Hurun List 2024: Gautam Adani Overtakes Ambani to Become India's Richest
The 2024 Hurun India Rich List reveals that the combined wealth of the country's top individuals has soared to INR 159 lakh crore. This staggering sum exceeds the total GDP of Saudi Arabia and Switzerland combined and makes up over half of India’s GDP.
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Gautam Adani has overtaken Mukesh Ambani to become India’s wealthiest individual, as per the 2024 Hurun India Rich List. At 62, Adani’s net worth has skyrocketed to Rs 11.6 lakh crore, marking a 95% increase over the past year that propelled him to the top. Mukesh Ambani, aged 67, is now in second place with a net worth of Rs 10.1 lakh crore. Back in 2020, Adani was ranked fourth, highlighting his remarkable rise.
"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 INR 1,161,800 Cr. As a self-made entrepreneur, Adani has recorded the highest wealth growth within the top 10 over the past five years, adding INR 1,021,600 Cr, despite the challenges following the report," the Hurun Rich List reports.
The report further states, "All Adani Group companies saw a significant surge in share prices over the past year. For example, Adani Ports experienced a 98% increase, driven by improved utilization levels and the proposed acquisition of new ports and container terminals. Meanwhile, the energy-focused companies-Adani Energy, Adani Gas, Adani Transmission, and Adani Power-averaged a 76% growth in share price. 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.”
This year's list features 1,539 individuals with a net worth of Rs 1,000 crore or more, up by 220 from last year, with 272 newcomers. Their combined wealth now stands at Rs 159 lakh crore, exceeding the GDPs of Saudi Arabia and Switzerland and representing over half of India’s GDP.
Following Adani and Ambani are Shiv Nadar and family of HCL Technologies in third place with Rs 3.14 lakh crore. Cyrus S Poonawalla of Serum Institute of India (SII) ranks fourth with Rs 2.89 lakh crore, and Dilip Shanghvi of Sun Pharmaceutical Industries is fifth with Rs 2.49 lakh crore.
Kaivalya Vohra, the 21-year-old co-founder of Zepto, is the youngest billionaire on the list. Aadit Palicha, another Zepto co-founder, is the second youngest at 22.
