Forbes India's 100 Richest 2024: How Indian billionaires have continued their dream run

Indian tycoons reap a trillion-dollar bonanza in a sizzling stock market

Published: Dec 2, 2024 12:23:28 PM IST

Updated: Dec 2, 2024 12:59:19 PM IST

Dilip Shanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to No 5 with $32.4 billion Image: Vikas Khot

A bull market is underway in India as investors pile into IPOs and mutual funds at a record pace. Propelled by the frenzy to an all-time high, the benchmark BSE Sensex jumped 30 percent since we last measured fortunes a year ago. As a result, the collective wealth of India’s 100 richest surpassed the trillion-dollar mark for the first time to $1.1 trillion, up 40 percent since last year.

More than 80 percent of those on the list are wealthier with 58 adding $1 billion or more to their respective net worths. Mukesh Ambani, chairman and managing director of Reliance Industries [owner of Network18, the publisher of Forbes India], who was in the news for hosting a series of jaw-dropping celebrations for his younger son Anant’s wedding recently, held on to the top spot. The second-biggest gainer in dollar terms this year, his wealth stands at $119.5 billion, up $27.5 billion from 2023.

Posting a strong recovery from last year’s short-selling attack by US-based Hindenburg Research, infrastructure tycoon Gautam Adani is the biggest gainer in dollar terms and retains second place. Adani, who’s infused a next-gen buzz to his group by placing his sons and nephews in key positions, added $48 billion to take his net worth to $116 billion.

Savitri Jindal, matriarch of steel-to-power conglo-merate OP Jindal Group, moved up to No 3 for the first time. She took the place of tech titan Shiv Nadar, who slipped to the fourth spot. Both are among half a dozen tycoons, who added more than $10 billion each to their wealth.

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Fortunes in the vibrant pharma industry got a boost. Dilip Shanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to No 5 with $32.4 billion; siblings Sudhir & Samir Mehta, whose Torrent Group flagship Torrent Pharmaceuticals is eyeing acquisitions, more than doubled their wealth to $16.3 billion.

A couple of privately held pharma fortunes are among the four newcomers: BPartha Saradhi Reddy, founder of Hetero Labs, a maker of generic medicines and pharma ingredients; and Mahima Datla, who controls vaccine producer Biological E. The other two newcomers are Harish Ahuja, whose apparel maker Shahi Exports supplies to labels such as H&M and Calvin Klein; and Surender Saluja, founder and chairman of Premier Energies, which makes solar panels and modules and got listed in September.

The Godrej family of the storied Godrej Group concluded a division of their holdings between two factions in April and as a result they appear separately for the first time: Brothers Adi & Nadir Godrej, who control the listed companies under the Godrej Industries Group, and their cousins Jamshyd Godrej & Smita Crishna Godrej, who control their privately held flagship Godrej & Boyce under the Godrej Enterprises Group.

Five returned to the ranks after a hiatus. The most notable in this group are Irfan Razack & siblings, whose Bengaluru-based developer Prestige Estates Projects is making its mark in Mumbai. Another returnee is Satyanarayan Nuwal, founder of Solar Industries India, a maker of industrial explosives, whose estranged brother Kailashchandra Nuwal is now listed separately.

The cutoff to make the ranks jumped to $3.3 billion from $2.3 billion in 2023 and 11 from last year dropped off.

Editing assistance by Jane Ho. Reporting by Gloria Haraito, Phisanu Phromchanya and Anuradha Raghunathan

METHODOLOGY

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Bajaj and Burman families. Public fortunes were calculated based on stock prices and exchange rates as of September 27. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.

(This story appears in the 12 December, 2024 issue of Forbes India. To visit our Archives, click here.)