Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL), has retained the top spot on Forbes India’s 100 Richest 2024 List with an estimated net worth of USD 119.5 billion across diversified assets, up by USD 27.5 billion compared to USD 92 billion in 2023.
- Gautam Adani, Chairman of Adani Group , was ranked 2nd on the list with an estimated net worth of USD 116 billion.
- He is followed by Savitri Jindal, the matriarch of the OP Jindal Group, jumped by 1 place to 3rd position on the list for the 1st time with a net worth of USD 43.7 billion, up by USD 19.7 billion from 2023.
Biggest Gainers:
i.Gautam Adani’s net worth increased to USD 116 billion in 2024, an increase of USD 48 billion compared to his 2023 net worth. This is the highest increase by any Indian in a year.
ii.Mukesh Ambani is the 2nd biggest gainer on the list. His net worth increased by USD 27.5 billion compared to his 2023 net worth.
Methodology:
i.The 2024 edition of the list was prepared using shareholding and financial information obtained from the families and individuals, regulatory agencies of India, among others.
ii.The ranking considers the family fortunes, including those shared by siblings, and also among larger extended families such as Bajaj and Burman families.
iii.Public fortunes were determined based on stock prices and exchange rates as of 27th September, 2024, while private companies were valued based on similar companies that are publicly traded.
Top 10 Richest Indians Tycoons:
| Rank | Name | Net worth (in USD Billion) | Company Name |
|---|---|---|---|
| 1 | Mukesh Ambani | 119.5 | Reliance Industries Limited (RIL) |
| 2 | Gautam Adani & Family | 116 | Adani Group |
| 3 | Savitri Jindal & Family | 43.7 | OP Jindal Group |
| 4 | Shiv Nadar | 40.2 | HCL Technologies |
| 5 | Dilip Shanghvi & Family | 32.4 | Sun Pharmaceutical Industries |
| 6 | Radhakishan Damani & Family | 31.5 | Avenue Supermarts |
| 7 | Sunil Mittal & Family | 30.7 | Bharti Enterprises |
| 8 | Kumar Birla | 24.8 | Aditya Birla Group |
| 9 | Cyrus Poonawalla | 24.5 | Serum Institute of India (SII) |
| 10 | Bajaj Family | 23.4 | Bajaj Group |
Key Highlights:
i.According to the Forbes, the combined wealth of India’s top 100 Richest tycoons breached the mark of USD 1 trillion for the 1st time as total wealth of these individuals increased significantly by 40% i.e. from USD 799 billion (in 2023) to USD 1.1 trillion (in 2024) which is more than twice in 2019.
- This increase is mainly due to the robust performance of the stock market, with the Bombay Stock Exchange (BSE) sensex rising 30% since 2023.
- As per the Forbes, over 80% of those on the list are wealthier, with 58 individuals has added USD 1billion or above to their fortunes.
ii.For year 2024, the minimum net worth to enter the Forbes list increased from USD 2.3billion (in 2023) to USD 3.3 billion (in 2024), which led to the exclusion of 11 billionaires from this year list.
iii.Nikhil Kamath (38 years old), co-founder of the trading platform Zerodha has again emerged as the youngest billionaire on the list, ranked at 33rd position on the list with net worth of USD 8.4 billion.
iv.The ranking of Technology Titan Shiv Nadar, Chairperson of HCL Technologies slipped from 3rd spot (in 2023) to 4th position (in 2024) with a net worth of USD 40.2 billion.
- Both Jindal and Shiv Nadar are among the group of 6 Indian billionaires who have added more than USD 10 billion to their wealth in 2024.
v.Dilip Shanghvi, founder of Sun Pharmaceuticals has improved its ranking from 8th (in 2023) to 5th (in 2024) with USD 32.4 billion, up from USD 19 billion in 2023.
New Entrants:
i.The Total number of newcomers entered to Forbes 100 Richest Indians list has increased marginally by 1, from 3 in 2023 to 4 in 2024.
ii.Among these 4 newcomers, 2 are from pharmaceutical sectors and they are:
- B. Partha Saradhi Reddy, Chairman of Hetero Group of Companies, was ranked 81st on the list with a net worth of USD 3.95 billion.
- Mahima Datla, Managing director of Biological E. Limited, was ranked 100th with a net worth of USD 3.3 billion.
iii.The other two newcomers are,
- Harish Ahuja, Chairman of Shahi Exports, was ranked 84th with a net worth of USD 3.8 billion.
- Surender Saluja, founder and chairman of Premier Energies, was ranked at 85th with net worth of USD 3.7 billion.
Other Key Points:
i.As per the forbes list, 5 Indian billionaires returned to the list after a hiatus, among them most prominent name is: Irfan Razak & Siblings, whose Bangalore (Karnataka)-based developer Projects has made significant progress in real estate market of Mumbai, Maharashtra. He was ranked at 49th spot with net worth of USD 6 billion.
ii.For the 1st time, the Godrej family of the storied Godrej Group which was divided into separate holdings in 2019, has appeared separately on the list i.e. Adi & Nadir Godrej who holds the Godrej Industries Group, ranked at 21st spot with net worth of USD 11.2 billion.
- While, Jamshyd Godrej and Smita Crishna Godrej who holds Godrej & Boyce under the Godrej Enterprises Group, ranked at 22nd position with net worth of USD 11.1 billion.
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Established- 1917
