The anticipation of India’s upcoming assembly election, with Prime Minister Narendra Modi poised for a potential third term, has ignited a stock market frenzy, propelling a record-breaking 200 Indians onto Forbes’ 2024 list of the World’s Billionaires—up from 169 last year. Their collective wealth is nearing a trillion dollars, with a staggering total of $954 billion, marking a remarkable 41% surge from $675 billion last year.
Ambani’s Reliance soars, Adani rebounds strongly
Mukesh Ambani’s Reliance Industries has seen a meteoric rise, catapulting his net worth to $116 billion, solidifying his status as India’s wealthiest individual and the first Asian to enter the exclusive $100 billion club. Meanwhile, Gautam Adani, despite facing setbacks in the previous year due to allegations of fraud, has rebounded vigorously, adding $36.8 billion to his fortune, securing his position as India’s second richest person with a wealth of $84 billion.
Notable entries and exits
Twenty-five new Indian billionaires have made their debut on the list, including prominent figures like Naresh Trehan and Ramesh Kunhikannan. However, four individuals, including former edtech standout Byju Raveendran, have dropped off the list this year. Additionally, the passing of notable billionaires like Keshub Mahindra and Ashwin Dani has reshaped the landscape of India’s billionaire class.
Top 10 richest Indians
- Mukesh Ambani - $116 billion
- Gautam Adani - $84 billion
- Shiva Nadar - $36.9 billion
- Savitri Jindal - $33.5 billion
- Dilip Shanghvi - $26.7 billion
- Cyrus Poonawalla - $21.3 billion
- Kushal Pal Singh - $20.9 billion
- Kumar Birla - $19.7 billion
- Radhakishan Damani - $17.6 billion
- Lakshmi Mittal - $16.4 billion
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