Hurun Rich List: Gautam Adani tops list with Rs 11.6 lakh cr wealth, surpasses Mukesh Ambani

India's billionaires' community has achieved remarkable success once again. As per the 2024 Hurun India Rich List, the number of billionaires has surpassed 300, reaching precisely 334 billionaires. This marks a striking six-fold increase since the list was established 13 years ago. Gautam Adani (62) and his family have secured the top position in the 2024 Hurun India Rich List, amassing a wealth of Rs 11.6 lakh crore. His wealth has surged by an impressive 95%, establishing him as the leading figure in the prestigious listing.

Adani replaced Reliance Industries Limited Mukesh Ambani to become the richest Indian. Ambani's overall net worth increased by 25 per cent to Rs 10.14 lakh crore, as per the 2024 Hurun India Rich List.

Describing Adani's success, the report said: "Rising like a phoenix after the Hindenburg allegations, Gautam Adani (62) & family have secured the top spot in this year’s rankings, with a 95% increase in wealth compared to last year, bringing their total to Rs 11,61,800 crore," the report said.

The notable surge in Adani's wealth can be attributed to the substantial appreciation in the share prices of various Adani Group entities in the preceding year. To illustrate, Adani Ports registered a remarkable 98% upsurge, propelled by enhanced operational efficiencies and the forthcoming acquisition of additional ports and container terminals.

Conversely, companies with a focus on energy within the conglomerate—such as Adani Energy, Adani Gas, Adani Transmission, and Adani Power—achieved an average spike of 76% in their share prices during the same period.

The report said: "Additionally, 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."

Adani family, led by Gautam Adani, secures the top position on the rich list, boasting a staggering net worth of Rs 10,14,700 crore. Following closely behind is the well-known Ambani family, headed by Mukesh Ambani, with a reported net worth of Rs 10,14,700 crore, showing a significant 25% increase in wealth over the past year.

In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore.

In the third spot sits HCL's founder, Shiv Nadar, and his family, with a substantial fortune totaling Rs 314,000 crore. The renowned vaccine tycoon, Cyrus S Poonawalla, claims the fourth spot on the list with a substantial wealth of Rs 289,800 crore.

The list has notably expanded, with now over 1,500 individuals possessing a net worth of Rs 1,000 crore or more. This showcases a substantial 150% growth from seven years earlier.

Hurun India has identified a total of 1,539 ultra-wealthy individuals, signifying a notable increase of 220 from the previous year, along with an unprecedented 272 new entries. For the first time, the list has exceeded 1,500 individuals, reflecting an 86% rise over the past five years.

In general, the list showed a total of 1,539 ultra-wealthy individuals, marking an increase of 220 from last year, and a record-breaking 272 new entrants. This is the first time the list has crossed the 1,500-mark, representing an 86% increase over the past five years.

India has experienced a remarkable trend over the past year, where a new billionaire emerges every five days, as indicated by a recent report.

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said: “India continues to score Gold in the ‘Wealth Creation Olympics’. The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board. India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires. For the first time, the Hurun India Rich List features 1,539 entrants, showcasing a diverse range of wealth creators—from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, film stars, and more.”

One notable addition to the 2024 Hurun India Rich List is the renowned Bollywood actor Shah Rukh Khan, aged 58, with a substantial net worth of Rs 7,300 crore. Khan's wealth primarily stems from his investments in the Kolkata Knight Riders cricket team and Red Chillies Entertainment.

Furthermore, several distinguished personalities from the film industry have also secured positions on the list, including Juhi Chawla and her family, Hrithik Roshan, Karan Johar, and Amitabh Bachchan.

The youngest billionaires on the list are Harshil Mathur and Shashank Kumar (both aged 33), the founders of Razorpay – a payment solutions app.

The youngest on the 2024 Hurun India Rich list is 21-year-old Kaivalya Vohra of Zepto, a $5bn quick commerce startup. Zepto's co-founder Aadit Palicha, 22, is the second youngest in the list.

In terms of cities, Hyderabad surpassed Bengaluru for the first time in claiming the third spot on the Hurun India Rich List this year. The city saw the addition of 17 new entrants to the list, solidifying its position among the top cities in terms of wealthy residents.