The 2024 Hurun India Rich List has set new records, spotlighting a significant increase in wealth among India's elite. For the first time, the list exceeds 1,500 entries, featuring an impressive 1,539 individuals with a net worth of over Rs 1,000 crore each.
Gautam Adani and his family have maintained the top spot on the 2024 Hurun India Rich List, experiencing a 95% surge in wealth to reach a total of Rs 1,161,800 crore. Mukesh Ambani is in second place, with a wealth of Rs 1,014,700 crore.
This year, Shiv Nadar and family of HCL Technologies are in third place with a wealth of Rs 314,000 crore. Vaccine maker Cyrus S. Poonawalla and the family of Serum Institute of India are in fourth, followed by Dilip Shanghvi of Sun Pharmaceutical Industries.
Over the past five years, six individuals have consistently ranked in the India Top 10. Leading the list are Gautam Adani and family, followed by Mukesh Ambani and family, Shiv Nadar, Cyrus S. Poonawalla and family, Gopichand Hinduja and family, and Radhakishan Damani and family.
As a self-reliant entrepreneur, Adani has attained the highest wealth growth among the top 10 over the past five years, adding Rs 1,021,600 crore despite provocation following the report. All companies within the Adani Group have seen consequential increases in share prices over the past year. For instance, Adani Ports saw a 98% rise due to improved employment and the planned purchase of new ports and container terminals. Similarly, Adani's energy-focused companies—Adani Energy, Adani Gas, Adani Transmission, and Adani Power—experienced an average share price growth of 76%.
"MSCI's decision to lift restrictions on Adani Group securities in its August 2024 review indicates a return to normal operations, reflecting a stabilizing outlook for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun has attributed the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family," noted the report.
Cumulative wealth has risen by 46%, with average wealth increasing by 25%. The report indicates that 1,334 individuals either saw their wealth grow or remain unchanged, including 272 new faces, while 205 experienced a decrease in wealth and there were 45 dropouts. India now boasts 334 billionaires, an increase of 75 from the previous year. Although Real Estate and Industrial Products sectors added the largest number of new entrants, Industrial Products remains the top contributor with 142 new additions. The youngest person on the list is just 21 years old.
Gautam Adani Remains at the Top: Gautam Adani and his family continue to hold the top position, with an impressive wealth of Rs 11.6 lakh crore.
New Additions: The list has seen 272 new entrants, including Bollywood stars such as Shah Rukh Khan, Juhi Chawla, Hrithik Roshan, Karan Johar, and Amitabh Bachchan.
Manufacturing Boom: India's manufacturing sector has experienced substantial growth, with 1,016 manufacturing magnates adding Rs 28 lakh crore to their wealth this year.
Wealth Surge: The total wealth of individuals on the Hurun India Rich List has reached Rs 159 lakh crore, exceeding the combined GDP of Saudi Arabia and Switzerland.
Mumbai's Dominance: Mumbai remains the leading city with 386 individuals on the list, followed by New Delhi and Hyderabad.
Shiv Nadar's Rise: Shiv Nadar, benefiting from a 50% increase in HCL's share price, has risen to the third position with a wealth of Rs 3.1 lakh crore.
"The number of billionaires in 2024 Hurun India Rich List hits triple century, with all the top 20 sectors adding new faces to the list! The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board," said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
While China experienced a 25% decline in its number of billionaires, India saw a 29% increase, reaching a record 334 billionaires.
For the first time, Indian film star Shah Rukh Khan has made it to the Hurun India Rich List, primarily due to the rising value of his stake in the IPL team Kolkata Knight Riders.
In just one year, Hurun India Rich Listers from the entertainment sector added Rs 40,500 crore to their collective wealth, with seven new entrants joining the list.
With 29 new entrants, the wealth of Hurun Rich Listers in the media and entertainment industry has grown at a 26% CAGR over the past five years, underscoring their increasing importance in the broader economic landscape.
"The Indian wealth creation narrative is genuinely inspiring, with 65% of the list being self- made, a significant increase from 54% five years ago. Additionally, 64% of the new entrants this year are self-made individuals. The powerful wealth creation engine, propelled by first- generation entrepreneurs, contributes to 57% of the cumulative wealth on the list," said Junaid.
The cut-off for the India Top 100 list has surged 16-fold since its inception, now reaching Rs 28,400 crore. Securing a place in the India Top 10 is nearly unattainable, demanding an astounding Rs 1,62,800 crore— a benchmark that, ten years ago, was met only by Mukesh Ambani and Dilip Shanghvi, the only individuals with wealth exceeding Rs 1 lakh crore at that time.
