list’s inception thirteen years prior. The number of billionaires in India has already surpassed three centuries.
All of the people on the list have combined fortune of Rs 159 trillion, which is greater than half of India’s GDP (gross domestic product).
Newcomers to the entertainment business
Bollywood star Shah Rukh Khan made his debut on the Hurun India Rich List in 2024, bringing his total wealth to Rs 7,300 crore. His investments in the 2024 IPL champion Kolkata Knight Riders (KKR), the team that won the championship, are the main source of his fortune. To add to his wealth, Khan controls Red Chillies Entertainment, which has made films like Jawan, Darlings, and Dunki.
Bollywood celebrities are among the wealthiest people on the 2024 Hurun India Rich List. Khan is the richest entertainer on the list; Juhi Chawla and her family are next, with a combined net worth of Rs 4,600 crore.
Other well-known newcomers from the film business are Karan Johar, Hrithik Roshan, and Amitabh Bachchan. “With seven new entrants, the entertainment industry’s Hurun India Rich Listers added Rs 40,500 crore in just one year,” stated Junaid.
With a net worth of Rs 2,000 crore, Roshan made his debut on the list. The majority of his money came from the sportswear and fitness company HRX.
The net worth of Bachchan and his family is Rs 1600 crore. The majority of Johar’s wealth, over Rs 1400 crore, comes from his production company, Dharma Productions.