Gautam Adani Tops Hurun India Rich List as Wealth Soars to ₹11.61 Lakh Crore

The 2024 Hurun India Rich List has set new benchmarks, reflecting an unprecedented surge in the wealth of India’s elite. For the first time, the list features over 1,500 individuals, with a total of 1,539 people each possessing a net worth exceeding ₹1,000 crore.

Gautam Adani and his family have once again topped the list, with their wealth skyrocketing by 95%, reaching an astounding ₹11.61 lakh crore. Mukesh Ambani follows closely, securing the second position with a net worth of ₹10.14 lakh crore. In third place is Shiv Nadar and his family, associated with HCL Technologies, holding a wealth of ₹3.14 lakh crore. The fourth spot goes to Cyrus S. Poonawalla and his family from the Serum Institute of India, while Dilip Shanghvi of Sun Pharmaceutical Industries completes the top five.

Notably, six individuals have consistently appeared in the India Top 10 over the past five years. Leading the group is Gautam Adani, followed by Mukesh Ambani, Shiv Nadar, Cyrus S. Poonawalla, Gopichand Hinduja, and Radhakishan Damani. Adani, a self-made entrepreneur, has seen the most significant growth in wealth within this top tier, adding ₹10.21 lakh crore in just five years. Despite facing challenges, Adani Group companies have experienced a remarkable increase in share prices, with Adani Ports alone witnessing a 98% rise, driven by higher utilization rates and plans for new acquisitions.

The report also highlighted MSCI’s decision to remove restrictions on Adani Group securities in its August 2024 review, signaling a return to stability for key stocks such as Adani Enterprises, Adani Ports, and Ambuja Cements. The Hurun report attributes the family trust’s wealth and international company holdings to Gautam Adani and his family.

India’s billionaire count has reached an all-time high of 334, marking a six-fold increase since the list’s inception 13 years ago. Cumulative wealth has grown by 46%, and the average wealth has risen by 25%. Out of the 1,539 individuals on the list, 1,334 either saw their wealth increase or remain steady, with 272 being new entrants. However, 205 individuals experienced a decline in their wealth, and 45 dropped off the list entirely.

The most significant contributions to the list came from the Real Estate and Industrial Products sectors, which added the highest number of new entrants. Real Estate saw a 75% growth, while Industrial Products continued to dominate with 142 representatives on the list. The youngest billionaire on the list is just 21 years old.

Some key highlights include:

• Gautam Adani’s Dominance: Adani and his family maintain the top position with a wealth of ₹11.6 lakh crore.
• New Entrants: The list saw 272 new additions, including Bollywood stars like Shah Rukh Khan, Juhi Chawla, Hrithik Roshan, Karan Johar, and Amitabh Bachchan.
• Shah Rukh Khan Leads Bollywood: With a fortune of ₹7,300 crore, Shah Rukh Khan tops the entertainment industry entrants, followed by Juhi Chawla with ₹4,600 crore.
• Hyderabad’s Rise: Hyderabad has overtaken Bengaluru to become the third-largest city in terms of the number of wealthy residents on the list.
• Manufacturing Boom: The manufacturing sector contributed significantly, with 1,016 tycoons adding ₹28 lakh crore to their collective wealth.
• Wealth Growth: The total wealth of those on the Hurun India Rich List has grown to ₹159 lakh crore, surpassing the combined GDP of Saudi Arabia and Switzerland.
• Mumbai’s Leadership: Mumbai continues to dominate with 386 individuals on the list, followed by New Delhi and Hyderabad.
• Shiv Nadar’s Climb: With a 50% increase in HCL’s share price, Shiv Nadar’s wealth has risen to ₹3.1 lakh crore, placing him third on the list.
• Wealth Decline: While many saw their wealth grow, 205 individuals faced a decline, and 45 dropped off the list.

Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, highlighted that India has now achieved a remarkable milestone, with the number of billionaires crossing the 300 mark. In contrast to China’s 25% decline in billionaire numbers, India witnessed a 29% rise, bringing the total to an unprecedented 334 billionaires. Junaid also emphasized that all top 20 sectors contributed new entrants to this prestigious list.

For the first time, Indian movie star Shah Rukh Khan made it to the Hurun India Rich List, largely due to the rising value of his stakes in the IPL team Kolkata Knight Riders. The entertainment industry entrants added ₹40,500 crore in just one year, with seven new faces joining the list. With 29 representatives, the media and entertainment industry has seen its wealth grow by a 26% compound annual growth rate (CAGR) over the past five years, highlighting its increasing importance in the Indian economy.

Junaid further emphasized the inspiring nature of India’s wealth creation story, with 65% of the list being self-made individuals—a significant jump from 54% five years ago. Additionally, 64% of the new entrants this year are self-made, contributing to 57% of the cumulative wealth on the list.

The cutoff for the India Top 100 has surged 16-fold since the list’s inception, now standing at ₹28,400 crore. Breaking into the India Top 10 now requires a staggering ₹1,62,800 crore—a feat that, ten years ago, was only achieved by Mukesh Ambani and Dilip Sanghvi, the sole individuals with wealth exceeding ₹1 lakh crore at that time.