India’s wealthiest tycoons have reached a historic milestone, as their collective wealth crossed the $1 trillion mark for the first time. This record-breaking achievement comes amid a booming stock market fueled by investor optimism following Prime Minister Narendra Modi‘s return to power for a third term in June. The BSE Sensex rose by 30% in the past year, contributing to a $316 billion increase in the wealth of India’s 100 richest individuals, marking a 40% rise in just 12 months.
These billionaires are now more than twice as wealthy as they were in 2019. Over 80% of the wealthiest Indians saw their fortunes grow, with 58 individuals adding $1 billion or more to their net worths. The top 12 alone account for nearly half of the group’s combined wealth, with the top five collectively gaining nearly $120 billion.
Mukesh Ambani and Gautam Adani Lead the Rankings
Reliance Industries’ Mukesh Ambani retained his position as India’s richest person, now worth $119.5 billion, after adding $27.5 billion to his fortune. Ambani’s wealth surge comes alongside his company’s celebrations and announcements, including a Diwali gift of a bonus share issue for Reliance investors. He is the second-largest gainer in dollar terms this year, trailing Gautam Adani, the infrastructure magnate who rebounded from last year’s short-selling attack. Adani and his brother Vinod added $48 billion to their combined wealth, now totaling $116 billion, securing the No. 2 spot.
Savitri Jindal and the Rise of Women Tycoons
For the first time, Savitri Jindal, the matriarch of the O.P. Jindal Group, moved up to the third spot on the list. Her son, Sajjan Jindal, is also making waves in the electric vehicle sector with MG Motor. Additionally, Mahima Datla, the head of privately-held Biological E, is one of the newcomers this year. There are now nine women on the list, up from eight in 2023.
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al Estate, and New Faces in the Billionaire Ranks
India’s pharma industry continues to thrive, with Dilip Shanghvi, founder of Sun Pharmaceutical Industries, rising to No. 5 with a $32.4 billion fortune. The Mehta brothers of Torrent Pharmaceuticals more than doubled their wealth to $16.3 billion. Meanwhile, real estate fortunes are booming, with developers like Irfan Razack of Prestige Estates Projects benefitting from the surge in demand in tech hubs like Bangalore and Mumbai.
The Godrej family also made headlines after finalizing a division of their holdings, with members now appearing separately for the first time.
Changes in the Ranks and Newcomers
The cutoff to make the top 100 jumped to $3.3 billion, up from $2.3 billion in 2023, pushing out 11 billionaires from last year’s list. Among the newcomers are Harish Ahuja, whose company Shahi Exports supplies apparel to global brands, and Surender Saluja, whose company Premier Energies became a multi-billion-dollar business after its IPO in September.
The Youngest and Oldest Members
The list also includes six nonagenarians, most of whom have handed over the reins to the next generation. At the other end of the spectrum, Nikhil Kamath, co-founder of the discount brokerage Zerodha, is the youngest member at 38.
