India’s Billionaires Surpass Trillion-Dollar Wealth Milestone

India‘s wealthiest individuals have reached a remarkable financial milestone, collectively surpassing the trillion-dollar mark for the first time, according to the latest Forbes Asia report. The dramatic rise in wealth, amounting to $1.1 trillion, represents a 40% increase from the previous year, fuelled by investor enthusiasm following Prime Minister Narendra Modi‘s re-election for a third term in power. This political event has positively influenced the stock market, with the benchmark BSE Sensex index surging 30% since the last assessment of fortunes.

This year’s wealth growth highlights significant gains made by 80% of the listed billionaires, with 58 individuals each adding over $1 billion to their net worth. Half a dozen of India’s wealthiest have expanded their fortunes by more than $10 billion each, contributing significantly to the overall increase. The top 12 members on the list alone account for roughly half of the group’s total wealth.

Mukesh Ambani, chairman and managing director of Reliance Industries, remains the richest individual in India, experiencing a substantial increase of $27.5 billion, bringing his total wealth to $119.5 billion. Following closely is infrastructure magnate Gautam Adani, who recovered from a short-selling attack last year, adding $48 billion to reach $116 billion. This increase can be attributed partly to strategic appointments of his family members within his business, as reported by Forbes.

Other notable mentions on the list include Savitri Jindal, matriarch of the O.P. Jindal Group, who moved to the third position. She is among nine women represented in the list. New entrants include Mahima Datla of Biological E and B. Partha Saradhi Reddy of Hetero Labs, marking significant contributions from the pharmaceutical sector, as India continues to affirm its status as a global pharma hub.

The tech and real estate sectors are also notable for their impressive contributions to wealth growth. The booming demand in real estate and a vibrant tech industry in Bangalore have driven fortunes for companies like Prestige Estates Projects and Zerodha. Additionally, the listing of Premier Energies in September further boosted financial growth for its founder Surender Saluja, ranking at number 85 with a net worth of $3.7 billion.

The 2024 Forbes list reflects a broader economic optimism in India, driven by strong market dynamics and increased investor interest in initial public offerings and mutual funds. The compilation of this list draws on financial data sourced from families, stock exchanges, analysts, and regulatory agencies. Public and private fortunes were evaluated based on the most recent stock prices and comparable company data, respectively.