The combined wealth of India's wealthiest people has surpassed $1 trillion, reaching a whopping $1.19 trillion (Rs 99.86 trillion), according to a report published. The list includes up to 185 persons with 'dollar billionaire' status, which means they have a net worth of at least $1 billion.
According to the Fortune India-Waterfield Advisors 2024 ranking, the total wealth of India's billionaires has increased by 50%, rising from $832 billion in 2022.
At the time, India had 142 dollar billionaires. "This showcases a remarkable growth in wealth despite global economic challenges and a 5 percent depreciation of the rupee against the dollar," according to the findings. The aggregate wealth of India's dollar billionaires currently accounts for 33.81 percent of the country's nominal GDP.
This year, 29 new entrants from diverse sectors, including fast-moving consumer goods (FMCG), pharmaceuticals, and technology, have accumulated a combined worth of Rs 4.09 trillion.
According to Fortune India, Reliance Group Chairman Mukesh Ambani topped the list with a net worth of Rs 10.5 trillion, closely followed by Gautam Adani of Adani Group.
Despite headwinds from charges made by US short-seller Hindenburg Research, Adani's fortune nearly doubled during this time, reaching Rs 10.4 trillion, according to the report. The equities market has played a substantial part in this wealth creation, with benchmark indices reaching record highs and generating a compound annual growth rate (CAGR) of 15.94% from the fiscal year 2022-23 (FY23) to FY24.
The mean wealth of billionaires has risen from Rs 46,729 crore in 2022 to Rs 53,978 crore in 2024.
Besides Ambani and Adani, others in the top 10 list include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal & family, and Azim Premji, among others. The matriarch of the Jindal family and chairperson of the Jindal Group was the lone woman to feature in the top 10 list, with a wealth of $33.06 billion, grabbing the fourth spot.
