Gautam Adani and his family have topped the 2024 Hurun India Rich List with a staggering net worth of ₹11.6 lakh crore, surpassing Mukesh Ambani. This marks a dramatic rise for Adani, who was fourth on the list in 2020. His wealth has surged by 95% in the past year, rebounding strongly from the scrutiny following the Hindenburg report.
The Hurun Rich List describes Adani’s ascent: “Rising like a phoenix after the Hindenburg allegations, Gautam Adani (62) and his family have achieved the top spot this year, with a 95% increase in wealth compared to last year, bringing their total to ₹1,161,800 crore. As a self-made entrepreneur, Adani has seen the highest wealth growth among the top 10 over the past five years, adding ₹1,021,600 crore, despite challenges from the report.”
The report notes significant gains across Adani Group’s companies. For instance, Adani Ports saw a 98% increase in share price due to improved utilization and new acquisitions. Other energy-focused firms in the group—Adani Energy, Adani Gas, Adani Transmission, and Adani Power—experienced an average share price growth of 76%. Additionally, MSCI’s decision to lift restrictions on Adani Group securities in August 2024 signals a stabilizing outlook for major stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun attributed the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family.
Mukesh Ambani, with a net worth of ₹10.14 lakh crore, holds the second position on the list. The wealth calculations are based on data as of July 31, 2024.
The report highlights a record 334 billionaires in India, marking a 29% increase, while China saw a 25% decline in its billionaire count. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, noted that India is emerging as Asia’s wealth creation engine.
Shiv Nadar of HCL Technologies ranks third with a total wealth of ₹3.14 lakh crore, followed by Cyrus S. Poonawalla and the Serum Institute of India (₹2.89 lakh crore) in fourth, and Dilip Shanghvi of Sun Pharmaceutical Industries (₹2.49 lakh crore) in fifth.
The report also reveals that India produced a billionaire every five days last year, with the number of billionaires increasing from 259 in 2023. The Hurun India Rich List has expanded significantly, now featuring 1,539 ultra-rich individuals—a substantial 220 more than the previous year and an 86% increase over the past five years.
This year’s list includes a diverse range of wealth creators, from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, and film stars. The youngest billionaire on the list is Kaivalya Vohra, 21, co-founder of the $5 billion startup Zepto, followed by Aadit Palicha, another Zepto co-founder, at 22.
