Mukesh Ambani, chairman and managing director of Reliance Industries, remained at the top of Forbes' 2024 list of the 100 richest Indian tycoons, in a year that saw the country's top 100 wealthiest surpass a trillion dollars in combined net worth for the first time. Ambani, who announced bonus shares as a Diwali gift to Reliance investors and made headlines for his younger son Anant's birthday, was the second-largest gainer in dollar terms, with wealth rising $27.5 billion in the last year to $119.5 billion, according to a report in the magazine on October 9.
The RIL chief's current net worth is $108.3 billion, putting him the world's 13th richest person. Significantly, the aggregate wealth of the top 100 on Forbes' wealthy list for 2024 surpassed the historic milestone of one trillion dollars. The entire wealth increased by 40% to $1.1 trillion in 2024, up from $799 billion reported in 2023, according to the magazine. According to the survey, a robust stock market performance, with investors flocking to IPOs and mutual funds, has resulted in the rich becoming even wealthier. Forbes said that the market craze has hit an all-time high, with the BSE Sensex up 30% since last year.
"As a result, more than 80 percent of those on the list are wealthier, with 58 adding $1 billion or more to their respective net worths," according to the study. Gautam Adani, chairman of the Adani Group, ranked second on Forbes' list, with a total family wealth of $116 billion.
Adani, who added $48 billion alongside his brother Vinod Adani, was the highest gainer in dollars over the last year, according to the report. The rise in fortune coincides with the rebound from the US-based short seller Hindenburg's report, which caused a reduction in the group's market capitalization. Steel-to-power giant O.P. Jindal Group Savitri Jindal climbed a spot to third place for the first time, with a net worth of $43.7 billion, up $19.7 billion from the previous year. She remained India's wealthiest woman.Shiv Nadar, a tech tycoon, came in fourth with a net worth of $40.2 billion.
According to the research, both billionaires are among a half dozen tycoons who have increased their wealth by more than $10 billion each. Dilip Shanghvi ($32.4 billion), Radhakishan Damani ($31.5 billion), Sunil Mittal ($30.7 billion), Kumar Birla ($24.8 billion), Cyrus Poonawalla ($24.5 billion), and the Bajaj Family ($23.4 billion) round out the top ten richest individuals/families.
